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Tag Archives: Tops

Tanker Market Looking To Take Advantage of New Dynamic in Oil Prices

The new oil market landscape which is shaping up can turn out to be a boon for tanker owners as well. In its latest weekly report, shipbroker Gibson said that “sentiment in the oil market has changed. Brent, which just a few months ago struggled to stay above $50/bbl now seems firmly above $60/bbl having set a 29 month high earlier this week. For some time, many doubted OPEC’s willingness, commitment and ability to rebalance the market in the face of rapidly growing non-OPEC supply. Indeed, prior to the implementation ...

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More Efficient Ships? Technology, Not Witchcraft!

Just prior to Halloween, the UN announced that levels of CO2 in the atmosphere reached new record levels of 403 ppm in 2016. The shipping industry remains a broadly efficient transportation solution in terms of emissions per tonne of cargo, but the news will only increase the focus on what new action may now be necessary, against the spectre of substantial fleet growth over the last decade. Scary Stuff? Unlike in the case of emissions of NOx and SOx, CO2 emissions have so far not seen ‘top-down’ efforts lead to ...

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Panamax Index- Technically bullish and now appears to have completed its corrective move

Panamax Index Weekly Support – 12,343, 12,003, 10,812 Resistance – 13,265, 13,877, 16728 Stochastic at 87 The bearish divergence that we noted 2 weeks ago has now come into play and resulting in a small pullback for the index. However the resulting pullback was accompanied by a rising stochastic and this has nullified the divergence. Technically the index remains in bullish territory with the daily stochastic starting look oversold. This would suggest downside momentum is weakening and the market is starting to look oversold from a daily perspective. The higher ...

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Low Orderbook Bodes Well for Future of MR Product Tanker Market says Shipowner

The still historically low orderbook for MR product tankers is boosting the long-term prospects of the product tanker market, said shipowner Capital Product Partners during the past week. According to the company’s market review and outlook after the end of the third quarter, “the product tanker spot market modestly improved in the third quarter of 2017 compared to the previous quarter, although rates remained on average at relatively depressed levels. The improvement was fueled by firm oil demand on the back of robust economic growth in Europe, the US and ...

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Dry Bulk FFA: Capesize Index is back in bullish territory, and will remain so above USD 20,427

Technically the index is back in bullish territory, and will remain so above USD 20,427. Although price action is the lead indicator there is a note of caution due to the bearish divergence forming with the stochastic on the weekly chart. Capesize Index Support – 20,427, 19,893, 17,929, 16,819, Resistance – 22,515, 22,450, 27,866 Weekly stochastic in overbought territory Daily stochastic at 51 Lower pricing from the technical resistance on the back of a small bearish divergence is pushing the index to its nearest technical support Technically the trend remains ...

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Chinese Crude Imports: Upwards And Outwards

After China overtook the US as the world’s largest seaborne importer of crude oil in 2014, Chinese seaborne crude imports have continued to expand firmly, with imports in 2016 increasing by 16%. Whilst 2017 is expected to be another strong year of growth, albeit slightly slower than 2016, changes to China’s crude import patterns are providing positive impetus to crude tonne-mile trade. Tipping The Scales In 2016, Chinese seaborne crude imports rose to 7.1m bpd, accounting for 18% of global crude trade and around 60% of the increase in global ...

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Prices for dry bulk carriers on the rise

As more shipowners are piling into the market for secondhand vessels, prices were bound to quickly pick up steam. In its latest weekly report, shipbroker Intermodal said that “as it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Nonetheless, we witness that asset prices have not increased as much as someone would expect given the strong enthusiasm out there. Instead, they have slightly scaled back and steadied at improved compared to a year ago but not ...

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China’s Grain Imports Bounce Back

In 2015, Chinese seaborne grain imports exceeded 100mt for the first time, accounting for almost a quarter of global seaborne grain imports that year. Imports have been volatile since, with lower demand for imports of some types of grain in 2016 leading to a 9% decline in total Chinese grain imports last year. However, so far in 2017, growth has again been apparent as imports have firmly bounced back. Roaring Appetite Chinese seaborne grain imports have grown strongly over the last decade, and in 2015, imports increased 26% y-o-y to ...

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Charterers in the middle – mind the gap

It is common in the chartering business for a vessel to have three or more parties in the charterparty chain. A relatively simple (and usual) pattern is that the headowner charters the vessel to a time charterer, who then sub-charters vessel to a voyage charterer. Longer charterparty chains are often-seen as well. The chain may include headowner – bareboat charterer – long-term time charterer – medium-term time charterer – time-charter-trip charterer – voyage charterer. Some charterers in the middle may be under a misconception that, as a party in the ...

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Dry Bulk Market At Peak Level

The dry bulk market’s recent corrections seem to be helpful for the latest rally to “sink in” and for the restoration of the market’s balance and a rethinking of the prevailing fundamentals. However, according to Allied Shipbroking, the metals’ prices rally seems to indicate that there is still room for more freight rates increases until the end of the year, although charterers are resisting such rises. In its latest weekly report, shipbroker Allied Shipbroking noted that “it has been a week of corrections for the dry bulk freight market as ...

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Dry Bulk: Is a greener China good news?

It probably is for steelmakers around the world. China’s effort to push for improving air quality might turn to be quite beneficial for global steelmakers. Nippon Steel & Sumitomo Metal Corp., the biggest producer in Japan, reported a nine-fold surge in first-half profit. This came as China’s decisive approach to eliminate pollution and eradicate industrial overcapacity pushed prices upwards with a record high level in more than five years achieved earlier this year. Posco, the largest mill of South Korea, recently expressed its optimism towards higher earnings being achieved in ...

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Asia Turns to US to Quench Thirst for Naphtha

Firm naphtha demand in Asia has drawn more cargoes from the US Gulf Coast in October than recent months. At least 5 tankers (4 LR1s and 1 MR) have been fixed in October to load naphtha from the USGC to Japan and Korea. In comparison, around 1-2 tankers per month have been fixed over the past 3 months. Naphtha moving from the USGC to Asia is typically of the heavy or heavy full-range grade. While heavy full-range naphtha is usually used as reformer feedstock, it can also be processed in ...

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Newbuilding ordering activity firms up as owners look to boost their fleet

Newbuilding ordering activity is firming up on increased demand by shipowners, who are convinced of the long-term rebound of freight rates and are willing to commit funds. In its latest weekly report, shipbroker Allied Shipbroking said that “this week’s activity put things in a more aggressive mode in terms of ordering, with the main drivers in the market pushing things forward once more and an increased flow of newbuilding orders now restored. The dry sector, after a period of slightly slower activity, showed a rebound with many fresh orders coming ...

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Chinese Crude Oil Demand Needs 45 Additional VLCC’s To Support Growth

In 2019, global oil demand is forecast to pass the symbolic 100 million barrels per day threshold (International Energy Agency). Developing countries account for almost all of the growth and Asia dominate. BIMCO stated in its forecast for 2017, that the tanker demand growth for 2017 is expected to come predominantly from the greater Asia region, led by China. China has met expectations by ramping up its import of seaborne crude oil by 13% for the first nine months of 2017 compared to the same period last year. As China ...

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The Bulkcarrier Orderbook: Tracking The Gradient

Following limited contracting in the bulkcarrier sector in the last three years, the bulkcarrier orderbook has declined significantly. By the start of October 2017, the orderbook totalled 623 vessels of 64m dwt, equivalent to 7.9% of fleet capacity, close to the lowest ratio on record. With newbuilding interest starting to pick up, could the bulker orderbook now have bottomed out? Dramatic Dip Three years ago, the bulker orderbook totalled 2,208 ships of 182m dwt, equivalent to 24% of fleet capacity. While this was 45% lower than the peak orderbook of ...

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