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VLCC Fixture from the Middle East on the Decline

Activity in the VLCC Middle East market plunged further over the course of the past week. In its latest weekly report, shipbroker Charles R. Weber said that “rates in the VLCC market were largely range bound this week with an expected upward push prevented by the appearance of hidden positions, which altered the supply/demand balance for the Middle East market’s November program.  A pause by charterers between the Middle East market’s November and December programs also tempered the positive undertones that had prevailed at last week’s close and led to modest ...

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Ship operating costs stabilise as market recovery lifts pressure

The cost of operating cargo ships rose marginally in 2017 following two consecutive years of falls, but shipowners should prepare for higher costs led by a spike in insurance premiums, according to the latest Ship Operating Costs Annual Review and Forecast 2017/18 report published by global shipping consultancy Drewry. After two years of marked decline, average vessel operating costs stabilised in 2017 as pressure on owners was lifted by a nascent recovery across most cargo shipping markets. Trends in ship operating costs are heavily linked to developments in the wider ...

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Recent Trends In Speed And Consumption Claims

Speed and consumption is always a “hot topic”, but unfortunately it is also one of the areas of law which bear a very large degree of uncertainty. Often, parties entering into a charterparty will fail to appreciate the significance of the definition of “good weather” that underlies the vessel’s performance warranty. Unfortunately, this may well come back to haunt them. The Didymi ([1988] 2 Lloyd’s Rep.108) laid down the principle, that if there is a suspicion as to a vessel’s performance, one has to look at the vessel’s performance in ...

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Container freight market: East Coast North America to UK Continent route increases by $50 to $550/FEU

The S&P Global Platts Container Index fell $17.50 in the week ending November 17 to $913.83 as fundamentals seemed to have won the battle from the previous week as the most head-haul routes dropped $50 last week, the North Asia to Mediterranean and North Asia to UK and North Continent routes in particular, ending the week at $950/FEU and $1,150/FEU, respectively. Both these routes had quotes lower than these assessments so they could fall further this week. There are some supply-chain issues that are causing spot rates to diverge for ...

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Higher oil prices bode well for S. Korean shipbuilders

Global oil prices have rallied in the past weeks and may settle above the US$60 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Monday. Oil prices rebounded Friday on hopes for the extension of an OPEC output cut deal. Brent crude oil rose $1.36, or 2.2 percent, to settle at $62.72 a barrel, while U.S. West Texas Intermediate crude (WTI) ended $1.41, or 2.6 percent, higher at $56.55 a barrel. Oil prices have risen roughly 20 percent since August ...

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Australian PWCS coal terminals’ vessel queue falls to six ships

Port Waratah Coal Services’ two terminals at Newcastle port in eastern Australia had six ships waiting offshore Sunday, down from 12 ships a week ago, the Hunter Valley Coal Chain Coordinator said in a report Sunday. The ship queue for the PWCS terminals is expected to be fewer than five vessels at the end of November, the coal chain coordinator said. The PWCS terminals shipped 2.4 million mt of coal exports in the week ended Sunday, up 608,900 mt from a week earlier, and the month-to-date exports totaled 5.2 million ...

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Allied’s Weekly Market Report Update – Week 46 2017

It has been a tough couple of weeks for the dry bulk market, with the brakes having been applied by charterers once more and rates rolling

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Shipping Must be Economically Sustainable if it is to Deliver on Environmental Sustainability, ICS tells OECD

Addressing government trade negotiators in the OECD Working Party on Shipbuilding at a workshop on ‘green growth’ in Paris today, the International Chamber of Shipping (ICS) asserted that the shipping industry could only be environmentally sustainable if it is economically sustainable too. ‘The perennial challenge facing shipowners is overcapacity, aided and abetted by government subsidies and support measures that encourage shipyards to produce ships that are surplus to requirements’ said ICS Director of Policy Simon Bennett. ‘If governments are serious about helping the shipping industry deliver on the United Nations ...

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Statement from North P&I Club regarding Brexit

Following the result of the UK referendum on membership of the EU in July 2016, North and Sunderland Marine have been developing contingency plans to ensure that both companies continue to have access to EU markets. North and Sunderland Marine currently rely on EU passporting rights to insure risks located in the European Economic Area (EEA). Details of the future UK/EU trading relationship and its implementation are currently unknown and subject to ongoing negotiations between the EU and the UK government. However, our expectation is that North and Sunderland Marine’s ...

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Hong Kong China War Risk Syndicate Launched: Available to Chinese and Asian Shipowners

A new marine insurance facility aimed at protecting Chinese and Asian ship owners from the risks of war and related perils such as piracy is launched today (November 20, 2017). Named the Hong Kong China War Risk Syndicate (HKCWRS), the facility is supported by Asia Insurance, part of Hong Kong’s Asia Financial Holdings Limited. It is available to shipowners in Hong Kong, China plus all Asian flag, owned, managed or chartered vessels. The insurance covers marine hulls for acts of war, piracy attacks and other perils. The maximum limit per ...

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Sokhna World Zone Project Presented To Investors In Dubai

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), today presented details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai. The opportunities to invest and launch operations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza). Sokhna World Zone will create a sustainable industrial ...

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ARA gasoline stocks edge higher; naphtha stocks plunge to nine-month low: PJK

Gasoline stocks in Northwest Europe’s Amsterdam-Rotterdam-Antwerp hub rose by 64,000 mt, or 7%, to a fresh five-month high of 981,000 mt in the week ended November 15, data from PJK International showed. ARA gasoline inventories are 1.8% higher than the 964,000 mt on November 16, 2016, according to PJK data. Naphtha stocks in the ARA fell by 65,000 mt, or 27%, in the same period to a nine-month low of 176,000 mt, the data showed. The last time ARA naphtha stocks were lower was January 25. Compared with last year, ...

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VPS Announces Major expansion in State-of-the-Art, Lubricant Oil-Condition-Monitoring Testing Services

Veritas Petroleum Services (VPS) announced today the latest expansion of the company’s lubricant oil condition monitoring (OCM) service. In the company’s continuous drive to offer its customers a widening range of technically advanced, value-added services, VPS have made a significant financial investment to equip their Rotterdam Laboratory with the very latest analytical technology, automation and robotics for the testing of lubricants. The introduction of such advanced equipment and systems, enables a significant increase in the laboratory’s capacity and efficiency and will further assist VPS clients’ effective condition monitoring and routine ...

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First shipload of liquefied natural gas arrival to Northern Finland to Manga LNG terminal – Making more alternatives available in the energy market

The first shipload of liquefied natural gas (LNG) arrival to the LNG import terminal in Tornio, Finland, on Sunday November 19, 2017. The Manga LNG natural gas import terminal in Röyttä Harbor, Tornio, is a joint venture of the industrial companies Outokumpu and SSAB Europe, the energy company EPV Energy and the LNG company Skangas. LNG was shipped to the terminal by Coral Energy, a time-chartered LNG carrier operated by Skangas. Once completed in summer 2018, the import terminal will be the largest LNG terminal in the Nordic countries and ...

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British ports call for transport infrastructure and connectivity recognition ahead of the Chancellor’s Budget Statement

Ahead of this week’s Budget Statement, the British Ports Association is calling on the Chancellor to prioritise transport infrastructure spending and to ensure that port connectivity schemes are not overlooked. The UK’s transport network facilitates the movement of significant volumes of freight and allows British business and industry to compete and the economy to grow. Much of this freight passes through ports, which handle 95% of the UK’s international trade. Commenting prior to the Budget on Wednesday, the British Ports Association’s Chief Executive, Richard Ballantyne said: “We await the Chancellor’s ...

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