The Ukrainian government is set to abolish segregated ballast water controls, which have been the subject of widespread discussion in the shipping community and the cause of numerous challenges for shipowners. In Ukraine, ballast waters are controlled by the state ecological inspection bodies. The ecological authorities have officially fulfilled their international obligations,
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry's long term prospects. In total, shipbrokers reported a total of 77 new orders for ships with an aggregate carrying capacity of 8,080,772 tons, out of which, 44 transactions were reported at an undisclosed price. According to
Supply-side trends in the bulkcarrier market have shifted in recent years. Record contracting in 2007 and 2008 drove a significant increase in the orderbook, which reached a peak of 325m dwt in late-2008, representing 78% of the fleet. But over the last few years, the orderbook has shrunk considerably and now consists of 136m dwt, equivalent to 19% of the fleet
VLCC rates of USD60,000/day triggered a deeper dive in crude tankers, so we looked into ~66,000 fixtures. We looked through ~66,000 tanker fixtures… With increased interest in the crude tanker segment coupled with spot rates approaching USD60,000/day, we decided to dig deeper into alternative data sources, as we currently rely on delete aggregated
Brazil's perfect mix of light crude imports and heavy crude exports will continue to provide support to tanker owners, as the country is closing in with its strategy of hosting major sporting events for all the world to see. The country has welcomed the attention it is already receiving ahead of the 20th FIFA World Cup, as the expected influx of tourism is expected to boost its
Losses from shipping portfolios are likely to remain high in 2014, particularly for German banks with large exposures to the sector and higher-risk financing structures, Fitch Ratings says. Nordic banks' smaller and more diversified shipping portfolios are likely to stabilise first, although they will stay under pressure until a sustainable recovery for the sector emerges.
Analysis of ocean carriers’ latest financial results shows significant changes in cargo market shares, but how much of it is due to service differentiation is unclear. Ocean carriers’ third quarter financial results reported so far reveal that the largest are growing faster than the smallest. Maersk’s year-on-year cargo growth of 9.5% in 3Q13 was over double the global average of 4.2%,
A range of issues are now pressing the global shipping industry, from new conventions entering into force, like the Maritime Labour Convention and the Ballast Water Treatment one, while at the same time a more diligent approach is needed to maintain safety onboard modern vessels. As one of the leading ship services company, Wilhelmen Ships Service is providing ship
This week US stock markets hit record highs with the Dow Jones Industrial Average exceeding 16,000 for the first time. In the shipping market average rates remain relatively low (see last week’s analysis of the Clarksea Index), but the strength of global equity markets and encouraging signs in certain shipping segments have helped to lift Initial Public Offering (IPO) activity to
The commercial enterprise pledge, which is of great importance in business transactions as a type of security, is regulated under the Commercial Enterprise Pledge Act ("CEPA") No. 1447. In this article, pledges containing ships that are elements of a commercial enterprise regarding which a commercial enterprise pledge will be established will be examined considering the provisions
An additional factor soon to affect ships' operating costs is the treatment of ballast water, on top of rising fuel prices, low sulfur fuel requirements, port fees and special surveys. The International Maritime Organization (IMO) developed the International Convention for the Control and Management of Ships Ballast Water and Sediments 2004 to protect the marine
The European Commission has opened formal antitrust proceedings against several container liner shipping companies to investigate whether they engaged in concerted practices, in breach of EU antitrust rules. Container liner shipping is the transport of containers by ship at a fixed time schedule on a specific route between a range of ports at one end
Tsakos Energy Navigation Limited Friday reported results (unaudited) for the first nine months and third quarter of 2013.
NINE MONTH RESULTS
TEN achieved significantly improved results in the first nine months of 2013 over the first nine months of 2012.
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't yet arrived. As a result, the Baltic Dry Index (BDI), the industry's benchmark was once again lacking support, ending yesterday at 1,499 points, down by 28 points. Capesizes are still struggling for higher ground, with the Baltic Capesize
The continuing reservation of US cabotage cargo to US flagged vessels only is getting increasingly costly for US consumers. The recent news that Matson has ordered two 3,600 teu vessels from Aker Philadelphia Shipyard in the US for approximately $209 million each underlines the possibility that US flag protectionism is an increasingly expensive luxury. Ignoring differences in ship
Deltamarin and Lloyd’s Register are very pleased to announce that last month China Navigation Company (CNCo) took delivery of MV Wuchang, first of the 39,000 dwt B.Delta37 bulk carriers of Deltamarin design built under Lloyd’s Register’s approval and survey at Chengxi Shipyard in China. Deltamarin’s B.Delta37 design has attracted significant attention in the industry, due to
The prospects of LNG been used as a true alternative to more conventional marine fuels are fast becoming more and more viable. The potential is there, but a major shift towards LNG as a marine fuel, will also most likely impact its cost and availability. According to the latest weekly report from shipbroker Intermodal, the majority f international trade is realized via
Over the last decade, there has been a large degree of variation in the volume of newbuilding investment. With the investor mix also changing, it is a good time for the Shipbuilding Focus to examine these trends.
A Strong Top-5
As shown by the Graph of the Month, estimated investment
Drewry’s Carrier Performance Insight report, just published, revealed a disappointing drop in performance for both ship-level and container-level reliability Key Performance Indicators (KPIs) in the third quarter. Containership reliability dipped below 70% for the first time since the beginning of 2012 as weaker performances in the Asia trades to and from
Tanker owners are watching carefully the ongoing progress of the negotiations regarding the ending of the embargo set on Iran's oil industry and its tanker business as a consequence. In its latest analysis, Poten & Partners highlighted the issue, by noting that even if the sanctions against Iran were lifted, it would take a significant amount of time before National Iranian