Home / Shipping News

Shipping News

Tanker Market: China’s Shifting Trade Patterns Could Impact Product Tanker Market

The looming increase of import taxes on oil by-products in China, combined with the gradual demise of the so-called “teapot” refineries, both as a result of new Chinese policies, could have a significant impact on the product tanker market in Asia moving forward, both in a negative and a positive way. In its latest weekly report, shipbroker Gibson noted that “according to data provided by Reuters, China’s crude oil imports and refinery processing in Q1 2017 have reached new highs and painted a particularly healthy picture. Overall, despite slowing economic ...

Read More »

Shipping Still Hooked On Classics?

The shipping industry has long provided investors with opportunities for asset play, reflecting the volatility in prices and relative shifts in the value of certain classes or ages of ships. Recent months have been no exception, with changes in tempo clearly evident in some shipping sectors. What can conducting a quick survey of the classic asset market indicators tell us today? Classical Repertoire One classic indicator (see SIW 1175) of the state of the asset market in any particular sector is the ratio of the 5 year old price to ...

Read More »

Panamax Market Looks Like It Could Enter A Corrective Phase

Panamax Index Weekly Resistance – 12,478, 14,773, 16,728 Support – 12,172, 9,403, 7,968 Technically the trend remains bullish with continued higher highs and higher lows resulting in a break in upside resistance levels last week. However, Panamax rates in the index this week have been negative, and we are seeing pricing back below the US$ 12,478 resistance level. Failure to hold above the US$ 12,478 level would suggest we are about to enter into another corrective phase, as this is a natural point of resistance. The stochastic at 96 is ...

Read More »

World Seaborne Trade: Still Providing Volume

In the shipping industry, seaborne trade has generally been regarded as a strong and steady performer, with 4.8bt added since the year 2000, bringing total volumes to 11.1bt in 2016. Although the rate of growth appears to be settling to around 2-3% p.a. currently, the absolute volumes contributed to world seaborne trade are still at historically high levels… Topping Up Volumes 2015 saw the rate of growth in global seaborne trade ease to 1.8%, which was the slowest pace of expansion since volumes contracted in 2009. Trade volumes increased by ...

Read More »

Troubled Taiwan shipping line Yang Ming cuts Iran service

Taiwan’s troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, according to a company source. Yang Ming, the world’s ninth largest container shipping line, is a comparatively small player in Iran, calling there just once a week. Several larger shipping lines have begun serving Iran since sanctions were lifted a year ago. An executive with Keelung-headquartered Yang Ming said the firm had “ceased direct services to Iran ...

Read More »

How are monitoring reporting solutions impacted by MRV?

One of the highlights of HullPIC 2.0, the hull performance and insight conference in March 2017, is the contribution by Torsten Büssow and Jarle Blomhoff about how monitoring reporting solutions are impacted by MRV. The conclusion of the two DNV GL experts is that mandatory MRV (monitoring, reporting, verification) requirements can be handled with minimum extra effort if good monitoring tools are already in place (e.g. for purposes of performance monitoring). The EU’s MRV requirements start taking effect in 2018. IMO follows suit a year later with its Data Collection ...

Read More »

Greece Gets Higher Bids for Majority Share of Port of Thessaloniki

Greece received higher bids from the three investors seeking to buy a majority stake in its second-largest port, its state privatizations agency said. The offers came from Philippines-based International Container Terminal Services (ICTS); Dubai-based Peninsular and Oriental Stream Navigation Company (DP World); and a consortium comprising German private-equity firm Deutsche Invest Equity Partners, Terminal Link (a subsidiary of CMA CGM) and Russian-Greek investor Ivan Savvidis’s group. The initial bids by the three investors for a 67% stake in its port in Thessaloniki were submitted in late March. The board of ...

Read More »

Rickmers selling fleet to repay creditors

Troubled container ship operator Rickmers Maritime yesterday said it has found a buyer for its entire fleet of container ships for US$113 million (S$157.8 million). The announcement comes just a week after the debt-saddled trust bit the bullet and said it would wind up after debt restructuring talks failed last December. Trustee-manager Rickmers Trust Management said in a statement that a master agreement had been signed for the conditional sale of the 14 vessels to two units of Navios Maritime Partners, a drybulk and container ship owner and operator. The ...

Read More »

EIB signs agreement of 150 million euros to finance green shipping

The European Investment Bank and Dutch bank ABN Amro will sign an agreement today to support investments for greening the European shipping fleet. This framework is the first with a financial institution in the Netherlands and is supported by the “Connecting Europe Facility” and was made possible by the ”EFSI” (European Fund for Strategic Investments), central pillar of the Juncker Commission’s Investment Plan for Europe. The framework guarantee agreement will ensure that promoters of sustainable projects in the maritime transport sector can benefit from favourable financial terms as a result ...

Read More »

Norway is first to ratify 2010 compensation regime for Hazardous and Noxious Cargoes

Norway has become the first country to become a Contracting State to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship. The International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 2010 (2010 HNS Convention), when in force, will provide a regime of liability and compensation for damage caused by HNS cargoes transported by sea, complementing existing regimes already in force for the transport of oil as cargo, bunker oil used for the ...

Read More »

World’s bunker market still in waiting mood, expert says

The Easter holiday break shut many markets for as long as four days this week and so has not given any chance for world fuel indexes to set up the firm trend: they were changing insignificant and irregular. Still the speculation that the Organization of Petroleum Exporting Countries and its allies will extend their six-month pact aimed at eroding a global glut is helping boost prices, while there is also concern that rising U.S. output will counter the reductions. MABUX World Bunker Index (consists of a range of prices for ...

Read More »

Daewoo Shipbuilding braces for tough restructuring after bailout

Troubled Daewoo Shipbuilding & Marine Engineering Co. has to implement bold self-restructuring efforts and win more shipbuilding deals at reasonable prices in order to stand on its own feet, as its creditors are set to inject another batch of cash into the shipyard soon, analysts said Saturday. Holders of bonds and commercial papers sold by the shipyard, the world’s largest by order backlog, worth 1.55 trillion won ($1.36 billion) in total, have signed off on a massive debt-for-equity swap deal drawn up by creditors led by the state-run Korea Development ...

Read More »

Turkey raises fines for marine pollution caused by ships by 41 pct

The Ministry of Transport, Maritime Affairs and Communication has raised the fines for pollution caused by vessels by 41 percent, and has implemented stricter regulations after a ship hit rocks and spilled 50 tons of fuel in western Turkey. The ministry’s decision follows the incident involving Lady Tuna, a ship which hit rocks on December 18, 2016 and was responsible for spilling 50 tons of fuel near the Fener island of Turkey’s western Izmir province and has been fined 5 million Turkish liras ($1.37 million). The nearby beaches of Paşa ...

Read More »

UAE shipping firm chases $20m for expansion plan

Three Lines Shipping, a UAE-based transportation and logistics company, is looking for an investor to help boost its regional expansion and grow its brand, CEO Rafeeq KK has said. An investment of between $15-20 million is expected for a majority stake depending on the type of investor, he said in a statement. TLS said it is looking for an investor with good understanding of the business and practices in the logistics and transportation sector. The company added that it has been approached by private equity firms but no deal has ...

Read More »

Brazil And Argentina: Soybeans With High Moisture Content

As set out in our Circular dated 25 November 2016 the Association has come across various claims arising out of soybeans with excessive moisture content being loaded in Brazil and discharged in China. This circular aims to provide an update on loading/storage conditions at Brazilian ports, especially in Santos and Paranagua, and also ports in Argentina. Delay in transportation to northern ports of Brazil, Santarem and Itaxoatiara Significant delay due to heavy rain has been experienced for cargoes transported on the route from Cuiaba (State of Mato Grosso) to Santarem ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping