Tankers are experiencing their high season during these months, as opposed to dry bulk carriers, which are typically struggling during the first quarter of each year on low seasonal demand. This has been pointed out by the latest report from shipbroker Gibson, which noted that "winter is a hopeful period for crude tankers, providing some respite from the current poor
Ever since the financial crisis in 2008 and the ensuing collapse of the freight markets in shipping, the traditional source of finance in shipping in the form of debt and its first preferred ship mortgage structure has gone dry. Shipowners have had to compete aggressively for the little available capital the banks were still able to lend, and usually the new loan terms were very
In 2013 Chinese seaborne imports reached two billion tonnes, making it the world's biggest seaborne importer. Europe's imports had briefly edged up to 2.1 billion tonnes in 2005, but after the 2008 Credit Crisis they fell back to around 1.8 billion tonnes. Meanwhile China produced its most aggressive growth surge yet, doubling its imports, from 1.0 billion tonnes in 2008 to 2.1
According to the latest monthly report from OPEC, released this week, despite of the decline of VLCC freight rates seen in January compared to the previous month, average dirty spot freight rates remained in the positive zone, supported mainly by a considerable gain registered in both Suezmax and Aframax freight rates. VLCC spot freight rate losses in the first month of 2014 came
There have recently been a number of reminders of ships in high latitudes and why it is important that their operation takes into account the latest thinking on maritime safety and environmental protection. Last year saw the busiest season yet in the Northern Sea Route through the Russian Arctic, with more than 70 ships taking the “short cut” between Europe and Asia. Close supervision
In this case, the Commercial Court reminded unsuccessful arbitration parties that appeals under s.68 Arbitration Act 1996 are only for extreme cases where the Tribunal has gone so wrong in its conduct of the arbitration that justice calls out for it to be corrected. The Court will not assist an appellant if the Tribunal reaches a conclusion on facts that the appellant
The tanker market is still a tale of two sides, with crude tankers still lingering along, as opposed to the product tanker counterparts. According to the latest BIMCO estimates for February/March, earnings for the VLCC segment are expected to settle in the region of USD 10,000-25,000 per day. Suezmax crude oil carriers are also seen down from the recent peak to
Charterer Members will no doubt be aware of the risk of significant unsafe Port claims being levied against them, with one of the largest to date involving the MV Ocean Victory casualty at Kashima, Japan in 2006. It is important to be aware of the legal obligations a Charterer may take on when warranting in the Charterparty that the vessel will be trading between safe Ports,
The Athena was a dispute about the meaning of the familiar NYPE off-hire clause (clause 15). The Commercial Court decision gave rise to a lot of controversy. It went against conventional principles for determining whether a vessel is off-hire. The talking point of the decision was the meaning given to the words “time thereby lost”, allowing Owners to defeat an off-hire claim on
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the back of low seasonal demand. As a result, freight rates fell across the board, although the Handysize market is still close to a three-year high. In its latest report on the market, issued yesterday, BIMCO said that it believes that "the level of
On the back of a positive sentiment for the future, 2013 saw Greek shipowners placing a record number of orders estimated at 25% of the global orderbook, with shipbuilders remaining upbeat as to future newbuilding investments funded by Greek interests. Last year Greek shipowners committed upwards of $13bn to newbuilding orders for 275 vessels of more
Brazil’s preparations for FIFA’s World Cup this year are benefitting ocean carriers in more ways than one, making Hapag-Lloyd/CSAV’s merger plans seem opportune.
European cargo discharged at ports along the East Coast of South America remained surprisingly robust in October
Ship owners are looking to take advantage of the last few attractive deals in the newbuilding market, before prices start climbing to new highs and are piling up the orders in a frantic pace. According to the latest weekly reports from shipbrokers, activity has kept on rising, with the deals done prior to the Chinese holidays now surfacing. According to the latest weekly
In the face of increasing ship sizes and ever larger liner alliances, the port authorities of Seattle and Tacoma are seeking to reduce their traditional local rivalry to counter the growing bargaining power of carriers. In a ground breaking move which could be copied by other ports, Seattle and Tacoma have applied to the US’ Federal Maritime Commission (FMC) for permission to share
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the fourth quarter and the year ended December 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results for 2013, a pivotal year for Navios Acquisition in which we grew our fleet by 14 vessels.
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have been very active in both the newbuilding and the secondhand markets, during the first month of 2014. According to shipbrokers' reports, ship owners around the world have invested into 246 newbuildings
Traders appear to have overestimated consumer demand in the Mediterranean during the Christmas holiday season, resulting in artificially high cargo growth in 3Q 13, but an early surge in traffic from shippers trying to beat the Chinese New Year appears to have rescued carriers.
Danaos Corporation, a leading international owner of containerships, reported unaudited results for the quarter and full year ended December 31, 2013.
Highlights for the Fourth Quarter and Full Year Ended December 31, 2013:
Operating revenues of $147.0 million for
A total of 52 VLCCs were ordered in shipyards last year, the highest number since 2010, a trend which has "spilled over" into 2014, with already 6 new VLCC orders placed during the month of January. According to the latest weekly report from London-based shipbroker Gibson, "about half of this investment in VLCCs is coming from the Asian shipowners to
In its January World Economic Outlook Update, the IMF noted that global economic growth is expected to improve in 2014-15, “largely on account of recovery in the advanced economies”. Performance in the developed world at last seems to be gaining some traction, and much attention is on economic growth in the traditional key Atlantic economies.