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Limited Scope For Challenging English Maritime Arbitration Awards

15/02/2014
In this case, the Commercial Court reminded unsuccessful arbitration parties that appeals under s.68 Arbitration Act 1996 are only for extreme cases where the Tribunal has gone so wrong in its conduct of the arbitration that justice calls out for it to be corrected. The Court will not assist an appellant if the Tribunal reaches a conclusion on facts that the appellant

Slow steaming still holds the key for sustainable freight rates in the tanker markets

14/02/2014
The tanker market is still a tale of two sides, with crude tankers still lingering along, as opposed to the product tanker counterparts. According to the latest BIMCO estimates for February/March, earnings for the VLCC segment are expected to settle in the region of USD 10,000-25,000 per day. Suezmax crude oil carriers are also seen down from the recent peak to

Unsafe Ports and Berths: Charterers´ Defences

14/02/2014
Charterer Members will no doubt be aware of the risk of significant unsafe Port claims being levied against them, with one of the largest to date involving the MV Ocean Victory casualty at Kashima, Japan in 2006. It is important to be aware of the legal obligations a Charterer may take on when warranting in the Charterparty that the vessel will be trading between safe Ports,

“Time Thereby Lost” Under The Nype Off-Hire Clause: Court Of Appeal Reinstates Conventional Approach

14/02/2014
The Athena was a dispute about the meaning of the familiar NYPE off-hire clause (clause 15). The Commercial Court decision gave rise to a lot of controversy. It went against conventional principles for determining whether a vessel is off-hire. The talking point of the decision was the meaning given to the words “time thereby lost”, allowing Owners to defeat an off-hire claim on

Dry bulk market faces better prospects on the back of improving demand and supply balance

13/02/2014
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the back of low seasonal demand. As a result, freight rates fell across the board, although the Handysize market is still close to a three-year high. In its latest report on the market, issued yesterday, BIMCO said that it believes that "the level of

Hellas: Ship owners invest more than 13% billion in newbuilding orders in 2013 for 275 ships

13/02/2014
On the back of a positive sentiment for the future, 2013 saw Greek shipowners placing a record number of orders estimated at 25% of the global orderbook, with shipbuilders remaining upbeat as to future newbuilding investments funded by Greek interests. Last year Greek shipowners committed upwards of $13bn to newbuilding orders for 275 vessels of more

N/S Supply/demand: Europe-ECSA

13/02/2014
Brazil’s preparations for FIFA’s World Cup this year are benefitting ocean carriers in more ways than one, making Hapag-Lloyd/CSAV’s merger plans seem opportune.

Southbound
European cargo discharged at ports along the East Coast of South America remained surprisingly robust in October

Newbuilding orders reaching new Post-Crisis heights

12/02/2014
Ship owners are looking to take advantage of the last few attractive deals in the newbuilding market, before prices start climbing to new highs and are piling up the orders in a frantic pace. According to the latest weekly reports from shipbrokers, activity has kept on rising, with the deals done prior to the Chinese holidays now surfacing. According to the latest weekly

Ports start to react to liner alliances

12/02/2014
In the face of increasing ship sizes and ever larger liner alliances, the port authorities of Seattle and Tacoma are seeking to reduce their traditional local rivalry to counter the growing bargaining power of carriers. In a ground breaking move which could be copied by other ports, Seattle and Tacoma have applied to the US’ Federal Maritime Commission (FMC) for permission to share

Navios Maritime Acquisition Corporation Reports Financial Results for the Fourth Quarter and Year Ended December 31,2013

12/02/2014
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the fourth quarter and the year ended December 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results for 2013, a pivotal year for Navios Acquisition in which we grew our fleet by 14 vessels.

Ship owners invest in 447 newbuildings and second hand vessels during January

11/02/2014
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have been very active in both the newbuilding and the secondhand markets, during the first month of 2014. According to shipbrokers' reports, ship owners around the world have invested into 246 newbuildings

E/W Supply/demand: Asia-Med

11/02/2014
Traders appear to have overestimated consumer demand in the Mediterranean during the Christmas holiday season, resulting in artificially high cargo growth in 3Q 13, but an early surge in traffic from shippers trying to beat the Chinese New Year appears to have rescued carriers.

Westbound:

Danaos Corporation Reports Fourth Quarter and Full Year Results for the Period Ended December 31, 2013

11/02/2014
Danaos Corporation, a leading international owner of containerships, reported unaudited results for the quarter and full year ended December 31, 2013.

Highlights for the Fourth Quarter and Full Year Ended December 31, 2013:

    Operating revenues of $147.0 million for the three

Annual growth of VLCC tanker fleet could be negative over the next few years claims shipbroker

10/02/2014
A total of 52 VLCCs were ordered in shipyards last year, the highest number since 2010, a trend which has "spilled over" into 2014, with already 6 new VLCC orders placed during the month of January. According to the latest weekly report from London-based shipbroker Gibson, "about half of this investment in VLCCs is coming from the Asian shipowners to secure tonnage

Atlantic Improving But Pacific Still Packs A Punch

10/02/2014
In its January World Economic Outlook Update, the IMF noted that global economic growth is expected to improve in 2014-15, “largely on account of recovery in the advanced economies”. Performance in the developed world at last seems to be gaining some traction, and much attention is on economic growth in the traditional key Atlantic economies.

Industrial Action:

Maritime Labour Convention: Are You A "Shipowner" Under Your Charterparty?

10/02/2014
The Maritime Labour Convention 2006 (MLC) has been in force internationally since August 2013 and, in that time, it has become clear that it has received widespread ratification, that enforcement is a reality, and that ships run the risk of detention if they are not compliant. However, there has also been a good deal of confusion over the question of "who is the 'shipowner'?" under the

US oil boom to limit imports, impact crude tanker market

08/02/2014
The surge of US oil production is rapidly shaking up the global crude oil market, with the world's leader of oil demand gradually managing to cover its own needs, without the need of imports. This shift is having a profound impact on crude oil tanker demand, changing the landscape as we know it. In a recent report, Poten & Partners noted that "over the past few years US domestic

N/S Supply/demand: Asia-West Africa

08/02/2014
Cargo growth from Asia to West Africa is still falling short of expectations, forcing ocean carriers to explore new ways of servicing trade requirements.

Southbound:

Cargo shipped from Asia to Sub-Saharan West Africa (between

“Time Thereby Lost” Under The Nype Off-Hire Clause: Court Of Appeal Reinstates Conventional Approach

08/02/2014
The Athena was a dispute about the meaning of the familiar NYPE off-hire clause (clause 15). The Commercial Court decision gave rise to a lot of controversy. It went against conventional principles for determining whether a vessel is off-hire. The talking point of the decision was the meaning given to the words “time thereby lost”, allowing Owners to defeat an off-hire claim on

Hellas: Ship owners cry "foul" over new taxes

07/02/2014
Ship owners voiced their dismay at the recent tax law, adopted late in December of 2013, under which the tax tonnage they're liable to pay will be tripled for the next three years, as a result of the country's economic problems. In his annual speech, delivered on the occasion of the General Meeting, the President of the Union of Greek Shipowners (UGS), Mr. Theodoros Veniamis said that
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