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CMA CGM sees calmer waters for container shipping, looks landwards

The global container-shipping sector is in its strongest position in years thanks to sweeping consolidation and stronger economic growth, leaving it well placed to withstand competition from trains on major Asia-Europe routes, France’s CMA CGM said. Container lines, which transport everything from televisions to fresh fruit and dominate global freight volumes, are emerging from a severe downturn that culminated in last year’s collapse of South Korea’s Hanjin Shipping. CMA CGM, the world’s third-largest container line, on Friday reported better second-quarter profits and said it expected operating profits in the second ...

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Dry Bulk FFA: Capesize Market Reaches New Highs

Capesize FFA Commentary: Capes reached new highs yesterday with October trading up to $21000 before finding a little selling resistance. Q4 similary touched a new high of $19k. Q4 v cal 18 was value $4500+ and cal 18 v 19 traded at $150. Panamax FFA Commentary: It was another slow cautious range bound days trading on Panamax paper with rates slipping off a touch in early trading before finding some support post index. All eyes remain fixed on the underlying now some fresh enquiry needed if we are not to ...

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Newbuilding orders keep coming as buying appetite continues to be firm

Ship owners are still mostly bullish when it comes to committing future capital for newbuilding investments. In its latest weekly report, Allied Shipbroking said that “we are still seeing a fair amount of activity emerge on the dry bulk side, as buying appetite continues to be firm with most looking to tie up any still available TIER II slots before the window of opportunity is closed shut. In this regard it is already proving difficult with only a hand full of yards still able to offer TIER II designs. At ...

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Maritime Executives – Becoming A Senior Executive

“Becoming A Senior Executive”, an extract from the report discussing the findings of happens within the exeuctuve roles… A route into becoming a senior executive in the maritime sector that continues to become more attractive is completing an MBA, but is it really essential to make it to the top? The feeling from 79% of respondents is that having an MBA is not essential to make it as a senior executive “When it comes to being a maritime executive the majority of those in the most senior positions have come ...

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IUMI calls for improved firefighting systems on board container vessels

With the growing size of container vessels, and a recent spate of fires on board these ships, IUMI is concerned that current firefighting provisions are insufficient. The International Union of Marine Insurance (IUMI) has published today – Tuesday 19 September – a position paper calling for better on board firefighting systems for container vessels. Fires on board container vessels are very real threats. Recent examples include fires on NNCI Arauco (9,000 TEU) in September 2016 during welding operations whilst alongside in Hamburg, Hanjin Pennsylvania (4,000 TEU) in November 2002 claiming ...

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Baltic index gains on stronger rates for all vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its winning streak for the fourth day on Tuesday, supported by firmer rates across vessel types and sizes. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 17 points, or 1.22 percent, at 1,415 points, a peak since Nov. 10, 2014. The capesize index climbed 42 points, or 1.57 percent, at 2,723 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ...

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S. Korea: Shipyards, steelmakers at odds over steel price hike

South Korea’s major shipbuilders and steelmakers have been in talks over a steel price hike for weeks, but they still face difficulties narrowing their differences, industry sources said Tuesday. Last week, the Korea Offshore & Shipbuilding Association urged top steel producer POSCO and No. 2 player Hyundai Steel Co. to cut the prices of thick steel plates used for shipbuilding, adding that local shipyards are struggling with falling prices for their products and increased competition. The association claimed that prices of iron ore, the raw material for steelmaking, have suffered ...

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Tankers: Mediterranean clean freight rates up sharply as demand spikes

Freight rates for clean Handysize tankers in the Mediterranean and Black Sea have risen sharply in recent days to levels not seen since late April after demand picked up suddenly while the supply of prompt ships was limited, shipping sources said Tuesday. The oil products vessel Bentley I was said to be on subjects to Trafigura Tuesday for shipping 30,000 mt from Bourgas, Bulgaria, to Israel at Worldscale 235 for a September 26 laycan. Discharging in Israel normally calls for a premium which, in the current market, was hard to ...

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The Box Carriers: Consolidate or Compete?

Only six years ago, in 2011, there were 20 global container lines operating in a very fragmented, often very confusing industry. It’s different today; with Cosco’s takeover of OOCL, the top four carriers control 53.8% of the world’s container cargo. It would be fair to say that consolidation, not competition, is the word of the day, and shippers would be wise to be concerned about the decrease in the amount of carriers available for them to move cargo. Cosco is the tsunami on the horizon. Their purchase of OOCL makes ...

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The Maritime Cloud becomes Maritime Connectivity Platform

The team behind the Maritime Cloud has decided to change the name of the communication framework. The new name, Maritime Connectivity Platform (MCP), has been chosen to provide clarity and support e-Navigation going from testbed to real life implementation. Maritime Connectivity Platform, or MCP, is the new name for what was previously known as the Maritime Cloud. The reason for the change is twofold explains Thomas Christensen, Work Package Leader in the EU-funded EfficienSea2: “MCP is at a level of maturity where we are ready to take it from our ...

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Offshore energy insurance market is “sinking”, warns IUMI

At today’s annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”. His warning was based on declining total premium income set alongside upstream energy large losses for 2015-16 of USD 4.8 billion. McDonald explained: “In recent years it would appear that claims have exceeded the global premium base and the last two underwriting years have seen significant losses. The impact of Hurricanes Irma and Harvey are unlikely to deliver the same magnitude of loss that ...

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GTT announces an evolution of the Mark III Flex technology

With the growth in the use of increasingly efficient propulsion systems, the LNG shipping industry is continuously looking to reduce the level of daily evaporation of the LNG cargo (Boil-Off Rate) in modern vessels. In order to meet this requirement, GTT, in turn, is continuously up-grading its technologies. A new evolution of its Mark III Flex technology has been developed and has recently received the General Approval from the classification society ABS. This latest variant of the sea-proven Mark III Flex technology benefits from an improved insulation performance through an ...

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Update on Group A bauxite that can cause vessel instability

The International Maritime Organization’s review of research on bauxite that can cause vessel instability is to result in a new IMO circular and future IMSBC Code amendments. In 2015 following the BULK JUPITER casualty, in which 18 seafarers lost their lives, Gard asked the question in our article whether we know enough about cargoes such as bauxite which are prone to liquefaction to be able to carry them safely. We now know a lot more thanks to two years of thorough and interesting research conducted by the Global Bauxite Working ...

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Industry-Led Summit To Take Action On Shipping’s Decarbonisation Opportunity At UNFCCC COP23

A group of international shipping industry leaders will join forces at the 23rd session of the Conference of the Parties (COP 23) to the UN Convention on Climate Change (UNFCCC) in November to drive industry ambition and action on exploiting opportunities presented by decarbonisation. The need for shipping to contribute it’s ‘fair share’ of GHG reductions and to decarbonise quickly and deeply enough to meet the high ambition climate change target of limiting global temperatures to 1.5oC, as indicated in the Paris Agreement, has catalysed the need for a business-focused ...

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Asia Fuel Oil-380-cst premiums and spreads retreat from recent highs

Cash premiums of Asia’s 380-cst fuel oil narrowed for a second consecutive session on Tuesday following lower deal values, while the front-month time spreads of the mainstay fuel were offered down amid limited trade activity, industry sources said. WINDOW TRADES Three 20,000-tonne 380-cst fuel oil cargo trades were reported in the Platts window on Tuesday. Coastal was both a buyer and seller of 380-cst fuel oil cargoes in the window, sources said. Trafigura sold 20,000 tonnes of the fuel to Coastal at a premium of $1.25 a tonne to Singapore ...

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