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Tag Archives: Tops

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 ...

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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 ...

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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 ...

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VLCCs Enjoy Active Week Despite Holidays, but Product Tankers Fare Worse

Despite the Easter holidays in the west, the week has been very active for VLCC said Fearnleys in its latest weekly report. According to the shipbroker, “thinning tonnage lists basically all over and steady supply both Wafr and Meg for East has created a sharply upward momentum on rates. Earnings closing on $30k/day, which far better than many had feared at this stage. Therefore optimism among owners for now and question remains how sustainable the present trend will be”. According to the shipbroker, “pre-Easter we saw a surge in Suezmax ...

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Global Deliveries Sending Out Mixed Signals

Despite the shipbuilding industry being under great pressure, global deliveries have exhibited some resilience and increased in 2015 and 2016 in dwt terms. However, due to the multi-cyclical nature of shipping, delivery levels varied greatly by vessel sector. Furthermore, delivery volumes would have been higher had it not been for ‘non-delivery’ of vessels on order reaching a record level. Tanker Deliveries Speeding Up There were a reported 1,665 vessels of a combined 94.5m dwt delivered in 2016, a 4% increase in dwt terms, although deliveries fell by 9% and 6% ...

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Troublesome paper certificates and why the maritime industry must embrace e-Certificates

As a result of ongoing commercial challenges and regulatory changes in the maritime industry, maritime organisations are undergoing many radical strategic and business model changes, including the drive to modernise outdated business processes. One of the prominent approaches for driving efficiencies, reducing costs and gaining competitive advantages has been through technological innovation. An existing example is the adoption of Electronic Chart Display and Information System (ECDIS), whilst the industry is also on the brink of numerous other developments, ranging from the paperless ship, to 24/7 ship internet connectivity and possibly ...

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Dry Bulk: Newbuilding Prices Inch Higher

A slight increase in demand, at least in terms of enquiries, has prompted shipbuilders to try to move newbuilding prices for dry bulk units to higher ground. In its latest weekly report, Allied Shipbroking noted that “despite the slight slow down in activity partly due to the Easter holidays, it seems as though the underlining trend in prices offered by shipbuilders is still on a gaining path. Quotes especially for dry bulk units are rumored to be on the increase, with many shipbuilders finding the opportunity that has been presented ...

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Scrubbers is cheapest way to comply with IMO cap: BP

Exhaust cleaning scrubbers will be the cheapest way for larger ships to comply with the 2020 International Maritime Organisation’s (IMO) 0.5pc sulphur cap on marine fuels, according to BP. Heavy fuel oil (HFO) is set to fall sharply in price when the cap comes into force in 2020, while the price of low-sulphur fuels will dramatically rise, BP Marine fuels supply and trading manager Justin Longhurst said today at the International Bunker Industry Association (IBIA) forum in London. And the use of exhaust gas cleaning technology, known as scrubbers, will ...

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Rickmer’s Group worth USD 740 million

This week, Rickmers Holding AG released a statement that an understanding had been reached regarding restructuring of the Rickmers Group. This follows on from news in that last month that Singapore Based Rickmers Maritime Trust is to be wound-up. It is understood that the sole shareholder, Bertram Rickmers, will reduce his shareholding to below 25%. The remaining 75% will be taken by lenders and bondholders. The value today of the Rickmers Group (subsidiary of Rickmers Holding AG) sits at USD 740 million. The group owns 4 handy container newbuildings currently ...

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Dry Bulk Market’s Rally Has Reached Its Peak For Now Says Shipbroker

The dry bulk market’s first quarter strong performance has verified all those analysts who were expecting a rebound of freight rates, on the back of increased demand and lower net fleet growth. However, according to shipbrokers, it seems that for the time being, this latest rally has completed its course and could find it difficult to discover additional support for another jump. In its latest weekly report, shipbroker Allied Shipbroking noted that “having gone through the first quarter of the year and with the Easter break having no come and ...

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Capesize FFA: Fresh lows in May contract suggest market has entered into a corrective phase

Capesize May 2017 Daily Support – 12,960, 11,655, 11,030 Resistance – 14,436, 15,781, 16,700 The divergence between the stochastic and price mentioned on last week’s report has resulted in a failure to make fresh market highs and the May futures have now entered into a corrective phase. The May futures have now made a lower low and the stochastic is showing a bearish cross and it is below the 70 line which is often used as a signal line. Any upward moves from here that fail at the US$ 15,781 ...

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Asia Clean Tanker Market Outlook Q2 2017: Overcast Skies Ahead

Amidst the backdrop of expected fleet growth of 4% in 2017, the product tanker sector in Asia is likely to face a set of challenges in Q2. Peak cracker turnaround season, the ramping up of new condensate splitters in the region as well as petrochemical endusers substituting more naphtha for LPG in the cracking pool are expected to lower naphtha flows into Asia in Q2, which are the bread and butter of Long Range tanker demand. The naphtha-fed steam cracker turnaround season in Asia is expected to hit its peak ...

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Ship demolition prices retreat as recyclers adopt more cautious approach to the market

Ship owners who were holding off a potential sale of their older ships for scrap, looking for even higher prices than those witnessed in the past few weeks, will be bitterly disappointed by the course of things in the demolition markets during the past few days. In its latest weekly report, GMS, the world’s leading cash-buyer of ships noted that “cracks started to emerge in the Indian sub-continent ship recycling markets this week as hefty declines in local steel plate prices at all locations started troubling end buyers. Additionally, the ...

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Dry bulk market springs a surprise but sweats on slower second half

Maritime Strategies International (MSI), a leading independent research and consultancy has forecast a positive short term outlook for dry bulk freight rates, but has cautioned on second half prospects. MSI notes a persistent and positive shift in dry bulk market sentiment in recent weeks, with most Baltic indices at their highest point of the year. Capesizes led the charge with spot rates rising to almost $20,000/day in late March – more than five times their levels of just a few weeks earlier, although they have since fallen to $15,000/day. Meanwhile ...

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Package limitation for containerised cargoes: The Maersk Tangier

The Maersk Tangier is the first English case to consider package limitation for containerised cargoes under the Hague-Visby Rules. Robert Thomas QC and Benjamin Coffer appeared for the successful claimants. The judgment of Andrew Baker J, handed down today, is significant in a number of respects: The Court held that the Hague-Visby Rules were compulsorily applicable, notwithstanding that the carrier had issued waybills rather than bills of lading. The Judge declined to follow El Greco v. Mediterranean Shipping [2004] 2 Lloyd’s Rep 537, in which the Federal Court of Australia ...

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