12/05/2013
Ocean carriers cannot afford to operate services from Asia to Europe at rates which are between 25% and 30% lower than in January. Although the recent collapse of rates was excessive, it will not be reversed until carriers withdraw at least two more loops to North Europe – preferably before the peak season.
Last week’s dramatic escalation of the rate war between
12/05/2013
Recent amendments to Annex V of the International Convention for the Prevention of Pollution from Ships (MARPOL) have created a tougher regime for shippers and crews over discharges into the sea. The UK P&I Club has received numerous enquiries from members concerned about their obligations under the amended regulations. Accordingly, the Club has produced a
10/05/2013
The finite supply of oil could result in a highly unstable market environment if the oil market reaches its peak. According to a recent report from market analyst's Poten & Partners, "conservationists and industry have been at odds over the ability of crude oil to continue to serve as a primary conduit for meeting the energy needs of
10/05/2013
The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) meets for its 65th session from 13 to 17 May 2013, at IMO Headquarters in London. Items on the busy agenda include the implementation of energy-efficiency regulations and the ballast water management and ship-recycling
10/05/2013
Since the major technical concerns and the big challenge of harmonization between the performance standards for type approved systems
and the procedures for testing, sampling and monitoring by Port State
Control (PSC) have been overcome, the IMO BWM Convention is close to
being ratified, maybe before the end of this
09/05/2013
Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have increased the rate of their newbuilding orders in the sector, as they are looking for investment opportunities, trigerred by lower prices in various shipyards (close to historical lows), a factor which is difficult to be
ignored by
09/05/2013
The Hong Kong Convention on the recycling of ships has been described, by the International Maritime Organization’s (IMO) Stefan Micalef as “tailored to the needs of global shipping” and one which “takes account of commercial practicalities”. Ms. Cleopatra Doumbia-Henri of the International Labour Organisation suggests that in its sharing of responsibilities, the convention is
09/05/2013
NATO Shipping Centre has issued its Weekly Piracy Assessment for the period 18 April to 24 April 2013. During this period, there were no significant events to report. Masters are advised to remain vigilant at all times in transit or at anchorage and fully implement protection measures, as set down in BMP4, across the entire High Risk Area (HRA). Sailing yachts should avoid
08/05/2013
They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the heavy orderbook, Panamax dry bulk carriers, are among the most versatile ship types and this comes in handy when seasonal demand picks up. According to the latest monthly report from shipbroker Intermodal, April was
"a very positive
08/05/2013
Ocean carriers continued to lose money between the Mediterranean and North America in the first two months of the year, underlining the need for more rationalisation of services and greater use of transshipment.
Westbound:
There are still no clear signs yet of any improvement in
08/05/2013
Yesterday (7 May 2013) marks the start of a six-month consultation period in which the International Maritime Organization (IMO) will seek widespread input on the administrative burdens that may result from compliance with IMO instruments. The intention is to gather data from a broad spectrum of stakeholders from which recommendations on
07/05/2013
Aframax tanker owners have found support in the Russian oil region, in order to keep their vessels going said the latest weekly report from shipbroker Gibson. According to the report, "healthy Aframax income has been hard to come by in recent years. Even the once guaranteed income generators of the winter season – poor weather, ice class
07/05/2013
In recessions companies with cash flow problems are under the microscope. Cash is king; survival of the fittest is the rule; and to the victor go the spoils. Although shipowners under pressure wake with a heavy heart, their colleagues with big balance sheets and small obligations are not necessarily any happier. For them recessions are for building future businesses, and that can
07/05/2013
Marine energy – for instance energy from tidal and ocean currents – is the ‘best of the best’ amongst green energy sources: it has the greatest potential (in theory, the planet’s oceans could supply the entire world with renewable energy), tidal and ocean current power plants are under water
and therefore completely invisible, they produce electricity from
100 per cent renewable energy
06/05/2013
US imports from North Europe continued to decline in January and February, making it difficult for ocean carriers to get westbound freight rates back up. The US economy is growing, but containerised cargo does not yet appear to be part of the equation.
Westbound
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