The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-point mark, where it stood for most of 2013, erasing in effect the fourth quarter rise of the previous year. Yesterday, the BDI ended slightly higher at 1,092 points, up by six points, the first upward session in days. The slight uptick was
Liner shipping is becoming less and less reliable as operators ignore service standards in the rush to cut costs. The bad news for shippers is that the situation is only going to get worse, according to Drewry’s newly published Carrier Performance Insight report. Containership reliability worsened in every quarter of 2013, with the fourth-quarter decline taking the on-time average
In an already hectic legislative framework regarding the operation of a shipping company, new court decisions as of late, have seemingly altered the way of doing business, when it comes to buying and selling vessels. According to the latest weekly report from shipbroker Intermodal, two recently decided cases, "The Union Power" and "The Griffon", should become aware to
Ocean carriers successfully used the surge of cargo from China to Northern Europe ahead of the Chinese New Year to improve spot freight rates, but it was probably no more than a short-term seasonal bonus.
Ocean carriers enjoyed encouraging results in the tradelane
Ship owners have very short memories, there can be no doubt about that. For evidence, we need only look at recent ordering activity that has seen a huge boost to the orderbook, diversification into new trades and the entrance of hot money into an industry considered a toxic investment only a few years ago. So we can conclude that investors have short memories too and
Newbuilding orders have been on a high since the start of the New Year and with the Chinese New Year celebrations now upon us, many ship owners moved forward with plans to contract new orders in Chinese yards. As a result, the total ordering activity was up by 74% over the same week of last year, according to figures compiled by shipbroker Golden Destiny,
Caresse Navigation Ltd v. Office National de L’Electricite and others (Channel Ranger)  EWHC 3081 (Comm). In this case, the bill of lading incorporated the “law and arbitration clause” (our emphasis) of a charterparty identified in the bill of lading. The dispute resolution clause in that charterparty, however, provided for English law and court jurisdiction, rather than arbitration.
As of 1 January, 2014, the European Maritime Safety Agency (EMSA) is publishing the following Paris MOU company performance data on the Thetis database:
- the list of companies whose performance has been very low for a continuous period of 36 months
- the list of companies whose performance has been low or very low for a continuous period of 36 months
Fifteen ships 13 of which are carrying new vehicles and two the used ones are expected to arrive in
Despite the fact that the New Year celebrations in China has slowed down the freight markets, not to mention that Chinese ship owners are absent from the market, the ship purchasing activity over the past few days, can only be described as byuoant. It's a rather remarkable feat, given that the dry bulk market is on steady path of declines since the start of the year
Whilst the number of vessels idled is increasing, far fewer have been taken out of service compared to a year ago, confirming ocean carriers’ preference for cancelling sailings as and when required, rather than withdrawing whole services – particularly when the ships involved are over 8,000 teu. According to Drewry’s latest data, 175 vessels with a combined capacity of
Ireland is one of the leading jurisdictions of choice for the establishment of special purpose vehicles (Irish SPVs) for a broad range of financial transactions and is widely used by private equity and hedge funds when structuring European investments. There are a number of Irish investment vehicles which are commonly used to acquire such investments, including qualifying
With the debate over a potential lift of the ban on US crude oil exports at its starting point, one could only wonder about the major impact such a decision could bring to the tanker market. According to the latest analysis from shipbroker Gibson, "one of the biggest success stories in the oil industry over the past few years has been the surge in US crude oil production
Pete Seeger, who died this week, knew how to get his message across. His well-known Where Have All The Flowers Gone topped the pop charts and was one of the New Statesman’s top 20 political songs. Its lyrical style softens the theme that human beings never really learn, but in the end it doesn’t matter much. Words with a familiar ring for shipping folk.
Next week in Houston, Texas a group of owners, manufacturers and third-party inspection organisations (Lloyd’s Register among them) will meet to finalise a new standard for offshore containers. ISO 10855 will cover offshore containers and associated lifting sets. Once approved by the ISO committee, it will be one of two global standards for offshore containers put forth by industry
As has been the case with many ship classes, both in the tanker and the dry bulk segment, Aframax tankers have been on a rollercoaster ride for the past few weeks. In a recent report, analysts Poten & Partners said that "although freight rates are falling precipitously, recent volatility suggests that this market may still have a heartbeat yet. For the majority of the past few
In a judgment handed down in December 2013, the Court of Appeal upheld the decision of Mr Justice Teare in the Commercial Court in Griffon Shipping LLC v. Firodi Shipping Limited. The decision confirms that the sellers’ remedy under clause 13 of the Norwegian Sale Form 1993 (NSF 93) where buyers fail to pay the deposit is a claim for the unpaid deposit and they are not
Capital Product Partners L.P., an international diversified shipping company Friday released its financial results for the fourth quarter ended December 31, 2013. The Partnership's net income for the quarter ended December 31, 2013, was $2.0 million, including a $7.1 million loss from the sale of the M/T Agamemnon II to unaffiliated third parties and a
The dry bulk market is definitely in the doldrums since the start of the year, in what could only be described as a "lost" month for industry players. With China's New Year holidays looming, things can only get even worse, before a potential rebound, beginning after the first few days of February. Yesterday, the dry bulk market's benchmark, the Baltic Dry Index (BDI) was
Offshore has been one of the buzzwords in the Chinese shipbuilding industry since the market crash in 2008. Both the Chinese government and individual builders became keen to encourage further development of the offshore construction industry in China, so how successful has China been in attracting orders?