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Long-range product tankers on a slow start during 2014, but prospects remain positive

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

India’s congestion beater?

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 Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2013

Tsakos Energy Navigation Limited reported results (unaudited) for the fourth quarter of 2013 and year ended December 31, 2013.

For the year 2013, TEN's results improved appreciably

Turning Aframaxes into clean product tankers as well; Is it worth the extra costs?

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

Ten Billion Tonnes … And Counting!

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

Cargo Liquefaction Remains A Risk

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

Crude oil markets on a downfall during February, with Suezmaxes and Aframaxes leading the declines

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,

A New Cold War? Geopolitics and Specialised Products

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

Assessment Of Damages For Breach Of Contract Of Affreightment

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,

Dry bulk market enters recovery mode, on increased Capesize demand

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

Shipbuilding Offers A Varying Range

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.

Bulk Building:

N/S Supply/demand: Asia-Australia

Cargo growth between North East Asia and Australia remained healthy in 4Q 13 despite adverse seasonality, particularly in December, when vessel utilisation dipped below 80%.

Cargo from North East Asia (China, Hong Kong, South

Ship owners in Hellas and worldwide shun "pools" in favor of more direct approach towards charterers

In what could be a sign of things to come, it's becoming increasingly apparent that more and more ship owners are opting out of commercial pools. This trend was more evident over the course of the past year, when a fair number of ship owners in Greece and abroadd, decided to withdraw a number of their vessels from various pools. According to the latest weekly

Owners pursue Filipino ambulance-chasers

As unions and employers negotiate renewal of a global labour agreement that already means Filipino seafarers can earn over USD 1,500 a month, ship owners are appealing to their government in Manila to put the brakes on the ambulance-chasers. The talks at the International Bargaining Forum (IBF) have already seen an opening claim for a 15% rise in total crewing

Who is liable for oil pollution payment?

The Helsinki Appeal Court recently overruled a Helsinki Maritime Court judgment regarding an oil pollution payment in 2013. The Finnish Border Guard, which imposes oil pollution payments, sought leave to appeal from the Supreme Court. The question behind the appeal for leave is whether the pollution payment is an administrative payment or a criminal penalty. A Panamanian vessel

Iraq Basra Light crude exports to rebound in April

Iraqi exports of medium sour Basra Light crude oil will rebound in April to 2.58 million barrels per day

Dry bulk vessels still the "cream of the crop" for ship owners

Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and newbuilding ordering activity reported over the past week. With the Baltic Dry Index (BDI) on a recovery mode (now well over the 1,500-point mark), this trend is only going to intensify in the coming weeks, especially

E/W Supply/demand: Med-North America

Cargo growth between the Mediterranean and North America was unusually strong in the final quarter of 2013, but much more is needed to significantly improve average vessel utilisation and freight rates.

Final figures for December confirm that North American

Global Marine Fuel Trends 2030: Heavy fuels to remain dominant, LNG to increase market share

A Lloyd's Register - UCL study discussing the prospects of marine fuels by 2030.Global Marine Fuel Trends 2030 from Lloyd’s Register and University College London’s Energy Institute explores the drivers for the future energy mix in shipping in 2030. The report provides insight into future fuel demand

Owners Liability For In-Transit Loss Does Not Extend To Loss Caused By Piracy

In the recent case of Trafigura Beheer BV v Navigazione Montanari Spa [2014], the Commercial Court considered whether a charterparty clause making Owners liable for in-transit loss covered loss where the cargo was stolen by pirates. This case involved a claim by Charterers against Owners for "in-transit loss" of part of a cargo of premium motor oil. The voyage in
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