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Poten raises the question of accuracy in calculating tanker freight rates

22/02/2014
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rates is still valid. In a recent report, Poten & Partners noted that "the market landscape for crude oil and refined product trades has an inherent element of shifting sand, presenting an organization like the Baltic Exchange

N/S Supply/demand: Europe-Mid East-Indian Subcont

22/02/2014
India’s imports from Europe remained disappointing in 4Q13, leaving ocean carriers with exacerbated empty container equipment repositioning costs from the Middle East.

Eastbound

Cargo shipped from Europe to the Middle East and

Guidelines issued on the use of GUARDCON in West Africa

22/02/2014
Following a period of close consultation with the International Group of P&I Clubs concerning the practical application of the BIMCO Guidelines adopted in November 2013, a Special Circular has been published. The Guidelines serve as a "health warning" to those owners contemplating using the GUARDCON contract for the provision of guard services in the Gulf of Guinea.

Dry bulk market shows signs of life

21/02/2014
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the course of the past week, albeit at a rather slow pace. The Baltic Dry Index (BDI) ended yesterday slightly higher at 1,164 points, up by four points on the days, mainly as a result of the rise of the Supramax market, as all other segments

E/W Supply/demand: Asia-WCNA

21/02/2014
Ocean carriers enjoyed a rush of eastbound cargo in December and January due to the Chinese New Year holiday this year being earlier than usual, but now have to contend with the corresponding downturn.

Eastbound

North American imports from Asia only fell by 1.5% between

BIMCO: Light at end of tunnel for NYPE update

21/02/2014
After nearly two years of regular meetings in New York, Singapore and Copenhagen by a joint working group from BIMCO, ASBA and the SMF, work on developing a modern NYPE Time Charter is now drawing to a close. The revision of the shipping industry's most widely used standard time charter party has required some hard thinking by the members of the drafting team. At an

Tanker market recent upswing seen as temporary, despite an increase in ton-mile demand

20/02/2014
The major news for tanker owners over the past few months has been the unexpected increase in oil demand, as a result of heavier than usual winter weather, as has been noted in most the Northern Hemisphere (US in particular has been heavily hit by adverse weather conditions), as well as China. This led to a strong climb in demand in order for refineries to increase their much

Worldwide: Early Effects Of Indonesia's Ore Export Ban

20/02/2014
The unpredictable regulatory environment in the Indonesian mining sector is again surfacing as a major issue for domestic and international mining companies operating in Indonesia. Senior figures in Indonesia's minerals and energy ministry have recently indicated that metal ore and concentrate exports have ground to a halt since the imposition of the ban on ore shipments on

Paris MOU: Preliminary results CIC Propulsion and Auxiliary Machinery

20/02/2014
Preliminary results from the Concentrated Inspection Campaign (CIC) on Propulsion and Auxiliary Machinery, carried out between 1 September 2013 and 30 November 2013 in the Paris MoU region show that:

68 ships (41% of all detentions) were detained over the 3 month period as a direct result of the CIC for deficiencies related to

Ship owners invest $1.8 billion in newbuildings over past week

19/02/2014
If the first couple months of 2014 are any indication of the course of things over the whole year, it appears that we're gearing up towards the best 12 months since the eruption of the 2008 financial crisis, in terms of newbuilding ordering activity, as well as second hand vessel sales. If the past couple of years saw increased activity, versus the 2009-2011 period, 2014

Contracting in 2013 – High and Dry

19/02/2014
Bulker contracting has varied considerably in recent years, peaking at nearly 2,000 ships at the height of the ordering boom in 2007 before falling 78% to 449 vessels in 2009. However, 2010 saw bulker contracts rise over three-fold to 1,412 vessels on the back of Chinese domestic ordering. Contracting activity then declined in 2011 and 2012 with 602 and 369 bulkers ordered respectively. In

IBIA calls for greater take-up of ISO 2010 specs for bunkers

19/02/2014
In a bid to improve bunker quality across the marine fuel supply chain, the International Bunker Industry Association (IBIA) has called on marine fuel suppliers to adopt the ISO 2010 specifications for bunkers. Despite having been introduced four years ago to improve bunker standards, it is estimated that only a quarter of bunker suppliers are currently supplying in accordance

Ship owners snap up more second hand tonnage as optimism returns to the market

18/02/2014
A total of 41 ships were reportedly traded over the course of the past week, for a total investment price of $1.75 billion. Ship owners acquired 17 tankers, 12 bulkers, 9 gas tankers, 1 container and 2 special projects, with the average age of the vessels being eight years (2006-built). According to figures compiled by shipbroker Golden Destiny, the above numbers

ULCV capacity cliff ahead

18/02/2014
Despite vessel capacity growth exceeding cargo growth to ocean carriers’ detriment over the past two years, much more is still being lined up by those even less capable of affording it. Continuous orders for ultra large container vessels (ULCVs) reinforces the view that large and small carriers are determined to stay in the race for more competitive economies of scale even

Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2013

18/02/2014
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx, and direct sale and other

Shipbroker expects further spikes in tanker rates as winter season is progressing

17/02/2014

Tankers are experiencing their high season during these months, as opposed to dry bulk carriers, which are typically struggling during the first quarter of each year on low seasonal demand. This has been pointed out by the latest report from shipbroker Gibson, which noted that "winter is a hopeful period for crude tankers, providing some respite from the current poor

Core Pre-qualifications that Private Equity Investors Are Looking for in Potential Partners in Shipping

17/02/2014
Ever since the financial crisis in 2008 and the ensuing collapse of the freight markets in shipping, the traditional source of finance in shipping in the form of debt and its first preferred ship mortgage structure has gone dry.  Shipowners have had to compete aggressively for the little available capital the banks were still able to lend, and usually the new loan terms were very

You Knew China Was Big, But Now It's The Biggest

17/02/2014

In 2013 Chinese seaborne imports reached two billion tonnes, making it the world's biggest seaborne importer. Europe's imports had briefly edged up to 2.1 billion tonnes in 2005, but after the 2008 Credit Crisis they fell back to around 1.8 billion tonnes. Meanwhile China produced its most aggressive growth surge yet, doubling its imports, from 1.0 billion tonnes in 2008 to 2.1

VLCCs lose ground during January, but Suezmaxes and Aframaxes stage rally

15/02/2014
According to the latest monthly report from OPEC, released this week, despite of the decline of VLCC freight rates seen in January compared to the previous month, average dirty spot freight rates remained in the positive zone, supported mainly by a considerable gain registered in both Suezmax and Aframax freight rates. VLCC spot freight rate losses in the first month of 2014 came

Why Polar policies matter

15/02/2014
There have recently been a number of reminders of ships in high latitudes and why it is important that their operation takes into account the latest thinking on maritime safety and environmental protection. Last year saw the busiest season yet in the Northern Sea Route through the Russian Arctic, with more than 70 ships taking the “short cut” between Europe and Asia. Close supervision
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