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Tag Archives: Tops

Dry bulk ships’ prices are 25% higher, but investment demand is surging

Shipowners’ demand for dry bulk carriers has been steadily growing, as can be evidenced by the surge in S&P activity throughout the course of the past five months. In fact, according to shipbroker Intermodal, prices have surged by 25% over the past eight months. Meanwhile, it’s also worth noting that demand isn’t limited to just one or two ship classes, but rather has been varying from small Handies up to Newcastlemaxes. According to Intermodal’s SnP broker, Mr. Timos Papadimitriou, “even if prices are more than 25% higher now than what ...

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Asia Dry Bulk-Capesize rates to climb further on tight tonnage supply

Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs this week, are set to jump further next week on tight tonnage supply and buoyant cargo volumes, brokers said. Rates on the capesize route from Brazil to China soared to the highest level in nearly 18 months on Thursday, fuelled by chartering activity by Brazilian iron ore major Vale and ship operators including Louis Dreyfus, according to ship brokers and chartering data on the Reuters Eikon terminal. “I think we’ll see rates continue to ...

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New Admiralty rules: Electronic track data in collision claims

New Admiralty Court procedural rules highlight importance of electronic track data in resolving collision disputes On 28 February 2017, amendments to the procedural rules for admiralty claims in the English Courts came into force. These amendments are specifically targeted at ensuring the early exchange of electronic track data in a potential collision claim. This reflects the importance of this data in promoting the early resolution of collision disputes where possible, otherwise in expediting and simplifying the trial of the proceedings. Electronic track data is a digital or electronic recording of ...

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Dry Bulk Carriers In Demand as Rates Climb

As the Baltic Dry Index (BDI), the dry bulk industry’s main benchmark has been staging a significant comeback during the past few weeks, demand for second hand bulkers has increased accordingly. In its latest weekly report, shipbroker Allied Shipbroking noted that “with the market looking poised to see a boost during the current month, which could help it reach similar levels to those relative highs noted back in November, it is only reasonable that we have started to see Buying interest amass in the market. Activity in the secondhand market ...

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Dry bulk fleet exceeds 800 mill DWT as supply surges says BIMCO

As the dry bulk fleet grew by 2.6% year on year in January 2017 it exceeded 800 mill DWT. This was due to dry bulk demolition being half of what is was in January 2016, while total dry bulk deliveries reached its highest level since January 2013. In February 2017, fleet growth reached 2.8%. If the fleet growth remains above 2%, the dry bulk shipping industry cannot rely on global demand to cure the oversupply caused by this fundamental imbalance in the market. Therefore, industry actions, such as demolition, need ...

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Australia’s Gasoil Imports to Grow on Mining Resurgence

Australia’s gasoil demand in December eased from November’s multi-year high but still saw a second consecutive month of y-o-y growth. Gasoil consumption accounted for 418 kb/d, up by 2.2% from last year due to the recovery in coal prices and subsequent mining activity. October saw a spectacular rally in coal prices following the change in Chinese government policy which cut the number of work days for mines. This led to the reopening of previously mothballed mines which are typically powered by diesel. Driven by the rebound in the mining sector, ...

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Capesizes still headed for scrap despite market rebound

In what could only be described as a more than positive omen for the future prospects of the dry bulk market, dry bulk carriers and more notably Capesizes are still being sold to scrapyards, even if the number of vessels offered has declined over the past few weeks. According to the world’s leading cash buyer, GMS, a total of 13 Capes have been sold for scrap so far in 2017, as buyers are willing to pay more money, thus making it an easier decision for some ship owners, in the ...

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Port State Control Annual Reports Show Improvements for 2015

Paris and Tokyo MoUs have released their annual reports for 2015. They both show improvements in the number of vessels being detained, and the number of deficiencies being recorded. The decrease in the number of detentions and deficiencies reported by the MOUs indicates improvements in the overall quality of the world fleet. There is still room for improvement. Many of the deficiencies recorded are common. Knowledge of these common deficiencies should help crews maintain the vessel so as to avoid PSC problems. The majority of deficiencies reported by both the ...

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Global container shipping outlook for 2017: rearranging the deck chairs—with only a few seats in the sun

Events like Brexit and the new US administration’s policies threaten to add insult to injury as they inject even more uncertainty into the future of global trade. Spreading protectionist stances could reverse the past several decades’ steadily easing trade barriers that have supported the growth of containerization since the 1950s. Yet hope remains for the shipping industry. Rate levels on major East-West trades improved—dramatically in some cases—in the fourth quarter of 2016. At the tail end of peak season, Hanjin Shipping Co. filed for bankruptcy, sending shock waves through spot ...

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Shipbuilding activity limited as price reductions stall

Newbuilding ordering activity is still far from the levels experienced in the past, especially during the 2012-2014 period. Summarizing the latest developments in the market, shipbroker Allied Shipbroking noted that “newbuilding prices continue to hold stable despite the fact that there are still far from enticing levels for most buyers, given the state of most secondhand markets out there. We still continue to see a trickle of orders here and there and although they are considerably higher in number of units then what we were seeing back in late 2016, ...

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Shipping on the right course for the Ballast Water Management Convention

The Ballast Water Management Convention (the Convention), aimed at establishing standards and procedures to prevent the spread of aquatic organisms, enters into force and takes effect on 8 September this year. While it represents a significant environmental milestone for our planet, the Convention also means that the maritime industry has to gear up for a huge operational change. Under the Convention, ships trading in international waters will need to ensure they are fitted with a ship-specific Ballast Water Management System (BWMS), according to the agreed implementation schedule. The BWMS installed ...

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Enforcing security against Hanjin Shipping containers – the 4 questions you need to ask

The Hanjin Shipping collapse initially impacted Shippers and Consignees, who had to navigate the waters of transhipment, security arrangements for the release of Hanjin containers, delivery of goods and return of containers to depots prepared to accept them. Now there is the problem for container terminals and depots in possession of Hanjin containers of what to do with those containers. Many are owed considerable and growing storage charges, in addition to maintenance, repair and storage charges in arrears. But, before seeking to enforce any claim against Hanjin containers, terminal and ...

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Tanker Market: Atlantic cargoes “save the day” for VLCC market as Fixtures Reach Three-Week High

Despite ongoing market “chatter” regarding a fall in Middle East cargoes, reality proved rather different for the VLCC market over the past week, as fixtures’ activity reached a three-week peak and a 10% rise over the 52-week average. In its latest weekly report, shipbroker Charles R. Weber said that “the VLCC market commenced under strong negative pressure this week with an early S‐Oil cargo having received several offers and ultimately setting a fresh YTD rate low. However, despite ongoing talk of sluggish Middle East demand, the tally of fixtures there ...

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Dry Bulk: Capesize Market On Bullish Mode according to Futures Activity

The weekly Capesize index remains in bullish territory whilst the daily territory chart is testing the resistance level at US$ 9,468 which was the market low on the 11-1-16. Mixed signals from the capesize index this week as the daily chart is showing a bearish divergence whilst showing a classic J hook buy pattern. We may falter here in the short term, however it is worth noting that the weekly momentum is moving into buy territory. A close below US$ 7,893 will put us into a corrective phase and market ...

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How Will The (Fortune) Cookie Crumble This Year?

We’re well into the Year of the Rooster in China now, but trade figures for last year are still coming in and it’s interesting to see what a major impact China still had in 2016. Economic growth rates may have slowed, and the focus of global economic development may have diversified to an extent, but China was very much still at the heart of the world’s seaborne trade. Not A Lucky Year In 2015 the Chinese economy saw both a slowdown in growth and a significant degree of turbulence. GDP ...

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