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Paris MOU: Preliminary results CIC Propulsion and Auxiliary Machinery

Preliminary results from the Concentrated Inspection Campaign (CIC) on Propulsion and Auxiliary Machinery, carried out between 1 September 2013 and 30 November 2013 in the Paris MoU region show that:

68 ships (41% of all detentions) were detained over the 3 month period as a direct result of the CIC for deficiencies related to

Ship owners invest $1.8 billion in newbuildings over past week

If the first couple months of 2014 are any indication of the course of things over the whole year, it appears that we're gearing up towards the best 12 months since the eruption of the 2008 financial crisis, in terms of newbuilding ordering activity, as well as second hand vessel sales. If the past couple of years saw increased activity, versus the 2009-2011 period, 2014

Contracting in 2013 – High and Dry

Bulker contracting has varied considerably in recent years, peaking at nearly 2,000 ships at the height of the ordering boom in 2007 before falling 78% to 449 vessels in 2009. However, 2010 saw bulker contracts rise over three-fold to 1,412 vessels on the back of Chinese domestic ordering. Contracting activity then declined in 2011 and 2012 with 602 and 369 bulkers ordered respectively. In

IBIA calls for greater take-up of ISO 2010 specs for bunkers

In a bid to improve bunker quality across the marine fuel supply chain, the International Bunker Industry Association (IBIA) has called on marine fuel suppliers to adopt the ISO 2010 specifications for bunkers. Despite having been introduced four years ago to improve bunker standards, it is estimated that only a quarter of bunker suppliers are currently supplying in accordance

Ship owners snap up more second hand tonnage as optimism returns to the market

A total of 41 ships were reportedly traded over the course of the past week, for a total investment price of $1.75 billion. Ship owners acquired 17 tankers, 12 bulkers, 9 gas tankers, 1 container and 2 special projects, with the average age of the vessels being eight years (2006-built). According to figures compiled by shipbroker Golden Destiny, the above numbers

ULCV capacity cliff ahead

Despite vessel capacity growth exceeding cargo growth to ocean carriers’ detriment over the past two years, much more is still being lined up by those even less capable of affording it. Continuous orders for ultra large container vessels (ULCVs) reinforces the view that large and small carriers are determined to stay in the race for more competitive economies of scale even

Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2013

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx, and direct sale and other

Shipbroker expects further spikes in tanker rates as winter season is progressing


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

Core Pre-qualifications that Private Equity Investors Are Looking for in Potential Partners in Shipping

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

You Knew China Was Big, But Now It's The Biggest


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

VLCCs lose ground during January, but Suezmaxes and Aframaxes stage rally

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

Why Polar policies matter

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

Limited Scope For Challenging English Maritime Arbitration Awards

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

Slow steaming still holds the key for sustainable freight rates in the tanker markets

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

Unsafe Ports and Berths: Charterers´ Defences

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,

“Time Thereby Lost” Under The Nype Off-Hire Clause: Court Of Appeal Reinstates Conventional Approach

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

Dry bulk market faces better prospects on the back of improving demand and supply balance

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

Hellas: Ship owners invest more than 13% billion in newbuilding orders in 2013 for 275 ships

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

N/S Supply/demand: Europe-ECSA

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

Newbuilding orders reaching new Post-Crisis heights

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
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