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Tag Archives: Tops

Ship owners invest in MR Tankers During Second Quarter says Shipbroker

Demand for MR. Product Tankers has grown exponentially during the second quarter of the year, as owners sought to take advantage of low asset prices and positive prospects in terms of future earnings. In its latest weekly report, shipbroker Intermodal noted that at the end of the first quarter, MR tanker rates were at healthy levels and above OPEX-CAPEX levels which, coupled with low asset prices, created an entry for potential investors to achieve attractive margins. According to Intermodal, “after almost four months, the view of that insight appears to ...

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Digitalizing class services

The digital transformation of assets and information flows is currently one of the greatest changes in shipping, spurring automation of existing processes and functions and positively impacting upon safety and environmental performance. Ships are becoming sophisticated sensor hubs and data generators, and advances in satellite communications are improving ship connectivity, allowing for a massive increase in the volumes of data transferred at ever-lower cost. At DNV GL, we are constantly working on developing new solutions to help customers navigate this complex landscape and make the most of new technologies. When ...

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The Disappearing Shipyards: Not Much Of A Mystery?

At the beginning of 2009, close to the peak of the current shipbuilding cycle, there were a total of 934 ‘active’ shipyards globally. This number has now dropped by 62% to stand at 358 yards as of start July 2017, the lowest number of active yards for many years. With a significant number of yards exiting the market, this month’s Shipbuilding Focus investigates the nature of the these changes. Searching For Clues An ‘active’ yard is defined here as one with at least one unit (1,000+ GT) on order, and ...

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Newbuildling activity slows down as summer lull nears

Orders for newbuildings appeared to be slowing down over the course of the past few days. In its latest weekly report, shipbroker Allied Shipbroking said that “moving now well into the summer period and with the typical summer loll showing its face once again, activity seemed to be waning on all fronts. There was a minimal amount of fresh orders that surfaced this week, while given the fact that most shipbuilders have already started to slowdown their marketing efforts, it is looking unlikely that we will see any dramatic amount ...

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IMO and GHG: First steps on pathway to decarbonisation

After two weeks of detailed discussions at the International Maritime Organization about how to respond to the Paris Agreement, what do we have? We have a plan for the first step of a plan that is itself part of a bigger plan. That may seem unkind, but don’t be fooled into thinking the IMO won’t deliver, and the signal is clear: IMO will come up with a framework to set shipping on a pathway to decarbonisation in the second half of the century. The bigger plan is the IMO’s agreed ...

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Cyber security

Across the global maritime community, ports, vessels and facilities are increasingly connected to and dependent on cyber systems. Failure to anticipate and prepare for a cyber incident may have significant consequences. Maritime industry operations and management rely on cyber systems. Global Positioning Systems (GPS), automated equipment, physical security sensors, electronic certificates, cargo tracking, electronic navigation, Automatic Identification Systems (AIS), record-keeping and pre-arrival processing are just some of the equipment and activities that depend on reliable and secure cyber systems. This reliance on computers and computer networks, particularly those connected to ...

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ΙMO Ballast Water delay prompts revision of intermediate‐term tanker supply view

Older tankers have been given a new lease of life, meaning that the tanker market’s tonnage oversupply issues could take longer to resolve. In its latest weekly report, shipbroker Charles R. Weber noted that “in a development that caught many industry participants off guard, the IMO agreed last week to urging by a number of flag‐states to delay enforcement of Ballast Water Management Convention (BWMC) compliance for existing vessels from September 2017 to September 2019. Compliance for existing vessels calls for the fitting of Ballast Water Treatment systems from their ...

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Does a Shipowner Have to Sell Its Ship in Order to Mitigate Its Loss? Supreme Court Says No!

In our client alert “Does a shipowner have to sell its ship in order to mitigate its loss?” in November 2016, we discussed the controversial Court of Appeal decision in The New Flamenco. On 28 June 2017 the eagerly anticipated UK Supreme Court judgment in The New Flamenco was handed down, reversing the decision of the Court of Appeal. The Supreme Court held that the shipowner did not have to sell its ship to mitigate the loss of the charterers’ repudiatory breach. The Supreme Court agreed with the High Court ...

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IMO paves way for fuel use data collection, review of ship efficiency design standard

The framework for a global mandatory reporting system for ship fuel consumption is taking shape and work will continue to assess whether the energy efficiency design standard for new ships should be made more ambitious. Some controversy surrounded both these elements during discussions at the 71st session of the Marine Environment Protection Committee last week at the International Maritime Organization headquarters in London. MEPC 71 adopted 2017 Guidelines for Administration verification of ship fuel oil consumption data, to support the implementation of ; the mandatory MARPOL requirements for ships of ...

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Shipping: Commodities’ Pricing Trends During First Half of 2017 a Mixed Bag Says Shipbroker

The shipping industry is directly linked with the prices of raw materials and commodities like oil, iron ore and coal, since they are the key ingredient to the products’ trading and as such, their transportation. As such, the evolution of pricing trends this year is key to understanding future demand for shipping services. In its latest weekly report, shipbroker Intermodal said that “having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodities acted during ...

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Shipping’s Half Year Report – Any Better This Year?

In last year’s half year shipping report, we reported on an industry that “must do better”. With the ClarkSea Index averaging $10,040 per day in the first half (up 2% y-o-y but still 14% below trend since the financial crisis) there are still many subjects (sectors) struggling for good grades as our Graph of the Week shows. But are there some that are showing a bit more potential? Don’t Rest On Your Laurels! A year on from record lows, bulker earnings remain below trend (defined as the average since the ...

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Crude oil tanker owners take advantage of low newbuilding prices

A prolonged period of weak contracting activity has forced shipyards to drop their newbuilding prices to levels not seen in decades. Crude oil tanker owners have decided to take advantage of the situation, despite the weakening earnings sentiment in their segment. The collapse of oil prices back in 2014 was undoubtedly great news for oil tankers. After years of stagnation, seaborne crude oil trade started to grow by over four per cent per annum. An increased demand for transport considerably improved ship earnings, which resulted in a wave of newbuilding ...

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Tanker Market Sentiment Weakens in June

Dirty tanker market sentiment was generally weaker in June, as average spot freight rates dropped on all reported routes. On average, dirty tanker freight rates declined by 17% from the previous month and spot rates for all classes went down. These negative developments came as the market suffered from limited activity prior to the summer months, while the increase in vessel supply remained a main influence on freight rate movements. Clean spot freight rates had a mixed performance, with some routes showing higher freight rates; however, these were relatively minor. ...

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Dry Bulk FFA: Supramax Market Looking for Upwards Momentum

Supramax Index Weekly Support –7,412 6,934, 6,680, 5,769 Resistance – 8,149, 8,282, 8,950 The Supramax index remains in range and below its 200 period MA. Although within its range there are signs that the upward move could have upside continuation. Price action on the daily chart is once again moving higher. A close above last week’s high of USD 8,149 would produce a higher low within the range, targeting USD 8,950 resistance. The daily chart has a swing high resistance at USD 8,282, a close above this level would confirm ...

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Liberia hails BWMC amendments as good for shipping and environment

The Liberian Maritime Administration has welcomed an agreement reached by the IMO Marine Environment Protection Committee (MEPC) on an implementation schedule for the Ballast Water Management Convention (BWMC) which broadly incorporates the terms of an amendment initially proposed by Liberia. It was decided at the 71st session of the MEPC (MEPC 71) in London that ships built after 8 September 2017 should have a ballast water management system (BWMS) installed upon delivery. Existing ships, however, will have until their first or second MARPOL Annex I IOPPC renewal survey after 8 ...

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