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Tag Archives: Tops

Newbuilding activity returns to “snail pace” once again as ship owners shy away from new contracting

It seems that the trend set in 2016, when newbuilding orders hit a multi-year low is going to spill over to 2017 as well, with the majority of ship owners shying away from contracting, despite attractive prices. In its latest weekly report, shipbroker Allied Shipbroking noted that “after a fair amount of activity being seen in the first week of the year, things seem to have settled back down with minimal reported these past couple of days and those revolved around more specialized vessels. We have started to see a ...

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IMO: Implementation of the 0.50% global sulphur limit a major item for the Sub-Committee on Pollution Prevention and Response says Secretary-General

Good morning, distinguished delegates, It is a pleasure for me to welcome you to the fourth session of the Sub-Committee on Pollution Prevention and Response. I particularly welcome those delegates who may be attending this Sub-Committee for the first time. As this is the first meeting of 2017, I wish you all, and the maritime community at large, a happy, healthy, productive, successful and accident-free new year. Last year was a very successful one and we should be proud of all the great achievements made towards a safer, more secure, ...

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President Xi Jinping: Don’t Blame Economic Globalization for the World’s Problems

Chinese President Xi Jinping delivered a robust defence of globalization to business, government and civil society leaders in the opening plenary session of the 47th World Economic Forum Annual Meeting. China, Xi said, is committed to fulfilling its international responsibilities and contributing to addressing pressing global challenges, including climate change, the need for new drivers of economic growth and creating jobs in the face of the emerging technologies of the Fourth Industrial Revolution. ‘Many of the problems troubling the world are not caused by economic globalization,’ Xi pointed out, citing ...

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Tanker newbuildings’ delays and cancellations reached 25% during 2016 says shipbroker

Higher than initially anticipated tanker newbuildings’ slippage during 2016 doesn’t bode well for the freight market’s fortunes during 2017. In its latest weekly report, shipbroker Gibson noted that “newbuilding delays are a common in shipping. Slippage can often be prompted by the owner who wants to delay the entry into a weak market, with depressed earnings. In the recent past, delays initiated by the tanker owner were most visible during the previous industry downturn between 2011 and 2013. Alternatively, shipyards themselves could be behind the delays. Shipbuilders may fail to ...

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Less pain but not much gain for dry bulk market in 2017 says MSI

The surge in spot earnings at the end of 2016 was welcome, but MSI warns not to rely on a continuation of this short term strength London, January 16, 2017. The dry bulk market’s strong end to 2016 is unlikely to last long into 2017, according to the latest research from Maritime Strategies International. In its latest quarterly dry bulk market report*, MSI predicts a depressed year for rates in 2017, a year marked by multiple risks to recovery. Stronger freight markets in Q4 2016 had been broadly expected by ...

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Making Sense of the Regulations

Sitting in International Registries, Inc.’s (IRI’s) London office in front of shelf upon shelf of maritime conventions, codes, guides, circulars, and advisory notes, Regulatory Manager Rob Lomas has a big job on his hands. Every ship operator, large or small, needs to comply with international, regional, and national regulations and Rob Lomas as a part of the Republic of the Marshall Islands (RMI) Maritime Administrator’s (the “Administrator’s”) team of experts guide those companies whose ships fly the RMI flag through the complex rules and provide practical advice for real world ...

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Shipowners Keep Loading Up With More Dry Bulk Carriers as They Await Market’s Recovery

Shipowners, many of them Greek, have kept adding dry bulk carriers on their fleets, as they are waiting for the market to recover. Until that happens though, shipbroker Advanced Shipping &Trading noted, in its latest weekly report, that despite last year’s optimism, the market didn’t manage to post a substantial rebound until the final quarter of 2016. As such, many analysts were expecting this trend to continue during the first quarter of 2017 as well, but so far, the Baltic Dry Index has witnessed a slow start to the year, ...

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2016 Liner Market Review: Battles And Building Blocks…

After another year of extremely difficult market conditions, many would forgive liner sector players for an air of resignation. However, despite a challenging freight market, charter rates remaining firmly in the doldrums and a major corporate casualty, looking back 2016 may well be seen as the year in which the container shipping sector really started to tackle its problems head on. Sustained Struggles The container shipping sector has spent much of the post-financial crisis era under severe pressure and, as many expected, 2016 proved no real exception. Box freight rates ...

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Vessel Clearance for STS Operation – A need for standardisation: Ensuring vessel suitability, ensuring vessel compatibility & associated documents

It is an industry practice where each tanker vessel owner has to assess the suitability or compatibility of nominated vessels for loading or discharge via Ship-to-Ship, when the cargo owners decides to proceed with such operation. This article will comment on the proposed documents required for such assessment by the tanker owners who should ensure safety and compatibility according to latest OCIMF STS guidelines.[1] The assessment of suitability or compatibility are procedures, initiated by charterers, who expect to receive the consent of the owner and his Master with respect to ...

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China still the determining factor of Dry Bulk Market’s Rise or Fall

With the news that China imported a record amount of iron ore during 2016, but still, the dry bulk market, wasn’t able to capitalize due to glut of vessels, one can easily realize where rates would be in the event of a sudden drop in Chinese demand for dry bulk goods. So, while predictions are hard to make and even harder to be accurate, due to the volatility which has engulfed the segment, shipbrokers are looking for different clues in order to make their educated guesses. In its latest weekly ...

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North American and U.S. Caribbean Sea ECA –Understanding Compliance Issues

This document addresses Annex VI compliance issues for a range of circumstances. Please note that this discussion is not meant to address every possible circumstance for the topics covered. Vessel operators are encouraged to contact EPA or U.S. Coast Guard before applying these responses for a particular set of circumstances. Exhaust Gas Cleaning Systems (EGCS) Keeping in mind application of the International Maritime Organization’s (IMO) Resolution MEPC.259(68) 2015 Guidelines for Exhaust Gas Cleaning Systems (EGCS), what are U.S. EPA requirements for the disposal of sludge from an EGCS? Sludge or ...

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SPR Oil Sale Requires Use of Jones Act Vessels

On January 9, 2017, the Strategic Petroleum Reserve Project Management Office of the U.S. Department of Energy issued a Notice of Sale for eight million barrels of crude oil from the Strategic Petroleum Reserve. Offers are due on January 17, 2017. The Notice of Sale requires the use of Jones Act-qualified U.S.-flag vessels unless an individual waiver is obtained for any oil shipped to a U.S. destination. The Jones Act generally requires the use of qualified U.S.-flag vessels to transport merchandise between two points in the United States. A number ...

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Dry bulk demand to suffer in the short-term says shipbroker

While last year’s lack of newbuilding orders and less volatility may have stoked hopes of a turnaround of fortunes for the dry bulk market during 2017, things to start the year, traditionally a slow period for the market, have proved otherwise. Allied Shipbroking claims in its latest weekly report that the market could worsen in the near term, as the demand-side is expected to suffer. In his note, Allied’s George Lazaridis, Head of Market Research & Asset Valuations noted that “after having entered into a New Year, fresh hopes seem ...

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Reducing Vessel Detentions

“The key to overseeing safety, security, and environmental compliance on ships is ensuring that the crew on board understands that looking after those safety aspects of a ship is just as important as moving cargo from port to port,” Brian Poskaitis, Senior Vice President, Fleet Operations, International Registries, Inc. (IRI) explains. “Time pressured crew all too often focus on actions needed to keep the ship moving and cargoes loaded/discharged, putting the safety of the ship in second place. Issues such as maintaining firefighting equipment and lifeboats can sometimes come lower ...

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What steps should a prudent shipowner take when bringing their vessels back into service after a long period of layup?

What steps should a prudent shipowner take when bringing their vessels back into service after a long period of layup? : Layup reactivation is crucial given that the vessel may have been out of service for a number of months and hence the Club has a survey requirement when it comes to layup reactivations (Rule 35). The extent of re-commissioning work would depend on whether the vessel was under hot or cold layup, the length of time the vessel was laid up and the extent of maintenance carried out during ...

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