During January 2014, the number of vessels in the bulkcarrier fleet (above 10,000 dwt) reached 10,000. This has been a result of remarkable growth in the fleet, with particularly unprecedented expansion in the last few years.
Pacing Out Fleet Growth
It took approximately nineteen years for the number of
The 2014 outlook for the container shipping industry appears bleak. According to AlixPartners’ 2014 Container Shipping Outlook, the industry as a whole remains buried under a growing mountain of debt amid continued market turbulence. And this is hardly breaking news. With few exceptions, the industry has struggled for the better part of the past decade. What is new
With VLCCs and Suezmaxes emerging as the most sought after tanker classes from ship owners this year, the focus has shifted away from product tankers, which were the "stars" of the first half of last year. According to Mr. Patrick Tye, Head of Research of Gibson Shipbrokers, nearly 300 product tanker orders were placed last year, versus just 62 crude tankers, but in
Why do they do it? This refrain has cropped up in broker reports for a century. When the market is on its knees, owners start ordering like there’s no tomorrow. And in a depressing number of cases they are right - thanks to the orders there is no tomorrow. But that’s shipping and as the contracts stack up, analysts start wondering what investors have spotted
that they’ve missed.
Since the beginning of the year, the shipping market has kept an active pace in almost all market segments; the prevailing mode is that the world economy is entering a growth phase and that logically shipping would be the major beneficial of economic growth and trade. Some market pundits have gone as far as to claim the worst is behind us in shipping, the bottom of the market
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally during the month of February, pouring more than $14.7 billion in total. Number are higher on the year, but lower when compared with a record-setting month of January. According to figures compiled by shipbroker Golden
The IMO Marine Environment Protection Committee (MEPC), which starts on 31 March, will seek to make progress on the development of a global system of monitoring and reporting of CO2 emissions from ships. This is supported by the International Chamber of Shipping (ICS) which has made a detailed submission on the issue to the MEPC meeting on behalf of
A flurry of recent economic data and activity suggests that U.S. tanker markets, both Jones Act and international, are riding swift new market currents that were unforeseen just three years ago. On November 14, 2013, the White House announced that the U.S., for the first time in nearly two decades, is importing less foreign oil than we are producing domestically. By the
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's session up by a solid 51 points, now standing at 1,621 points which is a new high for the year. The main reason for this has been the booming Capesize market, with the Baltic Capesize Index (BCI) rising by an impressive 147 points on
Drewry Maritime Equity Research initiates coverage on five liquefied gas transportation companies, Golar LNG Ltd (GLNG), Teekay LNG Partners (TGP), GasLog Ltd (GLOG), Exmar NV (EXM) and StealthGas Inc (GASS). London, UK, 18th March 2014 – LNG/LPG shipping companies are banking on better demand fundamentals developing, with the US export of
The European Community Shipowners' Associations (ECSA), the European Sea Ports Organisation (ESPO) and the Federation of Private Port Operators (FEPORT) have issued today a joint letter urging the Council of the EU to adopt a sensible approach regarding the circulation of 45-foot containers in the EU. In April last year the European Commission came forward with a proposal
The dry bulk market's pending recovery has been on the cards for some time now. While the first couple of months of 2014 did little to justify such a notion, the fact of the matter remains that oversupply of dry bulk carriers is gradually being addressed and the lower purchasing prices of the latest wave of newbuilding orders, mean that many ship owners are now better
Shipping is all about people as this week will go a long way to proving. The annual gathering at CMA is a prime example of what shipping does best in terms of talking, networking and partying. The fact that this is happening against a backdrop of improving rates and seemingly ready money, should make for some entertaining moments and perhaps some serious learning too.
Since the start of 2010, the drillship fleet has grown 98% and the number of semi-subs capable of drilling in >5,000ft of water has grown 45%. This suggests increasing demand for rigs capable of drilling in deep and ultra-deep water, but how much is currently taking place at these depths?
Rigs In The Middle:
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fuelling the latest wave of newbuilding orders, with dry bulk carriers "stealing the show". According to the latest weekly report from shipbroker Clarkson Hellas, there was a number of orders to be reported in the dry bulk
The floating LNG or “FLNG” concept has existed for decades; however it was not until 2011 that a long term solution was officially cemented with the signing of the $3bn build contract for ‘PRELUDE FLNG’. Following this, the FLNG sector has seen a new wave of activity, and contracts for 2 further units were placed in early February. Early estimates suggest as much as $85bn could
Ocean carriers enjoyed an exceptional cargo boom from China to Northern Europe between December and January due to shippers worried about the Chinese New Year holiday, but now have to suffer the consequences in February and March.
Cargo from shippers trying to get ahead of the
Large clean product tankers haven't had the best of starts during 2014. According to the latest weekly report from shipbroker Gibson, "LR2s trading Middle East – Japan on average didn't earn enough in terms of TCE earnings at market speed in January/February to cover fully fixed operating expenses. In the first half of March returns have improved slightly on
The easing of tariff regulation in India’s major ports since last year is already attracting new investment and should help address the chronic capacity shortage, particularly in its largest container gateway, Jawaharlal Nehru Port (JNP). Ocean carriers will be watching this situation closely, as the easing of congestion in JNP would enable a number of significant schedule improvements
Tsakos Energy Navigation Limited reported results (unaudited) for the fourth quarter of 2013 and year ended December 31, 2013.
FULL YEAR 2013 RESULTS
For the year 2013, TEN's results improved appreciably