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Tag Archives: Tops

Trump, EU populism on a collision course with the global shipping industry

World trade growth could soon be faced with the repercussions of “naive” to say the least political decisions, as a wave of protectionism around the globe threatens to derail the positive fundamentals which have been slowly building up in many aspects of the freight market. In its latest weekly report, shipbroker Allied Shipbroking said that “the end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally coming to an end, while at the same time many ...

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Has the Asian LR Tanker Market Hit Rock Bottom?

The Long Range (LR) 2 tanker market in the East of Suez has been languishing in the doldrums for almost two weeks. LR2 rates on the AG/Japan route, basis 75 kt, nosedived from w120 at the beginning of January to current levels of w80. Earnings for a round voyage on the benchmark route are hovering around barely breakeven levels at US$2,000/day. A slew of refinery outages which have lowered CPP exports as well as a pile up of prompt tonnage in the region have culminated in the perfect storm. Lower ...

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Wilhelmsen Ships Service (WSS) is urging ship operators to make on board fuel testing an operational necessity

There are a host of issues, which can arise with both traditional heavy fuels and modern low sulphur distillates that, if left unchecked, cause significant problems in the engine room. Water content is a common problem for both fuels, but there specific issues associated with the two distinct fuel types. Jonas Östlund, Product Marketing Manager, Oil, WSS, explains. “Heavy fuels are prone to problems with stability and the ominous catalytic fines that wear down engines, even in cases where they are within recommended levels. Whereas distillate fuels see an increased ...

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Tanker ordering picks up, albeit at slow pace

Newbuildings are still hard to come by in today’s market. However, over the course of the past few weeks, a new trend has started emerging, which sees more ordering activity in the tanker segment. In its latest weekly report, Allied Shipbroking noted that “interest in the tanker sector has started to allow for a small inflow of new orders to creep in, with prices having also shown a slight correction from where they closed off at the end of 2016. That’s not to say that these orders are coming in ...

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Australia moves up to 2nd place in global Panamax Bulk Trade

Knowing which trade routes are growing in demand and which are shrinking is key for optimising which sectors ship owners should specialise in. The evolution of the top 5 trade routes for Panamax bulkers can be measured through the billons of ton miles (laden distance travelled multiplied by the amount of cargo carried for every vessel in the fleet) moved from country to country over time. The Panamax bulker trade is mainly a grains trade, especially soybeans, and is very volatile. Previously, it has been dominated by vessels moving cargos ...

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Targeting a 30% improvement in fuel efficiency for Marine vessels

Shipping emits substantial amounts of CO2 which, without significant intervention, will rise as a proportion of our national emissions as we become less carbon dependent in other industry sectors Ocean voyaging ships have the biggest impacts on CO2 emission due to the length and speed of their voyages and the current calculation method underplays the UK’s share of international shipping carbon emissions. There are economic advantages to emitting less carbon (and the economics of such are more cost-effective than some other carbon abatement opportunities in marine and other sectors). Using ...

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Tanker market could see further changes on trade route patterns and ton-mile demand

It has long be touted as a potential “game-changer” for the crude tanker market and it now seems to be gaining traction. US oil exports in quantities enough to make a difference on the market, appear to be on the radar for ship owners, especially after the ascension of Donald Trump in office. In its latest weekly report, shipbroker Gibson noted that “hardly had the creases fallen out of the new drapes in the Oval Office, when the new president commenced overturning several key pieces of legislation implemented by his ...

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Ballast Water Management – How to comply with the IMO Convention

With the ratification of the IMO Ballast Water Management Convention in September 2016, the convention will enter into force on 8 September 2017. With only some months to go, this Technical & Regulatory News is intended as a supporting document for the BWM implementation phase, focusing on compliance. Timeline With the International Ballast Water Management (BWM) Convention ratified and shortly entering into force, there is no time to lose up to 8 September 2017. There are two main milestones to be aware of: D-1 – Ballast Water Management Plan (BWMP): ...

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TDS on sea freight – Good times for time charter?

Computation of income of non-resident shipping entities posed many challenges and to ease the same Section 44B was enacted vide Finance Act, 1975 w.e.f. 1 April 1976. It provided that income of a non-resident assessee engaged in the business of operation of ships, 7.5% of the gross freight will be deemed to be profits and gains chargeable to tax under the head “Profits and gains of business or profession”. Section 172 of the Income Tax Act, 1961 (‘the Act’) overriding all other provisions of the Act provides for procedure of ...

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Dry bulk market on “slowdown mode”

The expected negative effect of the Chinese New Year festivities has gripped the dry bulk market of late, with no expected rebound until at least the first couple of weeks of February have gone by. In its latest report, Irish Shipbrokers noted that “Chinese New Year festivities brought further pressure on dry bulk owners as January drew to a close, with the fresh supply of cargoes entering into the marketplace slowing gradually to leave freight levels across all segments in a downward trend. This prompted a 10% drop in the ...

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South Korea Latest Positive for Dry Bulk

Commodore Research’s global research has continued to examine how major economies outside of China have recently been following the turnaround in China (which has been underway since early 2016). One economy that Commodore has continued to highlight has been South Korea, which during the last two months has seen industrial production grow year-on-year by 4.8%. In comparison, the first ten months of 2016 saw South Korea’s industrial production grow year-on-year by only 0.3%. Commodore’s most recent Weekly Dry Bulk Report also analyzed how November saw South Korean electricity output grow ...

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Once Upon A Time In America…

Once upon a time, before the Chinese economic boom captured so much of the attention of the world of shipping, the US was a more important demand source for seaborne trade. Its share of global imports is lower today, but the US still plays a key part in world seaborne trade. What’s the detail behind this backdrop and how might the big changes in US politics impact the trends? In A Chinese Theatre Looking back, in 2006, North American container imports accounted for 18% of world box trade, whilst 22% ...

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Tanker market positive factors are being outnumbered by negative ones says shipowner

The tanker market is actively looking for positive factors moving forward, in a bid to recover some of the lost ground. However, as shipowner Euronav noted in its latest market analysis, things aren’t looking so bright. Euronav said that “the tanker market finds itself at an interesting intersection as medium and longer-term positives (restricted financing driving limited contracting, increased environmental regulation taking effect from 2017, robust demand for crude) continue to build momentum but are likely to be overshadowed by a number of negative short-term factors driving the market during ...

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China’s Prime Partnership With The Land Down Under

Australia has long been a major supplier of raw materials to China’s rapidly growing economy. In recent decades, trade between the two nations has made an increasingly significant contribution to growth in global seaborne trade, and the signing of the China-Australia Free Trade Agreement in 2015 is driving further co-operation. But just how important has the impact of trade between these two countries been? A Maritime Match Between 2006 and 2016, Chinese imports from Australia grew by a CAGR of 17% p.a. to reach an estimated 792mt in 2016. The ...

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Can owners enforce enforce a receiver’s LOI against the receivers?

Whilst the delivery of cargo without production of the original bills of lading in exchange for an LOI has become accepted as an industry standard request, owners are exposed to significant risks when they agree to deliver cargo without presentation of original bills of lading. This web alert intends to remind owners that accepting an LOI does not always provide adequate protection against the consequences of misdelivery claims. When owners are asked to accept an LOI to deliver cargo without production of original bills of lading, owners should carry out ...

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