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Tag Archives: Tops

Tankers: Harvey Impact a Mixed Bag

The tanker market is faced with the impact in trade flows of the latest Hurricane season’s effect. In its latest weekly report, shipbroker Intermodal said that “the impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipping world –and not only- during the last weeks. The phenomenon has certainly been the barometer of the MR product tanker market within the Atlantic basin and likely to affect movements in further parts of the world”. According ...

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Reactivation of vessels after a period of lay up

The shipping market continues to experience a prolonged period of downturn, especially in the offshore sector. We have seen owners and operators often being compelled to lay up tonnage. Whether it be an offshore support vessel, or any type of vessel, reactivation following a period of lay up requires very careful management in fully assessing the risks involved. With this in mind, we have compiled the following guidance note to owners, operators and vessel managers regarding the reactivation of a vessel following a period of lay up. This guidance note ...

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Davos of the Maritime Industry: New platform to shape the future of global seaborne trade

The Global Maritime Forum is a global platform for high-level leaders from the entire maritime spectrum and aims to effect positive long term change for the industry and for society. A global group of 14 industry leaders are founding partners to the Forum. Leaders have called for a Global Maritime Forum to succeed the Danish Maritime Forum, which over three years became recognized as the “Davos of the maritime industry”. The new Global Maritime Forum is an international not-for-profit organization committed to unleashing the potential of the global maritime industry ...

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LNG Shipping; More than 500 LNG Vessels Chasing a Growing Number of Cargoes, in Improving Outlook

The LNG shipping market is gradually returning to form, at least according to major market players. In a recent note on the market’s outlook, Cosco Shipping said that at the end of 2016, there were a total of 478 LNG vessels in operation around the world. “During the first half of 2017, the fleet size has expanded to over 500 LNG vessels, creating certain level of pressure on the balance of demand and supply”. According to the shipowner, “LNG shipping market can be divided into two different market segments: project ...

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Mixed signals on refinery preparations for 2020 fuel changes

A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in global demand for high sulphur fuel oil (HSFO) in 2020. However, some refineries have made recent announcements showing that they are making production changes, or are thinking about it. In July, reports emerged that a new survey conducted by consulting company KBC found only 15% of oil refiners know how they are going to handle the shift in demand associated with the drop in the ...

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UK Government backs innovative technology to slash shipping emissions to zero

The government has committed to help fund innovative technologies and fuels to reduce maritime emissions, ultimately helping create a zero-emissions sector. The government, in partnership with industry, has committed to spending over £6 million on funding trials of innovative energy saving devices, such as: -state of the art propellers -on board waste heat recovery -rotor sails that use wind power to cut fuel consumption In addition to funding trials, we are also now providing technical backing and expertise through the Maritime and Coastguard Agency for the following projects: -work in ...

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Dry Bulk: The Resurgence of Coal Trade Has Sparked the Panamax Market

In its latest weekly report, shipbroker Allied Shipbroking said that “we have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodity compared to the levels that were being noted in late spring, but it has also rejuvenated a trade that during the past couple of years has been under what most would classify depressed market conditions. Being a vital commodity in the dry bulk space and the second most vital trade in terms of total ...

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Container Ships Lowered Emissions by 2.4% during 2016

BSR’s Clean Cargo Working Group (CCWG) announces the release of its 2016 Global Maritime Trade Lane Emissions Factors report, based on emissions reported by more than 3,200 ships from 22 of the world’s leading ocean container carriers that represent 87 percent of the global ocean container shipping industry by volume. The data show that the industry improved performance of greenhouse gas emissions by 2.4 percent (per TEU-km) from 2015 to 2016, a lower rate of improvement than in previous years. This highlights that performance continues to improve but demonstrates the ...

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Hurricane Harvey Boosts Long-Haul Product Trade Flows

Hurricane Harvey has wreaked havoc on global oil markets as almost a quarter of US refining capacity was shut, sending reverberations throughout Asia’s refined products as well as product tanker markets. While many USGC refineries and key pipelines are in the midst of restarting or have already resumed operations, around 3.8 mmb/d of capacity remains shut as of Tuesday according to Reuters. Refinery outages in the USGC have led to a jump in jet fuel as well as gasoline shipments from Asia to the US and Latin America postHarvey. Charterers ...

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Dry Bulk Carriers in High Demand

Shipbrokers left and right are reporting a flurry of activity in the S&P dry bulk segment over the past week. In its latest weekly report, Allied Shipbroking said that “on the dry bulk side, there was an explosion of activity this past week, with a large number of vessels changing hands. A number of these were units that were concluded earlier in the month and only now came to light, though given the volume these were still only a small percentage of the trades witnessed. The truth is that buying ...

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Laytime – Charterers’ Rights & Port Costs

In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover additional expenses incurred in complying with charterers’ orders to stop loading operations. The Facts The vessel was voyage chartered for a voyage from the USA to Venezuela. Upon arrival at the load port, loading commenced. When charterers became aware of this they ordered the loading to stop. Loading did not then recommence until four days later. Owners claimed from charterers the additional dockage, security and guards’ expenses incurred as a result ...

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Drewry warns BCOs to adapt their contract strategy

International transport and logistics executives using container shipping are facing the biggest shift in their ocean provider base for 20 years and must adapt their procurement and contract strategy, according to ocean freight procurement consultancy Drewry Supply Chain Advisors. In the last five years, beneficial cargo owners have been able to secure large reductions in freight costs by running traditional competitive bids with numerous providers in an over-supplied, fragmented market. “Today’s business environment is starkly different, so we are now pro-actively advising our BCO customers that last year’s contract strategy ...

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A new market for VLCC Tankers Springs to Life

Although positive news in the tanker market are hard to come by, in the face of acute oversupply, things can always improve. In its latest weekly report, shipbroker Gibson noted that “at the start of August, Kuwait dispatched the first shipment of crude to the recently completed 200,000 b/d refinery at Nghi Song, Vietnam. Located 200 kilometres south of Hanoi, the new refinery and petrochemical plant received its first 270,000 tonne cargo discharged through an SBM pipeline from the VLCC Millennium which arrived on 22nd August. Construction of this new ...

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Dry Bulk FFA: Capesize Index currently in a corrective phase

Capesize Index Resistance – 17,778, 19,515, 20,657 Support – 16,771, 15,301, 12,322 Resistance at USD 20,657 Support 16,771 The Capesize index remains in a corrective phase with the weekly stochastic remaining in overbought territory. Technically the trend remains bullish at this point and market sellers should remain cautious. We remain above the first of our support levels and the daily stochastic at 7 is now looking oversold. Not a buy signal, it does suggest that downside momentum is weakening, and this is supported by the price action that is starting ...

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Shipping’s recovery insufficient to lift seafarer wage costs

Despite a recovery in cargo shipping markets, ship manning costs will remain suppressed as shipowners and operators continue to be financially challenged and the officer shortfall recedes, according to the latest Manning report published by global shipping consultancy Drewry. The lack of confidence in the industry has seen wage increases almost at a standstill since 2009, and over the past year average officer rates have slid into reverse. While there remains an overall shortfall in officer numbers, this has reduced markedly over the past year and the poor financial state ...

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