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Tag Archives: Tops

Tanker Market Long-Hauls Supported By Venezuelan Oil, says Shipbroker

Venezuelan crude is supporting the tanker market, contrary to what one would believe. In its latest weekly report, shipbroker Gibson said that “back in 2012 the then president of Venezuela, Hugo Chavez stated that his government planned to more than double the country’s oil production to 6 million b/d by 2019. The plan included further diversification of its crude oil exports, with the aim to export 2.2 million b/d to Asia, 1.25 million b/d to Latin America and the Caribbean and a further 1.7 million b/d to North America and ...

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BIMCO Launches Latest Guidance For Charter Negotiations

Check Before Fixing is an indispensable tool used across the industry for daily chartering and shipping transactions. Since the first edition was issued more than 30 years ago, it has proved to be an invaluable checklist for negotiations, and there is already a waiting list for the most up to date version. Last revised in 2010, the new 2017 edition includes the most recent legal developments. The guidance reflects increasing regulatory requirements and includes current commercial practice and for the first time, it includes an important section on cyber security. ...

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The Ocean Victory – Supreme Court Decision

The UK Supreme Court has upheld the Court of Appeal’s ruling in The ‘Ocean Victory’ (Gard Marine and Energy Limited v China National Chartering Company Limited and Daiichi Chuo Kisen Kaisha (2017)) that the port of Kashima in Japan was legally safe. The Facts The ‘Ocean Victory’, a capsize bulk carrier, was discharging iron ore at Kashima in October 2006 but had to leave the berth because of long waves that were affecting the port. The vessel encountered gale force winds at the port entrance and subsequently ran aground, broke ...

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Pressure is on for VLCC tankers

Large tankers have been under pressure over the past few weeks and this proved to be the case during the past days as well. In its latest weekly report, shipbroker Charles R. Weber said that “VLCC rates remained under negative pressure this week as demand in both the Middle East and West Africa markets posted w/w declines while the extent of the May Middle East program appeared likely to conclude below earlier expectations as Suezmax demand surged, leading to weaker VLCC fundamentals. There were 17 fixtures reported in the Middle ...

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The Great Race: Bulkers And Boxships Battle For The Lead

In recent years, in generally difficult market conditions, it has been no surprise that many sectors have seen a significant removal of surplus tonnage. This has been particularly notable in the bulkcarrier and containership sectors, and in the case of the Capesizes and the ‘Old Panamax’ boxships, it has been a bit like the famous race between the tortoise and the hare but with even more changes in leadership… At The Start Back in 2012, Capesize demolition was on the up with the market having softened substantially in 2011 on ...

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New 38th Amendment of the IMDG Code becomes mandatory from January 2018. Are you up to date on the regulations for handling and transporting Dangerous Goods?

From January 2018 the new 38th amendment of the IMDG Code will become mandatory. Already applied on a voluntary basis since January 2017, the amendments are quite extensive and may require additional training of your employees in order to be in full compliance. Maritime Academy’s training course has been fully revised in line with the new amendment. The dramatic consequences of the mishandling of Dangerous Goods continue to make the headlines the world over. We have all seen the images of spectacular explosions and fires onboard vessels and been shocked ...

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Tanker Market Sentiment Weakens In May

In April, tanker market sentiment weakened in both its dirty and clean sectors. According to the latest oil market report from OPEC, average spot freight rates dropped on most reported routes. Dirty tanker freight rates were down 4% from the month before. Despite a stronger market seen in the VLCC sector marking the only exception in the month as its freights edged up on all reported routes reversing two consecutive months of declines. VLCC spot freight rates showed improvements, rising by an average 20% on all reported routes, as a ...

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Tankers: Tsakos Sees Long Term Upward Momentum In Freight Rates

TEN, Ltd. reported results (unaudited) for the quarter ended March 31, 2017. Q1 2017 Summary Results Revenues, net of voyage expenses totaled $108.2 million, approximately $8.5 million more than in the first quarter of 2016, in part due to the delivery of new vessels. Net income in the first quarter 2017 was $17.5 million, or $0.16 per share, net of preferred dividends. Fleet utilization of 97.2% contributed to higher revenue. TEN has maintained a 95% plus utilization consistently. A remarkable accomplishment in a cyclical industry. Since the beginning of 2017, ...

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United States: District Court In Cal Dive Rules Against Vessel Owner’s Challenge To Maritime Lien

The U.S. District Court for the Southern District of New York has denied a motion for summary judgment filed by a vessel owner that sought to dismiss the maritime lien claim of a provider of deck personnel. The court’s ruling in Cal Dive Offshore Contractors, Inc., et.al. v. M/V SAMPSON, Cal Dive Offshore Contractors, Inc., et.al. v. M/V SAMPSON, et.al., announced on March 27, 2017, serves to remind vessel owners of the need to provide actual and specific notice of “no lien” provisions to potential lienholders supplying necessaries to the ...

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Dry Bulk: Grains Trade Could Offer Support to the Market

A demand slowdown, coupled with increased tonnage supply has put pressure on dry bulk freight rates over the past few weeks. In its latest weekly report, shipbroker Intermodal said that “over the past months, Capes and Panamaxes freight rates increased significantly by demand for more shipments, together with record steel production in China, and that has helped boost stockpiles at local ports. After peaking at a record 132.5 million tons in March, stockpiles have held near that level, according to Shanghai Steelhome E-Commerce Co”, the shipbroker said. According to Intermodal, ...

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Greek newbuidling orders dominate in 2017 so far

The total sale number should read 1.8 billion USD, instead of 1.410 billion USD. We have been following the number of newbuild orders that have been placed since the start of 2017 and have put together some data following the top orders of newbuild tonnage. VesselsValue Deals database shows that Greek owners have placed 35 orders for new bulkers and tankers since the start of 2017. Globally only 119 orders have been placed. Here are the top five ordering countries: Here are the Greek owners who have ordered newbuildings so ...

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Tankers: Growth in Chinese Crude Imports Falls from Record High in March

China’s April crude imports saw a moderation from the record high seen in March, down by 8.8% m-o-m to 8.4 mmb/d. This was largely due to unusually heavy refinery maintenance which predominantly took place at state-owned refineries, as well as a slowdown in demand from teapot refineries after their March buying binge. Around 1.4 mmb/d of refining capacity in China was shut for maintenance in April (up by 47% m-o-m), leading to an expected fall in crude throughput and placing a dent in crude imports. However, Chinese crude imports in ...

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Dry Bulk Market: Where to From Here?

The dry bulk market has softened considerably during the month of April, as the Baltic Capesize Index was down by 29% on the month, with the overall index (BDI), the industry’s benchmark, down by 13%. This downward trend persisted during early May as well, but market sentiment has remained overall positive, as the long-term fundamentals appear solid. In its latest weekly report, shipbroker Allied Shipbroking noted that “we have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries ...

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Dry Bulk FFA: Supramax Index Entering Corrective Phase

Supramax Index Weekly Resistance – 9,794, 10,198, 10,350 Support – 8,764, 7,717, 7,555 The Supramax index has failed to trade above the technical resistance at US$ 10,198 and has now created a lower high, implying that we could be entering into a consolidation or corrective phase. Momentum in the form of the stochastic is showing a bearish cross, however at 85 it remains above the 70 level keeping it in bullish territory. We also remain above key moving averages at this point keeping the trend intact. Technically the lower high ...

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Scrapping to determine the pace of recovery for tanker shipping market

Recovery in the crude tanker shipping market is not expected until 2020 as weak trade growth and a bloated orderbook limit any rate recovery. But the timing of any market upturn will be heavily influenced by the level of scrapping, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. The ongoing overcapacity in the tanker market is expected to persist further in 2017 because of a sharp increase in deliveries. Although tonnage deliveries are projected to decline after 2017, given a weak demand outlook ...

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