06/05/2013
China has played a major role in the soybean trade for the last decade (importing 58mt in 2012, accounting for 61% of global imports and 80% of domestic soybean consumption), but has only recently emerged as an importer of increased volumes of wheat and coarse grain. While imports of these grains in 2011/12 still represented just 3% of domestic grain use,
06/05/2013
It might come as something of a relief to marine accident investigators to know that a majority of seafarers say they are willing to co-operate with them. In their line of work, any level of co-operation is to be welcomed, given that, as a former senior investigator recently noted, few are on their side, as everyone involved has a vested interest and some “have a
03/05/2013
Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that ship owners have made a significant come back to shipyards, investing once more in new orders. This has been the case so far in 2013 and one could become perplexed as to why owerns are
03/05/2013
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the first quarter ended March 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "I am pleased with our results, as we reported $28.0 million of EBITDA in the first
quarter of 2013, reflecting 18% growth
over the first quarter
03/05/2013
Attempts by carriers to tackle the capacity overhang are being undone as new orders for Ultra Large Container Vessels (ULCVs) continue to make the headlines, according to Drewry’s monthly report Sea & Air Shipper Insight. The news that China Shipping Container Lines will join Maersk in the super-size containership club following board approval for
five 18,000 teu ships
02/05/2013
A combination of increased crude oil production and slumping refined product demand has shifted refinery marketing dynamics in the United States, resulting in a positive impact for product tankers and more specifically Medium-Range classed ones. According to a recent report from analysts Potern & Partners, "US distillate exports have increased from 1.01 million
barrels per day
02/05/2013
Genco Shipping & Trading Limited yesterday reported its financial results for the three months ended March 31, 2013. The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012.
First Quarter 2013 and Year-to-Date Highlights
• Recorded net loss attributable to Genco for the first quarter
02/05/2013
Baltic Trading Limited yesterday reported its financial results for the three months ended March 31, 2013.
The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012.
First Quarter 2013 and Year-to-Date Highlights
• Declared a $0.01 per share dividend payable on or about May
01/05/2013
The latest trend observed during the past week in terms of newbuilding ordering activity appears to be the shipowners' focus towards smaller sizes in dry and containers and further orders in the MR sector. According to the latest report from shipbroker Clarkson Hellas, "Handysize ordering activity has been relatively subdued so far
01/05/2013
Capital Product Partners L.P., an international owner of modern tanker, dry bulk and container vessels yesterday released its financial results for the first quarter ended March 31, 2013.
The Partnership's net income for the quarter ended March 31, 2013, was $25.0 million, including a $17.5 million gain from bargain purchase,
01/05/2013
More than 190 delegates from the greater Piraeus shipping community joined representatives of the Republic of the Marshall Islands (RMI) Registry for a seminar to hear and discuss further guidance on the provisions of the Maritime Labour Convention, 2006 (MLC, 2006), Ballast Water Management requirements of the International Maritime
30/04/2013
In its latest report, London-based shipbroker Gibson noted that the latest headlines regarding "diminishing safe havens and doomed economies are still ringing in our ears, serving now as another reminder that current crude tanker market conditions in which we operate are dire.
Price volatility in Brent crude brought levels below $100/bbl this
30/04/2013
Smaller container shipping lines are pulling out of the East-West trades, no longer being able to compete in the closed-shop, big ship dominated markets. Shippers need to get used to living with less choice.
Carriers ceasing liner operations or going bankrupt since 2008
The recent demise of Grand China Shipping (GCS) is a reminder of
30/04/2013
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the quarter ended March 31, 2013. Highlights for the First Quarter Ended March 31, 2013:
• Operating revenues of $146.1 million for the three months ended March 31, 2013 compared to $134.2
29/04/2013
Although 2013 is expected to fare better than 2012, in terms of dry bulk freight rates, it will still take the market a while, before it gains some solid ground under its feet, said BIMCO’s Chief Shipping Analyst, Peter Sand, in an exclusive interview with Hellenic Shipping News Worldwide. He cited the heavy overhang of tonnage as the main reason for this, despite the fact
29/04/2013
Since the peak in 1999, crude exports from the North Sea (UKC) have fallen by an average 6% per annum to 2.07m bpd in 2012. This reflects the declining extraction potential of the region. However, for just over a year, tonne-miles generated by UKC crude exports have surged, despite production continuing to decline.
They Came From the East…
29/04/2013
For the period January-March (1st quarter) of 2013, a total of 28 incidents comprising 27 actual incidents and one attempted incident were reported in Asia. Of the 27 actual incidents, five were Category 2 (moderately significant) incidents, eight were Category 3 (less significant) incidents and 14 were petty theft incidents (minimum significant).
28/04/2013
In an interesting note regarding the changing market dynamics of the clean fuels' trade, Poten & Partners recently said that while clean tanker activity into Europe has seen a recent increase due to short-term refined product dynamics, this trend is poised to persist more generally over the long-term as well.
28/04/2013
The last 25 years have seen huge growth in the global seaborne coal trade, from 300mt in 1987 to 1.2bt in 2012. Various countries have contributed to this expansion, but the most significant growth has taken place in the last 10 years, as Chinese and Indian coal import demand have surged at an unprecedented pace.
Previous Progress:
28/04/2013
International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years.
Phil Cowan, the firm's Head of Corporate Finance,