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Tag Archives: Tops

Dry Bulk Ships: Firm Interest in S&P Market Could Trigger More Newbuilding Orders in the Future

Although it’s still very early days, shipbrokers are starting to see potential signs towards more newbuilding activity, which could be triggered as a result of the strong demand for dry bulk carriers in the second hand market. In its latest weekly report, Allied Shipbroking noted that “there continues to be rumors of the market starting to see some sparks of interest and in turn activity. It is still too early to tell to what degree this is actually a revival of demand in the market or just a small temporary ...

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North America Could Play Bigger Role in Future Global Bunker Market

“In light of new marine fuel regulations in 2020, North America has the opportunity to take a much bigger role in the future global bunker market given its capabilities to be a major supplier of ultralow sulfur fuel oil (ULSFO) components and gas oil,” according to Alan Gelder, Vice President, Refining, Chemicals & Oil Markets, EMEARC Research for Wood Mackenzie, speaking today at the American Fuel & Petrochemical Manufacturers (AFPM) annual meeting in San Antonio, TX. Gelder explained that the global total demand for fuel oil and gasoil bunkers has ...

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The Republic of the Marshall Islands Registry now world’s second largest

The Republic of the Marshall Islands (RMI) fleet now stands at 223,262,177 deadweight tons (DWT), making it the second largest registry in the world in terms of DWT. International Registries, Inc. and its affiliates (IRI) have provided administrative and technical support to the RMI Registry since 1990. “This is a very significant milestone for the RMI Registry,” said Bill Gallagher, President, IRI. “A strong legislative framework, customer driven service ethos, and a commitment to quality have all been key to our continued success. From long-standing traditional shipowners, particularly our standing ...

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Product Tankers: Higher Tonne Mile Demand will come from Asia says shipbroker

The growth prospects of the product tanker market have been in debate over the past few months, after the subdued performance of the clean tanker segment during 2016. As such, the latest IEA medium term oil market report, which was released earlier this months could provide cause for at least some degree of optimism. Shipbroker Gibson noted in its latest weekly report that “most relevant to the product tanker market, was the IEA’s analysis of product balances, broken down into light (gasoline/naphtha), middle (gasoil/kerosene) and heavy distillates (fuel oil). Interestingly, ...

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Bulkcarrier Fleet Growth In Limbo?

The pace of bulkcarrier fleet growth has fallen sharply since 2010, when the fleet grew by a record 17%. In 2016, the supply side response to difficult market conditions saw the bulker fleet grow at the slowest pace so far this century, while current projections also indicate a further easing in the near future. Given the range of possible scenarios, the question is how low (or high) could bulkcarrier fleet growth go? A 21st Century Low Against a backdrop of oversupply built up over several years, average bulker earnings hit ...

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IMO clarifies carriage of seafarer documents on board – new circular issued

Often during a Port State Control (PSC) problems arise regarding the certificates a seafarer has to show. Especially training on ECDIS as well as certification of electricians is an ongoing issue. This is now clarified by IMO through a newly released circular. A new STCW.7/Circ.24 was developed during the fourth session of IMO’s sub-committee on Human Element, Training and Watchkeeping (HTW) which took place in London from 30 January to 3 February 2017. The circular clarifies various difficulties identified during the implementation of the 2010 Manila Amendments to the STCW ...

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Dry Bulk: Higher Than Expected Demand is Pushing Freight Rates Higher, But Supply is Also Not Falling Fast Enough for a Sustained Recovery

Dry bulk ship owners must avoid getting “caught up in the moment”, as market rates have improved significantly over the past couple of months, warns BIMCO’s Chief Shipping Analyst, Mr. Peter Sand, in an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com). After all, the market is still not profitable for most owners and with demolition levels already below 2016 levels, it’s the demand side that’s most likely to drive freight rates forward. The dry bulk market has been finding additional support over the course of the past few weeks. ...

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Thinking About Trade? Try To Put It Into Context…

In the last few decades, the shipping industry has generally been able to rely on seaborne trade as a fairly steady performer. However, the slowdown in volume growth since the financial crisis has focussed the industry’s thoughts on potential barriers to healthy long-term trade growth, so all eyes are on signs of a potential return to faster expansion in volumes… Steady As She Goes From 1988 to 2008 growth in world seaborne trade averaged an estimated 4.2% pa, a fairly robust level underpinning long-term demand for ships. Sure, the markets ...

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New carriage requirements for all IBC code listed products is coming

In its March 2014 edition of its Technical & Regulatory news bulletin, DNVGL has taken the opportunity to update readers about the proposed changes specific to chemical tankers leading to a revision in the IBC code product list. It says that IMO is reassessing carriage requirements for products listed in the IBC Code. This means the current list of cargo with the Certificate of Fitness will change for chemical tankers. The amendments are expected to take effect 1 July 2020, subject to approval. This news helps owners consider early actions. ...

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Tanker Market on Reverse Mode During February

Following the gains in the tanker market registered in the previous month, average dirty tanker spot freight rates declined by 21% in February reversing all profits made one month before, said OPEC in its latest monthly report. Lower rates were seen in all reported dirty classes in February, which was partially attributed to holidays in the East, as well as thin market activity in general and an increase in vessels supply, including new deliveries. Dirty tanker average freight rates showed a drop from the previous month as VLCC, Suezmax and ...

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Is the dry bulk industry still on track for profitability in 2019?

The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2% in 2017 – before reverting to 2% in 2018 onwards. In 2016, the supply side grew by 3.0% and the demand side grew by 2.4% – measured on a tonnemile basis. This resulted in a worsening of the fundamental market balance. However, as the original “Road to Recovery” ...

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Marshall Islands Registry Remains the No1 Choice Among Greek Ship Owners says Piraeus Office Director

“The Republic of the Marshall Islands (RMI) Registry’s office in Piraeus is the second largest of the RMI Registry’s 27 worldwide offices,” said Theo Xenakoudis, Director, Worldwide Business Operations and Managing Director of the Piraeus office. “Prior to registration, we vet the owner, operator and vessel before acceptance in the RMI Registry and during the vessel’s time in the Registry we continue to conduct risk assessments and work with our owners and operators to ensure their vessels meet the Registry’s quality standards,” continued Mr. Xenakoudis. “This process along with our ...

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Dry Bulk: Orderbook-to-fleet drops to lowest in over 20 years

Dry bulk market observers are overjoyed at the current state of the market, as they are increasingly witnessing the erosion of positive fundamentals, which could trigger further freight rate increases. In its latest weekly report, shipbroker Allied Shipbroking noted that “it seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has been set alight. There has been a growing bullish vibe being felt for several months now in this sector, generated by the successive decreases ...

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Asian Shipowners Concerned About Global Sulphur Cap for Marine Fuel Oil

The 29th Interim Meeting of ASA SERC was held in Fukuoka, Japan 10 March 2017. The meeting was attended by 21 delegates from ASA member associations of ASEAN, China, Chinese Taipei, Hong Kong, Japan and Korea. ASA SERC members were firmly committed to ensure full compliance with all applicable competition laws throughout the entire programme under careful observation of their counsel, as in previous meetings. Outline of the meeting is as follows: 1. World Economy U.S. economy will slightly pick up this year, considering that manufacturing and investment will gain ...

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The Impact of Japan’s March Refinery Closures on Crude and Naphtha Imports

Refineries in Japan are set to undergo another wave of consolidation by end-March under METI’s Refinery Ordinance II. With two mega-mergers (JX-TonenGeneral and Idemitsu-Showa Shell) announced last year, Japan’s current refining capacity stands at 3.79 mmb/d. The second round of refining regulations is expected to lead to total closures of an estimated 350 kb/d, bringing Japan’s overall capacity down to 3.44 mmb/d. Japan faced considerable surplus capacity of around 720 kb/d in 2016 with domestic consumption at 3.07 mmb/d. With the cuts in place, the surplus capacity will fall to ...

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