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
The versatility of owning an Aframax crude tanker is undeniable, given the nature of the design, which allows for multiple port of calls, around the world. But, one of the most critical decision a ship owner faces when ordering an Aframax, is whether or not to coat the vessel's tanks to allow for clean refined product carriage. This is the key question that Poten & Partners attempted to
Every so often we reach milestones in shipping that are worth pausing to celebrate and in 2014 the industry will achieve the no mean feat of moving 10 billion tonnes of international seaborne trade across the world’s open seas. Our Graph of the Week illustrates the strong growth of the past thirty years, with trade doubling since 1995 and tripling since 1984. The graph also
The continued demand to source the most competitive price for iron and nickel ore has highlighted the need for ship owners to exercise contractual prudence and for ship's crew and master to be vigilant during loading. On 25 July 2012, BIMCO published its "Solid Bulk Cargoes that Can Liquefy Clause for Charter Parties". The clause was designed to help ensure the safe transportation of
According to the latest OPEC monthly report, crude oil tanker market sentiment continued to weaken in February across all vessel segments, with Suezmax and Aframax experiencing a strong decline. Dirty spot freight rates on most reported routes showed a drop in February from a month earlier, putting an end to the remarkable gains seen in the past few months. On average,
The Clash of Civilisations, a thesis written by the political scientist Samuel P. Huntington in 1996, seeks to explain that the conflict between countries and peoples of the world would be down to cultural and religious divides rather than by a political ideology. He asserts that:
“Nation states will remain the most powerful actors in world
It is a fundamental principle of English law that, when assessing damages for breach of contract, any damages awarded should compensate the innocent party for the loss of its contractual bargain. In other words, the innocent party should be put in the same position that it would have enjoyed had the contract been performed. The Commercial Court has now clarified that,
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in the grain market, as a result of the crisis in Ukraine is a major concern, potentially altering trade routes and patterns, the fall in iron ore prices could lead to yet another wave of restocking among Chinese steelmakers, which can seize the
At the start of March, 451 shipyards had 4,995 units (1,000 GT and above) of 107.1m CGT on order. But beneath this, the story is very different when broken down by vessel sector. This month’s Shipbuilding Focus takes a look at the range of yard facilities currently constructing particular ship types.