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Tag Archives: Tops

Dry Bulk: Orderbook-to-fleet drops to lowest in over 20 years

Dry bulk market observers are overjoyed at the current state of the market, as they are increasingly witnessing the erosion of positive fundamentals, which could trigger further freight rate increases. In its latest weekly report, shipbroker Allied Shipbroking noted that “it seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has been set alight. There has been a growing bullish vibe being felt for several months now in this sector, generated by the successive decreases ...

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Asian Shipowners Concerned About Global Sulphur Cap for Marine Fuel Oil

The 29th Interim Meeting of ASA SERC was held in Fukuoka, Japan 10 March 2017. The meeting was attended by 21 delegates from ASA member associations of ASEAN, China, Chinese Taipei, Hong Kong, Japan and Korea. ASA SERC members were firmly committed to ensure full compliance with all applicable competition laws throughout the entire programme under careful observation of their counsel, as in previous meetings. Outline of the meeting is as follows: 1. World Economy U.S. economy will slightly pick up this year, considering that manufacturing and investment will gain ...

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The Impact of Japan’s March Refinery Closures on Crude and Naphtha Imports

Refineries in Japan are set to undergo another wave of consolidation by end-March under METI’s Refinery Ordinance II. With two mega-mergers (JX-TonenGeneral and Idemitsu-Showa Shell) announced last year, Japan’s current refining capacity stands at 3.79 mmb/d. The second round of refining regulations is expected to lead to total closures of an estimated 350 kb/d, bringing Japan’s overall capacity down to 3.44 mmb/d. Japan faced considerable surplus capacity of around 720 kb/d in 2016 with domestic consumption at 3.07 mmb/d. With the cuts in place, the surplus capacity will fall to ...

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Dry Bulk: More than 30 dry bulk carriers are being sold weekly as ship owners invest in market’s rebound

With the Baltic Dry Index (BDI) rebounding firmly and expectations abound that this is only the start of a new sustained recovery phase for the dry bulk market, ship owners are stocking up on new bulker acquisitions, in order to capitalize on the market’s rebound. In its latest weekly report, shipbroker Intermodal noted that “over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the upcoming weeks. Generally, healthier freight rates have given a ...

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Japanese Orderbook: Down But Showing Staying Power

The Japanese orderbook has shown its endurance in the current muted shipbuilding market and recently surpassed its South Korean counterpart in size for the first time since 1999. While the orderbook is shrinking for all of the ‘big 3’ builder countries, the Japanese orderbook is undergoing the slowest rate of decline. This month’s Shipbuilding Focus takes a look at the development of the Japanese orderbook. Slower And Steadier As of start March 2017, the orderbook at Japanese yards stood at 775 ships of a combined 18.9m CGT, the second largest ...

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US Coast Guard provides additional ’post type-approval’ guidance to its ballast water regulations

On 6 March 2017, the US Coast Guard (USCG) issued a Marine Safety Information Bulletin providing additional guidance to its ballast water management (BWM) extension program. According to the Coast Guard Maritime Commons, this MSIB was issued in response to numerous extension requests and questions received by the Coast Guard which indicate a widespread misunderstanding of the previously issued guidance and an associated need for additional clarity and certainty for all stakeholders. See also our Alert of 24 January 2017. Notably, the USCG emphasises the need for shipowners to provide ...

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Specialized vessels the focus of newbuildings as owners reluctant to commit funds

The norm that has ship owners refraining from brisk newbuilding contracting activity has kept apace over the past week, as shipbroker reports have noted that there were few orders placed, with most of them revolving around more specialized units, rather than the main “bread and butter” segments of the industry, like tankers or bulkers. According to the latest weekly report from shipbroker Allied Shipbroking, “prices have shown some few signs of softening, though overall there seems to remain a great deal of resistance from shipbuilders, implying that the current underlining ...

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Dry Bulk Market: Capesize Market Poised to Enter New Heights says FIS

Having broken trend resistance two weeks ago the Capesize Index is once again making higher highs and back above medium term moving averages. Momentum in the form of the stochastic also supports the current upward move, and at 49 it is close to confirming that it is in bullish territory. Recent upward moves have lasted as long as eight weeks (we are currently on week 5) suggesting that there is more to go in this current move. Importantly we have completed a 3 wave down and broken the lower high ...

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Norsepower’s fuel-efficient technology expected to save approximately 10% in fuel consumption and associated emissions on a tanker vessel

ETI in partnership with Norsepower Oy Ltd, Maersk Tankers and Shell Shipping & Maritime, today announced that it will install and trial Flettner rotor sails onboard a Maersk Tankers-owned vessel. The project will be the first installation of wind-powered energy technology on a product tanker vessel, and will provide insights into fuel savings and operational experience. The rotor sails will be fitted during the first half of 2018, before undergoing testing and data analysis at sea until the end of 2019. Maersk Tankers will supply a 109,647-deadweight tonne (DWT) Long ...

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Future of shipping fleet hands in the balance of coming regulations, as ship owner ponder whether to scrap or retrofit?

Scrapping of older tonnage or retrofitting will be one the main talking points in the shipping industry as we edge closer to the realization of major regulatory changes. According to shipbroker Charles R. Weber, “while While ship owners who are unable to decouple their IOPP survey from their dry dock schedule should buy more time, others may simply decide to scrap rather than spend more money on aging vessels. There is a much broader regulation, facing a far greater section of the maritime industry that we feel needs discussions. The ...

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What is the right measure of damages when charterers walk away from a voyage charter?

It was the historic case of Smith v M’Guire (1858) 3 H & N 554 that established the prima facie for the measure of damages that can be recovered by a shipowner in case of repudiation of a voyage charterparty by a charterer. In the Smith v M’Guire case, the damages were calculated on the basis of the usual compensatory principle intended to financially reimburse the innocent party for the repudiatory breach. Specifically, the owners were able to recover, as damages, the amount of freight which the ship would have ...

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Withdrawal: Key Points to Remember

An increase in enquiries to our FD&D team on withdrawal under a time charter party has prompted us to give the following important reminders when dealing with this tricky area of law: 1. Do Owners Have a Right to Withdraw? There is no automatic right to withdraw the vessel for non-payment or late payment of hire. The charterparty must include an express contractual right to do so. It is worth highlighting that the right to withdraw only relates to non-payment of hire (unless the clause states otherwise) and, therefore, failure ...

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Shipowners in “wait and see” mode ahead of 2020 sulphur cap, as uncertainty looms large

Shipowners are growing wary ahead of the 2020 sulphur cap decided by IMO and have chosen to adopt a “wait and see” approach, before they make any hasty decision. In its latest weekly report, shipbroker Gibson began its analysis by noting that “the date is sometime in 2020, the event is the annual Alternative Fuels award ceremony held in front of a packed auditorium full of stakeholders covering representation from shipowners, refiners and the oil majors. The audience is eagerly anticipating the announcement of the coveted winner. The best newcomer ...

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Looking Ahead, But How Long For?

After a long cycle of build-up in capacity in the 2000s, shipyards hit a new peak in global output in 2010. Since then, the impact of reduced vessel ordering on shipbuilders worldwide has been a key issue for the industry, and it’s clear that global output has dropped significantly and shipyard capacity has diminished. But how far can those shipyards still active look ahead today? Looking Forward ‘Forward cover’ is one basic indicator of the volume of work that shipyards have on order, calculated by dividing the total orderbook by ...

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The ‘ghost ship’ set to be the future of shipping

With self-driving motor vehicles poised to be a real prospect on our roads by 2020, it is no surprise that the shipping industry is faced with the introduction of unmanned vessels on the seas. Rolls Royce, one of the key manufacturers in the unmanned vessel space, expects the first shore-side remote controlled vessels to sail within 10 -15 years. The key benefit of automation is the elimination of human input. It is well established that many of the incidents that occur on the road or casualties that occur on the ...

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