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Tag Archives: Tops

Tankers: Looking for market resilience in a challenging environment

Tanker owners haven’t enjoyed a healthy ride of freight rate increases in the past few months, as the oil market has been experiencing turbulences. However, there are still “pockets” of resilience, which offer room for more optimism moving forward. In its latest report, shipbroker Allied Shipbroking said that “with crude oil prices for both Brent and WTI reaching recent highs it is clear that the recent disruptions caused to the market by the devastation brought about by Hurricane Harvey where not only short lived but there was enough resilience in ...

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Purchase of vessels via online judicial auction in China – a foreign buyer’s guide

You may be aware that Taobao is a renowned online shopping website in China, like e-bay in the US, but would you ever imagine that you could purchase a cargo vessel, by way of judicial auction, on Taobao? Following the sustained downturn of the Chinese shipbuilding market which has seen many buyers withdraw from shipbuilding contracts, and many shipyards suffer or collapse, it has become a very popular trend among Chinese courts to arrange the judicial sale of second-hand vessels (and hulls under construction) by way of auction. Since nine ...

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Lessons Learnt: Enclosed Space Fatality

Vessel Type: Bulk Carrier Incident description As discharge of a cargo of coal progressed, the level in one of the cargo holds had lowered to the point where stevedores needed to enter for cargo trimming operations using bulldozers. The cargo hold ladders were completely enclosed within a trunk, with openings at the main deck and at the lower part of the hold only. In accordance with shipboard SMS procedures, it was necessary for the crew to arrange ventilation and testing of the trunk space atmosphere prior to permitting entry of ...

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The trade connundrum between China, USA and N. Korea

The shipping industry is bound to be affected by the rise in tensions in the Korean Peninsula. In a recent report, shipbroker Intermodal said that “the trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea’s exports end up in China; similarly, about 85% of the nation’s imports come from China. The rest of the trade is with countries like India, Russia, Pakistan, Thailand and Mexico. Although Russia’s trade with North Korea is marginal, total volume being less than $100 million, it ...

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Asian Aframax Market Sees Rally on Busy Activity

Asian Aframax rates saw a resurgence this week on the back of firm cargo demand in Indonesia/Singapore. Other contributing factors include a robust Med market due to the lifting of force majeure on Sharara crude from Zawiya, potential weather delays in North Asia as a result of Typhoon Talim as well as higher bunker prices. Rates for the key Indo/Japan route basis 80 kt jumped by w17.5 points w-o-w to w110 as of today, crossed the w100 mark after languishing around w80 levels for the past two months. A pick-up ...

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Improved risk profile for ocean hull insurance sector

Speaking yesterday at IUMI’s annual conference in Tokyo, Chairman of the association’s Ocean Hull Committee, Mark Edmondson reported a 10% reduction in global premiums from 2015 to USD 7 billion. “Reduction in asset values and a general decrease in vessel activity are having a significant impact on premium income”, he said. “The OSV fleet alone has around a third of capacity laid-up with little prospect of those vessels coming back online anytime soon”. In general, Edmondson was upbeat about an improving risk profile citing the work that IUMI was undertaking ...

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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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VLCC Tanker Freight Rates Revised Upwards By Shipbroker Charles R. Weber

Tanker market specialist, shipbroker Charles R. Weber expectes tanker rates to gradually improve in the medium term and up until the end of the year. In its latest weekly report, the shipbroker said that “rates in the Caribbean VLCC market have experienced strong gains since early August on the back of a decline in USG arrivals and a strengthening outbound cargo demand, including a 42% rise in average weekly ex‐USG cargoes since Q1. The benchmark CBS‐SPORE route has risen by 48% to $4.00m lump sum, even as rates on all ...

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Global marine underwriting premiums continue to fall, reports IUMI

IUMI debates the growing challenge of reconciling dropping income levels with the risk of having to cover even larger single claims in an environment of ever increasing accumulation of values. IUMI – the International Union of Marine Insurance – presented its annual statistical report on the marine insurance market at today’s conference in Tokyo. The association reported that global marine underwriting premiums for 2016 fell to USD 27.5 billion, a 9% reduction on the figure reported for 2015. Vice-Chairman of IUMI’s Facts & Figures Committee, Astrid Seltmann explained: “The 2016 ...

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Global BCOs hit by 4th quarter of rising contract rates from Asia

Contract freight rates paid by Beneficial Cargo Owners to move their products by container have increased for a 4th consecutive quarter, according to actual contract rate data from the Drewry Benchmarking Club. Average contract rates on two major container trade routes – from Asia to North Europe and North America – have increased by another 4% between the second and the third quarter of this year. This means that the latest Drewry Benchmarking Club Contract Index has increased by 39% in the year to the third quarter, based on $2 ...

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Aframax Tankers and VLCCs Benefiting from North Sea Oil Projects

Owners of VLCCs and Aframaxes are benefiting from the revitalising of North Sea oil projects. In its latest weekly report, shipbroker Gibson said that “OPEC led production cuts have, at times, increased the appeal of North Sea grades to Asian consumers. Simultaneously, signs are beginning to emerge that the sector has put the worst of 2014’s oil price crash behind it and is proving more resilient in a new lower price environment. Due to the regions ageing infrastructure, high costs and declining production, some analysts have cast doubts over the ...

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Global Energy Demand And Shipping’s Promethean Feats

Since remote antiquity the essential importance of energy to human civilization has been well appreciated: in ancient Greek mythology for example, it was the secret of fire that the Titan Prometheus stole from the gods and gifted to mankind. Today the still increasing energy needs of humanity are greater and more diverse than ever before. And in this energy tale, shipping of course plays a titanic role… Setting The Scene Energy consumption is ubiquitous in economic activity in the contemporary world, from the internal combustion engine to the many fruits ...

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IMO Secretary-General says Shipping Emissions Still an “Unfinished Business”

Keynote speech by Kitack Lim, Secretary-General International Maritime Organization Ladies and gentlemen, It is a pleasure to be with you and I am very grateful to your Chairman, my friend Esben Poulsson, for the invitation to speak to you today. Let me say at the beginning, on behalf of the whole of IMO, that I really appreciate the role you play in the work of the Organization. IMO is an organization where its Member governments, together with NGOs like ICS, have made a very significant contribution to IMO’s substantive output ...

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