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Dry Bulkers Remain in High Demand Among Shipowners

Dry bulk carriers remain in high demand among shipowners. In its latest weekly report, shipbroker Banchero Costa, said that there were some interesting deals in the dry bulk secotr, concluded in the newbuilding sector last week. According to the shipbroker, “China’s Xiamen Financial Leasing was reported having placed its first newbuilding order ever booking 8 x 64,000 dwt Ultramax at Nantong Xiangyu for a price of $34.5 mln each; vessel will be methanol ready and deliveries are reportedly spread between 2025 and 2028. On smaller sizes, German owner dShip Carriers ...

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Shipowners jettison the scrapping option

Since 2018 shipowners generally have been reluctant to sell older or less economical ships to breakers’ yards. During the past five years average annual recycling totals in the world merchant ship fleet were the smallest since an exceptional freight market boom, with associated reduced scrapping, ended almost sixteen years ago in 2008. Further emphasising how low scrapping has been, volumes were minor percentages of the existing fleet. In individual recent years relatively large annual recycling totals for bulk carriers and tankers were seen, preceded and followed by low annual volumes. ...

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Reduction in the count of Panamax vessels in ballast status with the ECSA daily volume loaded surpassing the demand benchmark

In the latter half of March, the freight market for large vessel sizes displayed a notable increase in momentum, particularly evident as the vessel count in terms of ballasters experienced an unexpected decline compared to the peak levels observed nearly four weeks prior. Amidst discussions surrounding whether the recent surge in Capesize and Panamax market rates stems from supply or demand dynamics, it becomes evident that the recent tightening of vessel supply serves as a significant upward catalyst. This trend is underscored by recent data indicating a surpassing of demand ...

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Tanker Market: China Accounted for 23.6% of Global Crude Trade in 2023

Strong crude oil import growth from China during 2023, offered additional support to the tanker market. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the 2088.6 mln tonnes in Jan-Dec 2022 and the 1911.5 mln tonnes of Jan-Dec ...

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Greek buyers most active in the Capesize sector as values increase by nearly 50% in one year

Values for Bulkers have been going from strength to strength this year, up across all ages and size categories. Notably the Capesize and Supramax sectors have seen some dramatic increases, for example in the Capesize sector, values for 20YO vessels of 180,000 DWT have shot up by c.39.6 % from USD 13.86 mil to USD 19.35 mil, the highest levels since 2010. On the other end of the scale, newly delivered 0YO Supramaxes of 60,000 DWT have firmed by c.12.6% since the start of the year from USD 33.44 mil ...

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13% of world seaborne trade under attack from Houthis and Somali pirates

“Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%,” says Filipe Gouveia, Shipping Analyst at BIMCO. Since November 2023, the threat to shipping has increased as the Houthis started attacking ships in the Red Sea and the Gulf of Aden. Simultaneously, piracy activity off the East coast of Somalia ...

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Product Tanker Market: Cargo Demand Could Shift to New Markets

The product tanker market could be line for some shift in cargo flows, as new refineries enter the foray. In its latest weekly report, shipbroker Gibson said that “refining margins across the world surged to record levels in 2022, following Russia’s invasion of Ukraine. Although margins have declined since then, they have generally remained healthy, even in Europe, where the structural shortage of middle distillates prevailed over the competitive disadvantage of relatively simple and ageing refineries compared to large and sophisticated plants in the Middle East and Asia”. “However, going ...

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ETS: ‘Quite a year’ for ship owners

It has been “quite a year” for ship owners preparing for the EU Emission Trading System, according to Steve Laybourn, chartering manager at Ardmore Shipping. Describing the preparation as a “bit of a rollercoaster ride”, Laybourn urged laggards to move quickly and put in place proactive measures. “We’ve had to negotiate everything from our internal roles, responsibilities, workflows, and dealing with our technical managers. We’ve had to set up a trading account with our EU Administering Authority. We’ve gone through KYC and onboarding with our carbon trading partners, and we’ve ...

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MEPC81: Carbon Intensity Indicator: Demands for UN Shipping Body To Strengthen Efficiency Rules

Ahead of this week’s meeting of the International Maritime Organization’s Marine Environment Protection Committee (MEPC 81, March 18-22), the Clean Shipping Coalition is calling on the IMO to urgently step up ship climate action by improving its Carbon Intensity Indicator (CII), which would quantify and raise ship efficiency while fostering greater transparency and driving deep and lasting reductions in pollution. “The IMO must revise its Carbon Intensity Indicator and agree on tough new requirements to ensure that ships improve energy efficiency year on year”, said Clean Shipping Coalition President John Maggs. “This is crucial for ...

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Tanker Market Shows Improved Performance During February

The tanker market has had a positive month of February, OPEC said in its latest monthly report. VLCC spot rates recovered further in February on all monitored routes, with the Middle East-to-East route leading gains. On average, VLCC spot freight rates rose 11%, m-o-m. Compared with the same month of 2023, VLCC rates were 19% higher. Suezmax spot freight rates gave up the gains of the previous month, dropping 19%, m-o-m, in February, while Aframax rates saw a large decline of 18%, m-o-m, across all routes. Clean tanker spot freight ...

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Dirty crude oil flows from OPEC+ oil producing countries to Asia

​​​​​In the second week of March, the VLCC MEG-China market rates continued to soften, while the number of vessels in Ras Tanura showed an increase despite the significant downward trend observed earlier in the month. Within the crude tanker segment, the Aframax segment continues to demonstrate improvement in the cross Mediterranean route, with growth in tonne days outpacing other crude tanker vessel categories. Regarding the flow of crude oil to Asian destinations, it’s noteworthy that January and February saw no significant decrease in monthly shipment volumes compared to the previous ...

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Massive Increase In Container Shipping Imports From China Into Mexico Amid Ongoing Us Trade War

Growth in demand for container shipping imports from China into Mexico in January 2024 increased by 60% compared to 12 months ago, further fuelling suspicions it has become a ‘back door into the US’. This is now one of the strongest trade lanes in the world according to analysts at Xeneta, the leading ocean freight rate benchmarking and intelligence platform, with 117,000 TEU (20ft equivalent container) shipped in January of this year compared to 73,000 TEU in January 2023 (source: Container Trades Statistics). Annual growth in container shipping between China ...

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High Seas for PSV Spot Market in the North Sea

The PSV market has been on the rise since the start of the year. In its latest weekly report, shipbroker Intermodal said that “the beginning of 2024 has marked one of the strongest openings of the last decade on the North Sea PSV spot market, especially on the larger sizes, as vessels were getting fixed for over 60% to what they did on the first quarter of the record-breaking 2023. Contrary to the first 2-months of the year, March has not managed to meet the market expectations yet, as PSV ...

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FBX Index March 2024: Market summary

The Freightos Baltic Global index was level overall in February – dipping 2% month on month to $3,351/FEU – but still nearly 2.5x higher than at the end of December 2023 as diversions away from the Red Sea and some pre-Lunar New Year (LNY) demand kept upward pressure on rates. As Houthi attacks on Red Sea traffic continued in February, despite ongoing US and UK strikes on Houthi positions in Yemen, widespread container carrier diversions away from the Suez Canal have continued. However, despite the disruption and some capacity and ...

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Republic of the Marshall Islands Maintains Highest Quality Fleet

The Republic of the Marshall Islands (RMI) Registry’s active role in supporting its owners and operators has resulted in sustaining the highest quality fleet in the world. At the close of day one of CMA Shipping 2024, Rear Admiral Wayne Arguin informed RMI Registry personnel that the RMI has once again achieved the coveted United States Coast Guard’s (USCG’s) QUALSHIP 21 status, marking 20 consecutive years. The RMI is the only Registry in the world to do so. This recognition is the result of long-term and consistent focus on open ...

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