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Tag Archives: Tops

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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Ship Recycling: Lack of Available Tonnage the Norm

A lack of large vessels, available for demolition, has remained the norm over the past week. In its latest weekly report, shipbroker Best Oasis (www.best-oasis.com), said that “the ship recycling markets across India, Bangladesh, Pakistan, and Turkey showcased varied dynamics. India’s market initially displayed stability but soon faced a downturn, indicating a decreasing trend in performance. Bangladesh’s market continued its phase of cautious buying, with buyers preferring to negotiate for vessels at lower prices, leading to a lull in aggressive buying activities. Pakistan observed a period of calm, marked by ...

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South Atlantic daily volume loaded surpassed the demand benchmark in March as the freight market is firming

During the second week of March, there’s a notable surge in freight rates, particularly in the larger vessel categories, accentuated by a diminishing number of ballasters. The demand indicator reflected in the volume of South Atlantic daily loaded shipments appeared robust and exceeded the benchmark demand as indicated by the 7-day moving average. In the iron market, iron ore futures prices continued their downward trend for a second consecutive session on Monday, reaching their lowest levels in over four months. This decline was primarily driven by the persistent weakness in ...

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Ships above 12,000 TEU drive 100% increase in average ship size

Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book. When the Emma Maersk was delivered in August 2006, the ship was by far the largest container ship in the world. It is 400 metres long, 56 metres wide and has a capacity ...

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Ship Owners Keep Piling Up Tanker Newbuildings

Tanker newbuildings remained in high demand among ship owners over the past week. In its latest weekly report, shipbroker Banchero Costa said that “tankers remained the most active sector on the Newbuilding scene with Greek Owners still in the spotlights. Cardiff Ship Management booked an order at Jiangsu New Hantong for 2 x 157,000 dwt Suezmax tankers at $83 mln, deliveries starting end of 2026 and 2027. Tsakos placed an order for a 154,000 dwt shuttle tanker at Samsung, for delivery in August 2026. Polembros added a third Suezmax to ...

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EU ETS requires a practical approach… and the right data

Despite persisting uncertainty around what changes EU ETS will bring for shipping’s finances and contracts, companies can already carve their own pathway to success under the new legislation. This requires adopting a proactive approach and a digital mindset, says Philippos Giannakos, Senior Sales Manager at NAPA Greece. Shipping may have officially fallen under the scope of the European Union Emissions Trading System (EU ETS) at the start of the year, but many in the industry are yet to figure out what this will mean for their businesses and operations, now ...

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OceanScore analysis shows near-tripling of EU ETS costs due to Red Sea crisis

Persistent missile attacks by Houthi rebels on ships plying the Red Sea route have led to soaring emissions liabilities for shipping companies under the EU ETS as lengthy voyage diversions for Europe-bound vessels have multiplied fuel consumption, according to OceanScore. An increasing number of commercial ships have been taking the alternative route to Europe via the Cape of Good Hope – adding around 9000 nautical miles, or 80%, to the distance sailed – to avoid the Houthi threat as over 50 vessels passing through the Bab-el-Mandeb strait have so far ...

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Product Tankers: Gasosline Flows Set for a Change

The product tanker market could see a rebalancing, as a result of shift in gasoline flows. In its latest weekly report, shipbroker Intermodal said that “the global gasoline market is in flux as major producers take steps to manage supply and prices. At the forefront of these efforts is Russia’s decision to impose a temporary ban on gasoline exports from 1 March to 31 August 2024. Russia, a major player in the energy industry, has taken this step to address concerns about potential gasoline shortages and rising prices in its ...

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How to proceed when making modifications to installed ballast water treatment systems

Ship owners/managers may want to modify the ballast water treatment systems (BWTS) installed on their vessels, such as upgrading the BWTS or making any other changes to the BWTS. This technical news provides guidance on such modifications and outlines what is required to obtain approval of modifications to a BWTS. Scope of modification The scope of a BWTS modification varies. Some modifications require replacing or adding components of the BWTS, such as replacing the filter element or adding additional sensors to monitor safe operation of the BWTS within its system ...

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Case study: Dangers of coal cargo

Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members who were found in a full cargo hold. This is the second incident of its kind, as a similar accident occurred on another vessel carrying coal cargo in 2019, resulting in the deaths of two crew members. In that case, the electrical engineer died while conducting a cargo hold water ingress alarm test, and one of the rescue crew members died because of entering the confined ...

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Tanker Market Could Shift Again

The tanker market could be set for another shift, if Russia’s oil exports force buyers in China and India to look elsewhere. In its latest weekly report, shipbroker Gibson said that “with OPEC+ set to roll over existing production cuts into Q2, the case of Russia is increasingly more complex. On top of a tightening sanctions regime, Russia is expected to make additional cuts of 471kbd on top of existing cuts of 500kbd, while current output levels stand at 9.5mbd for February according to government officials. These cuts are expected ...

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Collaboration and technology: the dual-pronged key to maritime safety

Wellbeing is becoming a central focus for the shipping industry. Individual companies, while having made great strides in recent years to improve the safety of maritime industry employees, need to work across supply chains and take full advantage of technology to truly make it a priority. Safety is in the spotlight for the maritime industry this year, with the tone being set when the International Maritime Organisation’s (IMO) Secretary General Kitack Lim declared ‘Navigating the future: safety first!’ as its theme of 2024. This highlighted the importance of improving crew ...

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Dry Bulk Market: Capesize Market on an Upside

Capesize Throughout the week, the capesize market experienced shifts in sentiment and activity. The week commenced robustly in the Pacific, with all three miners bustling with activity, driving up rates, and causing C5 to spike by at least $1.00. However, as the week progressed there was a notable softening in market sentiment, particularly evidenced by a substantial drop in the BCI 5TC which plummeted by $3,142 to reach $31,260, and the C5 index experienced a significant drop of $1.56 to $12.90. This decline was attributed to subdued activity in both ...

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