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Baltic Dry Index falls to 933, down 9 points

Today, Friday, July 28 2017, the Baltic Dry Index decreased by 9 points, reaching 933 points.

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Growing trend of cargo owners, refiners offering scrubbers to shipowners

The Asian market has seen a growing trend of scrubbers being offered to shipowners at no outright cost, with both refiners and cargo owners making the offer to shipowners, said market sources this week. The trend in particular, has been fairly widespread in Northeast Asia, especially Japan and South Korea, sources added. This comes 2.5 years ahead of the International Maritime Organization’s mandate that all vessels in 2020 would have to comply with a 0.5% global sulfur cap for the marine industry, from 3.5% currently. The proposal so far in ...

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Dry Bulk FFA: Capesize Market Sees Buyers’ Resilience

Capesize Commentary Continuing the animal theme of recent days, yesterday the cape paper market and its participants could be well likened to a Tardigrade. Tardigrades are often called moss piglets and are near microscopic animals with long, plump bodies and scrunched up heads. They have 8 legs and hands with 4-8 claws on each. While strangely cute these animals are indestructible and can survive in outer space. You can boil them, freeze them, crush them, dry them out and yet they survive it all and come back for more. After ...

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Drewry: World Container Index Down by 1%

The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, is down by 1% to $1406.54/40ft container [updated Thurs, 27 Jul 17]. Two-year spot freight rate trend for the World Container Index: World Container Index: Drewry assessment on Thursday, 27 July 2017 The composite index is down by 1% this week and up by 19% from the same period of 2016. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,542/40ft container, ...

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Clipper Oil Provides Marine Oil to Vessels across the Pacific

Clipper Oil is a worldwide supplier of marine fuels and lubricants to a wide variety of vessels including fishing fleets, ocean-going yachts, cruise ships, cargo ships, military vessels, and power plants. Based in San Diego, California, Clipper Oil has been providing quality marine fuels and lubricants since 1985. Clipper Oil was founded by George Alameda and Lou Brito, who were both pioneers of the tuna fishing industry in San Diego. Clipper Oil specializes in providing competitively-priced, high-quality fuel in a variety of ports throughout the Pacific. During a recent interview, ...

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RS has implemented the research results involving development into the normative base in the field of maritime operations safety

A new revision of the Rules for Planning and Execution of Marine Operations entered into force. Subsequent to the results of research held in 2016, Part IV “Safety Assessment” has been considerably revised and dedicated to risk analysis and elaboration of measures to prevent possible emergencies and reduce their consequences during maritime operations. The standard hazards and emergencies during various maritime operations have been revealed in the Rules as regards the equipment for offshore oil and gas development facilities. Recommendations are set forth on monitoring and managing risks with detailed ...

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Deepening Recession 62% of Shipyards Worldwide Shut Down

With domestic shipbuilders suspending the operation of their docks due to ongoing sluggish demand, six out of 10 dockyards worldwide have shut down in the past nine years. According to a report from U.K.-based shipping and shipbuilding market analysis firm Clarkson Research, there were a total of 934 “active” shipyards globally in 2009. At that time, many firms scrambled to build shipyards to meet the demand in the peak of the shipbuilding cycle from 2007 to 2008. This number has now dropped by 62% to stand at 358 yards as ...

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France nationalises shipyard to thwart Italian majority, angering Rome

France will nationalise the STX France shipyard to prevent an Italian firm taking majority control, the economy minister said, triggering an angry response from Rome to President Emmanuel Macron’s first big industrial policy decision. As France’s most avowedly pro-business leader in decades, few would have predicted the former investment banker’s first big move in the corporate sector would be a nationalisation, even if the government says it will only be temporary. However, his action, which added further strain to France’s relationship with Italy, fits with the interventionist style of other ...

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S. Korea’s seaport cargo up 5.2 pct in H1

Cargo processed at South Korean seaports rose more than 5 percent during the first six months of the year on brisk outbound shipments, government data showed Thursday. Cargo handled at the country’s ports came to 789.16 million tons in the January-June period, up 52 percent from 750 million tons tallied a year earlier, according to data by the Ministry of Oceans and Fisheries. Non-container cargo gained 2.3 percent on-year to 548.11 million tons over the cited period, while container freight rose 5.1 percent to 13.46 million twenty-foot equivalent units (TEUs). ...

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Statement Port of Rotterdam barge waiting times

Over the past few weeks, the Port Authority has received a number of signals about increasing waiting times for inland vessels at the container terminals in Rotterdam’s port area. Various inland shipping and transport organisations in the Netherlands and abroad have expressed their concerns about what they see as overly long waiting times – both in the ports of Rotterdam and Antwerp. Of course, as the Port Authority, we take these concerns very seriously. We realise that companies may well experience regularly-increasing waiting times as a structural problem, and that ...

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Valencia upgrades to accommodate 20,000 teu ships

Valencia Port Authority (APV) is to dredge 690,000 cubic metres to deepen existing quays to accommodate vessels of up to 20,000 teu. The recovered spoil will then be used as infill material for Phase I of the new northern container terminal. The work, which will cost €5.2m, should see both projects finished in mid-2018. APV is investing a total of €18m to allow all three of its container terminals to handle the latest generation of box ship. Alongside draft is being deepened to a depth of 17m-18m. Once work is ...

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Dry Bulk Market: Confidence Is Growing Among Ship Owners

Things are shaking up in the dry bulk market of late. In its latest weekly report, shipbroker Intermodal said that “after an admittedly challenging 2016, the Dry Bulk market kicked off this year on a much more positive note, with all indices steadily increasing until the end of March market peak. During the second quarter and until the beginning of this month, the freight market witnessed pressure, which was more evident in Capesizes, with the BDI nonetheless resisting to break below 800 points. During the past couple of weeks, we ...

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Through The Looking Glass: Exploring The Orderbook

The containership orderbook has diminished by 30% in capacity terms since the start of 2016. Ordering during this period has remained very limited, with capacity contracted in 2016 at 0.29m TEU, representing the lowest level since 2009, and contracting in the first half of 2017 totalling less than 40,000 TEU. Despite this, however, there are several important aspects of the containership orderbook to consider. Getting Smaller The first of these concerns the change in the overall size of the orderbook, with the volume of capacity on order shrinking considerably over ...

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Dry bulk: Black Sea grains season reduces tonnage supply, pushes up freight rates

The Black Sea grains export season is heating up, adding extra long-haul demand for both Panamax and Supramax vessels in the Atlantic and giving freight rates yet another boost. An early flux of grain cargoes has been moved from the Black Sea towards the Far East, with Panamax freight rates averaging $22,000/day on a time-charter basis, up $5,000 from June dates. After a few months of quiet, the Black Sea region woke up to a fruitful 2017-2018 marketing year for grains, estimated to reach 38.31 million mt of exported goods, ...

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Shipping must not ignore new revenue standard

The new accounting standard IFRS 15, Revenue from Contracts with Customers, comes into force from 1 January 2018. It excludes revenues under leasing contracts, so income from bareboat charters and the asset element of time charters will be unaffected. Rather, the effect will be on the service element of time charters and on voyage charters. The key change is one of approach. Current practice looks at revenue recognition by reference to what is being done by the seller. The new standard looks at what is being received by the buyer. ...

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