Despite the fact that supply and demand fundamentals have to yet to harmonize in the tanker shipping markets, the seasonal boost delivered this time each year, has been more than satisfactory during 2013. As such, the fact that 2013 was far than been considered a banner year, in terms of tanker earnings, the high demand of the winter season proved
Ocean carriers have a pool of surplus 8,000-10,000 teu vessels looming ahead unless some thinking ‘outside of the box’ is behind recent newbuild orders. Ocean carriers have returned to ordering vessels between 8,000-10,000 teu in large numbers, suggesting that either overcapacity is brewing ahead, or unusual service developments are in the pipeline. By the end of
GAC EnvironHull, part of global shipping, logistics and marine services provider GAC Group, has launched HullWiper, its new innovation offering diver-free, cost effective and eco-friendly underwater hull cleaning. Despite its compact size of just 3 x 1.5 x 0.80 m, the high-speed, remotely-operated vessel cleaning vehicle is capable of cleaning up to 2,000 m² of hull per hour
Come 2015 commences the next phase of the lower permissible sulphur limits, which are to be once again reduced in the emissions control areas (ECAs). As such, shipbroker Gibson noted in its latest weekly report that it is very difficult to gauge how owners will deal with the additional requirements for the 0.1% maximum sulphur content. According to the shipbroker,
UPS is looking to establish long-term ship supply services in the maritime industry, through its extensive network of service around the world. As the company's executives put it: "We transport everything from small documents to aircraft engines by ground and air at whatever speed is required around the world". As such, the company has invested billions in order to
Last Friday saw US retail’s biggest day of the year. “Black Friday” offers tempted shoppers into parting with $57.4bn in the US, followed by more online spending on “Cyber Monday”. That’s a lot of retail activity and the phenomenon is becoming more global. Much of the stock sold is shipped from its location of manufacture by container, so does this help shipping?
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis that caused the biggest crash in freight markets in decades. Most carriers, both dry bulk and tankers were sidelined by their owners who chose not to operate them, as it was consting them more to run the vessels, than what the
International accountant and shipping adviser Moore Stephens say the UK government’s Autumn 2013 Statement, issued this week, is good news for the shipping industry in that it ensures the continuation of a stable tax regime. Moore Stephens tax partner Sue Bill said: “Overall, the Autumn Statement is fairly neutral for shipping, although some of the measures announced
The overriding objective of the Department of Transport is to develop South Africa into one of the world's top 35 maritime nations. This bold goal is set out in the Draft South African Maritime Transport Policy of 10 August 2010. Barely a week goes by without the South African Maritime Safety Authority commenting on the need for a national
Low ship prices, the direct consequence of subdued freight rates for the larger part of 2013 have been the main driving force behind this year's aggressive investment strategy adopted by many ship owners, especially traditional ones, who've been in the market for decades. Buying opportunities have rarely been overlooked by shipping investors
The globe’s longest-lasting and largest cycle of ship building finally began to slow in 2012, UNCTAD’s Review of Maritime Transport 2013 reveals, but the effects of overcapacity are still being felt. Shipping rates remained low, threatening firms’ profitability, even as the volume shipped last year increased by 4.3 per cent. Driven by rising domestic demand in China and by
An estimated 60,000 shipping vessels account for about 90 percent of the global economic trade. These ships require ballast water to maintain balance and stability. The ballast water taken onboard at the port of embarking consists of a variety of biological organisms, that can be harmful to new environments. In fact, when discharged at
the destination or interim docking
With the dry bulk market's benchmark, the BDI inching once again closer to the 2,000-point mark and future prospects for the segment still looking positive, it's only logical that many ship owners are still keen on investing into dry bulk newbuildings, especially since most indications point towards a looming
price hike from many shipyards, on the back of improving
The Assembly of the International Maritime Organization (IMO), meeting for its 28th session in London, has adopted key resolutions and amendments relating to the Organization’s mandatory audit scheme, paving the way for the scheme to come into effect by 2016 once amendments to mandatory instruments have entered into force.
Last week, BIMCO President Mr. John Denholm gave an address to the General Stevedoring Council, meeting in London at its 44th Working Lunch. The President took the opportunity to bring GSC members up to date with the current work of BIMCO, pointing out how the organisation continues to respond to the needs of the shipping industry in so many different ways. The can be no
The trials and tribulations of refineries across Europe have been littering the global news scene throughout the year. It's no secret that refinery utilization rates in Europe have been steadily trending lower as crack spreads have declined, challenging ship owners to turn a profit. According to a recent analysis from Poten & Partners, "European refineries have struggled to remain
DNV GL and Shanghai Merchant Ship Design & Research Institute (SDARI) have introduced the Green Dolphin 575 concept design for a handymax bulk carrier. This second design builds on the success of the handysize Green Dolphin 38 for which around 80 orders have been placed with the major share to DNV GL class. Green Dolphin 575 aims to be fuel and
The lull before the storm
The tradelane between the Mediterranean and North America remained subdued in 3Q 13, but ocean carriers have only been buying time to prepare for the arrival of the P3’s services in 2Q 14.
Oil demand from Asia and especially China has intensified over the past couple of months and especially during the end of October, providing solid ground for gains across most of the large crude oil tanker Eastbound routes. As such, the Far East oil demand has provided the foundation for a strong boost in freight rates for several routes, like the TCE for MEG/Japan,
The outcome of the European Commission’s latest accusation of price fixing against ocean carriers is far from clear based on the information circulated to date. Although the European Commission wants to stamp out the danger of ocean carriers using GRI announcements to signal pricing strategy to competitors rather than to notify customers of