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Shipbroker Expects Clean Tanker Market to Weaken Moving Forward

Shipbroker Intermodal is expecting weakness in the product tanker market moving forward. In its latest weekly report, Intermodal said that “as we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez”. The shipbroker’s Tanker Chartering Broker, Mr. George Vastardis noted that “looking towards the East of Suez and in particular the Middle Eastern Clean MRs over the previous week, we notice that quite healthy activity has pushed rates slightly up. This led to short hauls cross MEG ...

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Dry Bulk FFA: Supramax Markets Still Bearish

Supramax Index- Continues to be bearish but on MA support, upward moves that fail at USD 9,000 would imply further downside continuation. Q3 – A head and shoulders pattern has is confirmed and the neckline is acting as resistance. Caution on a close above USD 8,455 as this would suggest pattern failure. • Cal 18 – Technically bearish, we remain cautious due to oversold momentum. Technical sell levels on price failure between USD 8,655 and USD 8,940. • Q3 v Cal 18 – Behaved as expected last week. Another bullish ...

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In The Wake Of Giants: Boxship Fleet Deployment Trends

Trends in containership deployment are driven by several key factors, including trade growth, the ‘cascade’ of ships from one trade lane onto another, and infrastructure capabilities. In the midst of rapid growth in the ‘mega boxship’ fleet, and nearly a year on from the opening of the new expanded locks of the Panama Canal in June 2016, it is a good time to take a look at recent trends in boxship deployment. From The Top The 15,000+ TEU ‘mega boxship’ fleet has expanded rapidly in recent years, and stood at ...

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Asia Tankers-VLCC rates to stabilise as owners’ resistance builds in weak market

Freight rates for very large crude carriers (VLCCs) are likely to become steady around the current levels as owners resist charterers’ attempts to pull down hire rates with the emergence of a three-tier market, brokers said on Friday. That came as brokers said South Korean charterers GS Caltex/S-Oil failed to charter a VLCC at below 40 points on the Worldscale measure for a voyage from the Middle East to Korea as owners balk at hiring out their ships at a price equivalent to operating costs. That is equivalent to earnings ...

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Golden Ocean: Muted quarterly earnings, but factored in the share price; reiterate Attractive view

Sequentially weaker earnings as freight rates retrace: Golden Ocean’s (GOGL) TCE revenue declined 8% y/y to USD 57.4m in 1Q17 from USD 62.4m in the previous quarter due to the correction in Capesize rates and higher voyage costs. GOGL’s fleet operated at an average daily rate of USD 11,304 compared with USD 11,809 in 4Q16. Average benchmark daily earning for Capesize vessels in 1Q17 was USD 10,900 over USD 12,000 in 4Q16, according to the Baltic Exchange. The company’s TCE revenue was lower than our estimate of USD 62.5m. On ...

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Baltic index down for 10th straight session on lower rates

The Baltic Exchange’s main sea freight index fell for the tenth straight session on Friday, as rates remained weak across all vessel segments. The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down 6 points, or 0.65 percent, at 912 points – its lowest since early March. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels was down over 4 percent for the week. The capesize index fell 4 points, or 0.25 percent, to 1,591 points. Average daily earnings for ...

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The LNG Fuel Finder – a new service for LNGi

Just in time for Nor-Shipping, DNV GL will launch the LNG Fuel Finder – a new tool on its LNG business intelligence portal LNGi. The new LNG Fuel Finder service will allow shipowners and charterers to register their interest in using LNG as a ship fuel free of charge, connecting them directly with LNG suppliers. DNV GL has also introduced the option of signing up to a new lean version, where interested parties can access some of LNGi’s services and data free of charge. The question of bunkering availability is ...

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Gas shipper Flex LNG signs deals to buy six new vessels

Oslo-listed Flex LNG has signed contracts to buy six new liquefied natural gas (LNG) vessels for its fleet by 2019, as it bets on increasing fuel demand from Britain and other countries, its chief executive told Reuters. The gas shipping company said earlier this year it was considering buying the six vessels, each with around 170,000 cubic metres of capacity, subject to securing funding for the $1.2 billion transaction. Geveran Trading, the private investment vehicle of billionaire shipping tycoon John Fredriksen, acquired 52 percent of Flex LNG earlier this year, ...

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Making life at sea safer

The Standard Club is working with the Confidential Hazardous Incident Reporting Programme (CHIRP) to promote safety at sea and accident prevention. CHIRP receives reports of hazardous incidents which they investigate with the ship’s owner. The case studies and lessons learnt are published in their quarterly bulletin Maritime Feedback in both written and video form. These videos provide excellent material for discussion during a ship’s safety committee meeting. The first item in this video bulletin concerns the hazards of pilot boarding. The team look at a ship with an inherent design ...

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From parts to files: Wilhelmsen explores 3D printing with Ivaldi Group

“With an ambition to shape the maritime industry, exploring new technologies and business models are key,” says Thomas Wilhelmsen, group CEO at Wilhelmsen. “We are one of the largest suppliers of spare parts, and we believe that sending files and printing instructions digitally instead of spare parts can enable us to deliver faster, cheaper and more specialised products to our customers.” “We see the future of supply as being on-demand, locally distributed and fully digitised. Wilhelmsen’s long history of innovation in the maritime industry, combined with our own expertise in ...

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Wärtsilä’s hybrid system increases offshore supply vessel’s engine efficiency

The technology group Wärtsilä has signed an agreement with Eidesvik Offshore to install a hybrid system with batteries on board of its vessel Viking Princess. It will become the first offshore supply vessel in which batteries reduce the number of generators on board. The new energy storage solution will improve engine efficiency, generating fuel savings and reducing greenhouse gas emissions. Viking Princess provides supplies to oil rigs in the North Sea and Barents Sea. The 5-year old vessel runs on four LNG-powered Wärtsilä engines. Depending on the ongoing task and ...

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MOL Launches R & D on Autonomous Ocean Transport System – Selected for Japanese Government Transportation Research Program

Mitsui O.S.K. Lines, Ltd. announced that its joint project with Mitsui Engineering & Shipbuilding Co., Ltd. on developing a technological concept for autonomous ocean transport system, was selected by Japan’s Ministry of Land, Infrastructure, Transportation and Tourism (MLIT) for its FY2017 Transportation Research and Technology Promotion Program (Note) on May 16, 2017. The research consortium of the project is comprised of MOL, Mitsui Engineering & Shipbuilding, the National Institute of Maritime, Port and Aviation Technology, Tokyo University of Marine Science and Technology, Nippon Kaiji Kyokai (ClassNK), Japan Ship Technology Research ...

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Sungdong Shipbuilding Wins Tanker Order, First in More Than One Year

Sungdong Shipbuilding won an order for seven mid-sized tankers, including two as an option, from a Greek shipowner. This was the first time for the Korean mid-sized shipyard to receive a newbuilding contract since December 2015. According to industry sources on May 25, Sungdong Shipbuilding signed a deal with Greece’s Kyklades Maritime to build five 115,000-ton tankers in firm order and two more in option. The per-ship newbuilding price is estimated at US$44 million. Sungdong creditors said, “With this order, the company escaped from the worst crisis,” adding, “This order, ...

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Piracy – Latest Asian Piracy Report Published

The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) has issued its latest piracy report for the first quarter of 2017. Location of all incidents reported during January-March 2017courtesy of ReCAAP ReCAAP has expressed serious concern over the continued escalation of incidents involving the abduction of crew from ships while underway in the Sulu Sea, Celebes Sea and the waters off Eastern Sabah, East Malaysia. ReCAAP encourages all Shipowners and masters to report all incidents and/or suspicious activities and to implement robust security measures ...

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Proposed Oil Tanker Moratorium Act—Defining Canada’s Pacific Gateway

On 12 May 2017, the Government of Canada introduced Bill C-48, the proposed Oil Tanker Moratorium Act, in Parliament. This initiative follows up on the launch of the national Oceans Protection Plan in November 2016, and fulfils the Prime Minister’s commitment to formalize a crude oil tanker moratorium on British Columbia’s north coast. The broader plan aims to “improve marine safety and responsible shipping; protect Canada’s marine environment; and create new partnerships with Indigenous and coastal communities”. Oil tankers have been travelling along the British Columbia coast since the 1930s, ...

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