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Tag Archives: Tops

Tanker Market on “Wait-and-See” Mode as Oil Market

The tanker market is currently reflecting the “wait-and-see” mode of the oil market, looking for future direction, said shipbroker Charles R. Weber, in its latest weekly report. Based on initial data from the IEA, OPEC has reportedly achieved about 90% of their pledged compliance cuts. If this proves to be correct, it would be the best compliance rate in its history at the outset of a production cut agreement. According to CR Weber, “the International Energy Agency (IEA) ‐ one of OPEC’s six sources – commenting on the initial figures ...

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New ISO standard for the safe bunkering of LNG-fuelled ships

Some ships in northern Europe have been using liquefied natural gas (LNG) as their fuel source for over a decade, with an extremely good safety record. But as the use of LNG-fuelled vessels spreads to other parts of the world and many more parties become involved, there is a clear need to standardize LNG bunkering operations at the international level. A new ISO standard will ensure LNG-fuelled vessels can bunker in a safe and sustainable way. Liquefied natural gas (LNG) bunkering is a particular type of operation where LNG fuel ...

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New Norwegian Shipping Company Provides Solution For Cleaner Fuel For Ships

CRYO Shipping AS has developed a new type of tanker design that will enable ship owners to implement clean and cheap bunkers. By major conversion of offshore vessels into LNG tankers the new established company aim to become the world’s first and largest LNG feeder and bunker operator. CRYO Shipping specializes in regional short sea shipping of liquefied natural gas (LNG), a cryogenic gas at a temperature of -163 °C and compression of 600 times. LNG is one of the most promising fuel solutions to reduce the global, regional and ...

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Large Product Tankers are facing headwinds despite promising potential

The high aspirations regarding a potential success story centered around the LR (Long Range) product tanker segement, seem to be failing to live up to expectations thus far. According to the latest weekly report from shipbroker Gibson, “there has always been a compelling story being told about how larger product carriers are the future, in particular the LR2s. However, the sector has had a particularly challenging few months, with little optimism regarding a sustained recovery in earnings”. According to Gibson, “the LR2 story centered around the expansion of refining capacity ...

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Charting The Consolidation Of Container Shipping

Last year saw a huge amount of change in the under pressure container shipping sector. In particular, the ongoing consolidation of the sector in one form or another grabbed the headlines. To put this into context, it’s interesting to see how the level of consolidation relates to other parts of shipping, how it has developed over time and how it might progress looking forward. Solid In A Fragmented Field It’s quite clear that the shipping industry is a fairly fragmented business. On the basis of start 2017 Clarksons Research data, ...

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IMO: Sub-Committee on Human Element, Training and Watchkeeping (HTW 4), 30 January-3 February 2017

Validation of model courses Model courses have become increasingly important in supporting the implementation of IMO instruments, by providing relevant guidance which can be used globally by trainers and at institutes approved by national Administrations. The Sub-Committee validated the following model courses: New courses validated: • Basic training for ships operating in polar waters • Advanced training for ships operating in polar waters • Ratings forming part of a watch in a manned engine-room or designated to perform duties in a periodically unmanned engine-room; • Ratings as able seafarer deck; ...

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Could dry bulk newbuilding orders pick up as prices reach new lows?

For almost 18 months now, dry bulk newbuilding contracting has been something of a rarity. The huge tonnage supply overhung, coupled with the dire straits of the dry bulk freight market, has meant that ship owners were opting to scrap older vessels and replace them, if they felt the need to, with modern second hand tonnage, which was promptly available at bargain prices. But now, this status quo could be in for a turnaround. In a recent market report, shipbroker Intermodal placed emphasis on the recent placement of LOIs for ...

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Performance guarantees

Legal Costs Cover (LCC) is often used by Members to support the recovery of unpaid hire or other sums from defaulting charterers. Sometimes there is a genuine dispute about whether the sums are due. Often, however, the real issue is getting the charterers to pay when they do not have visible assets or they are based in a difficult jurisdiction. A good way for owners to improve their chances of being paid is to obtain a guarantee of the charterers’ performance from a third-party (the Guarantor). However, there are a ...

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Contract on unloading of cargo governed by some, but not all, CMR sections

On July 8 2012 Danish company S contracted with an English shipowner to perform the unloading of a vessel in Kalundborg, Denmark. The assignment included unloading and transport within the terminal of a tower unit weighing 65 tons. In order to perform the work, in July 2012 S contracted with crane operator K, with which S had cooperated since 2004. During a period ending in April 2012 K stipulated, by reference in its invoices, that all works undertaken were subject to the the Convention on the Contract for the International ...

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Tankers could see higher ton-mile cargoes this year says shipbroker

While oversupply is always a concern, tanker owners could be in for a pleasant surprise during 2017, as a number of factors are coming into play at the market, leading to higher ton-mile usage. In a recent weekly report, shipbroker Gibson noted that “when OPEC began planning for the now implemented supply cuts, one of the messages resonating was the need to protect Asia (the biggest buyer of OPEC crude) from production cuts and protect market share in the region. However, this raises the prospect that protecting this level of ...

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Capesize market could soon reach “bull” mode says freight derivatives specialist

Continued weakness in the Capesize Index has seen us trading below the more important US$ 6,570 support level. This has created a new low and puts us into bearish territory once again. Support can be found at US$ 5,354 as this is the low from May 2016. A close below this level could push the index back to the March 2016 lows of 2016 at around US$ 2,000. It’s not all bleak for the index as the weekly stochastic is now showing a bullish divergence, although not a buy signal ...

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Improving demand to ease oversupply in dry bulk shipping

With contraction in vessel supply and healthy demand growth, the dry bulk shipping market is expected to recover from 2017 onwards, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry. An impressive outlook for dry bulk demand coupled with a small orderbook of newbuilds as a percentage of the total fleet capacity will ensure a sustained recovery in the dry bulk market. Earnings in the dry bulk market are expected to improve from 2017 with a narrowing supply-demand gap. Demand is projected to ...

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Trump, EU populism on a collision course with the global shipping industry

World trade growth could soon be faced with the repercussions of “naive” to say the least political decisions, as a wave of protectionism around the globe threatens to derail the positive fundamentals which have been slowly building up in many aspects of the freight market. In its latest weekly report, shipbroker Allied Shipbroking said that “the end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally coming to an end, while at the same time many ...

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Has the Asian LR Tanker Market Hit Rock Bottom?

The Long Range (LR) 2 tanker market in the East of Suez has been languishing in the doldrums for almost two weeks. LR2 rates on the AG/Japan route, basis 75 kt, nosedived from w120 at the beginning of January to current levels of w80. Earnings for a round voyage on the benchmark route are hovering around barely breakeven levels at US$2,000/day. A slew of refinery outages which have lowered CPP exports as well as a pile up of prompt tonnage in the region have culminated in the perfect storm. Lower ...

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Wilhelmsen Ships Service (WSS) is urging ship operators to make on board fuel testing an operational necessity

There are a host of issues, which can arise with both traditional heavy fuels and modern low sulphur distillates that, if left unchecked, cause significant problems in the engine room. Water content is a common problem for both fuels, but there specific issues associated with the two distinct fuel types. Jonas Östlund, Product Marketing Manager, Oil, WSS, explains. “Heavy fuels are prone to problems with stability and the ominous catalytic fines that wear down engines, even in cases where they are within recommended levels. Whereas distillate fuels see an increased ...

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