Vessel operating costs are expected to rise by more than 3% in both 2013 and 2014, according to a new survey by international accountant and shipping consultant Moore Stephens. The survey is based on responses from key players in the international shipping industry, predominantly ship owners and managers in Europe and Asia. Those responses revealed that vessel
Despite the well-known pressures on Chinese shipyards, relatively few closed in the years prior to 2013. Chinese output reached record levels between 2010 and 2012, averaging 19.5m CGT per annum, more than double the 9.6m
CGT recorded in 2008. However, this year Chinese output has begun to
Graph of the Week
Hanging In There
Over the last few years, we've been witnessing more and more conventional ship owners venturing into the highly specialized and once niche market of LNG shipping. Solid growth demand prospects, coupled with a relatively small fleet and even smaller orderbook made good business sense. Today, for the most part, the rosy fundamentals haven't changed all that much, despite
The proven attributes of floating production storage and offloading (FPSO) vessels in developing oil deposits in offshore locations where ocean conditions are harsh or water depths are great are standing such units in good stead. Investments in the sector over the next five years are expected to be double those of the previous five as the oil industry seeks to develop
N Europe’s peak season still disappointing
August’s peak season cargo flow from Asia to Northern Europe remained disappointing, and with the winter season fast approaching, ocean carriers have clearly become unsettled over the prospects ahead.
One of the major dry bulk ship owners, Pacific Basin, declared in its latest results' announcement that newbuilding newbuilding deliveries in the full-year 2013 to fall significantly short of the planned deliveries as scheduled at the start of 2013, and R.S. Platou forecast 7.9% overall dry bulk net fleet growth for the full year – marginally below their forecast of 8.1% demand
A time charterparty will usually allow the vessel to trade worldwide, within Institute Warranty Limits (“IWL”). This will permit the charterer to order her to ports in waters that present a risk of hull fouling if the vessel remains idle there for a long time. In several areas, a vessel can be expected to wait for as long as one to two, or sometimes even three, weeks to berth – so
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the period ended September 30, 2013.
Highlights for the Third Quarter and Nine Months Ended September 30, 2013:
This past year has been marked by the hefty ordering activity across all shipping segments, from Capesizes and Ultramaxes, to VLCCs, to container ships and more specialized vessels. The reasoning behind those orders has been attractive pricing, coupled with the fact that most ships are now much more efficient, both in terms of capacity/price as well as in terms of fuel
Competitors of the budding P3 alliance will heave a sigh of relief that only moderate capacity growth is planned in its forthcoming schedules between Asia/Europe and Asia/North America, but its new services are a stark reminder of the awesome size of Maersk/MSC/CMA CGM’s combined resources. Maersk, MSC and CMA CGM have opted for only moderate vessel capacity growth in
Piracy (and more recently terrorism) remains a thorn in the side of modern shipping. With incidents in the Indian Ocean dwindling to almost nothing, focus has shifted during the past 12 months back on to West Africa, where there has been an increase in hijackings and, in particular, in Extended Duration Robberies (“EDR”) involving attacks on vessels and the theft of
The US oil boom has altered the landscape of the tanker market in the Atlantic, with product tankers proving to be the main beneficiaries. In its latest weekly report, London-based shipbroker Gibson highlighted the fact that OPEC crude supplies dropped below 30 million b/d in September for the first time in almost two years. The immense growth in American tight oil production
This page recently took a look at surplus in the bulkcarrier sector, and how it was impacted by theright speed for the market environment. In the containership sector, there also remains a significant level of surplus capacity, and here, if anything, speed is playing an even more critical role.
In March 2013 the Marshall Islands Nitijela passed the Maritime (Amendment) Act (No.1), 2013 which amended certain portions of the Marshall Islands Maritime Act, 1990 and has implications and opportunities for those involved in the vessel lease financing industry. This change to Marshall Islands law may be of particular interest in Asia where lease financing has grown to play a key
Survival in the tanker market at this day and age is all about carving out niches and vessel employment strategies. As has often been the case, one can find positive "slots" within the tanker market and given that he possesses the right type of ship, he can book a solid profit. One such case seems to be the Caribbean Aframax market, since earnings for TD9 route have been the
China’s grain imports have shown significant growth over the last decade, with soybean imports having more than tripled and grown on average by 10% p.a. By the 2012/13 crop year, China imported 59mt of soybeans, accounting for 63% of global trade, up from 39% in 2004/5. In recent years, China has also played a more important role in global wheat and coarse grain trade.
In Mike Hooks Dredging Co v Marquette Transportation Co Gulf-Inland the Fifth Circuit affirmed the district court's apportionment of fault of 70% to plaintiff Mike Hooks Dredging Co, operator of a dredge; 15% to third-party defendant Vizier, operator of a picket boat required to assist physically passing vessels in navigating by the dredge under a US Corps of
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the day, on the back of lower demand for Capesizes. The Baltic Capesize Index was down by 168 points yesterday to 2,775 points, while a lower fall was evident in the Panamax market, with the Baltic Panamax Index retreating by 51
US growth still by-passing Mediterranean
Ocean carriers operating between the Mediterranean and North America are still not benefitting from recent US economic growth.
Containerised cargo shipped from the Mediterranean to North America declined in August, reaching just
Seafarers feel they spend too much time on tasks they consider to be an administrative burden according to the findings of a study by the Danish Maritime Authority, supported by InterManager, the international trade association for ship and crew managers. A comprehensive survey of international seafarers revealed that a third of all nationalities are annoyed or frustrated