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Tag Archives: Tops

VLCC plagued with oversupply despite strong fixture activity

Despite 29 fixtures for VLCCs being reported last week, a notable week-on-week increase and a further 30 Middle East cargoes expected to materialize in the coming weeks, shipbroker Charles R. Weber expects that they won’t be enough to cater for all the ships available, with 44 VLCCs ready to take on cargo. According to the shipbroker’s latest weekly report, “rates in the VLCC market continued to hover in the same range that has prevailed over the past month with participants unable to make a sufficiently strong argument to move rates ...

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Everyone wants a supramax

JP Morgan, Eastern Mediterranean Maritime (EastMed), Unisea, Technomar and Star Bulk are among the companies who have snapped up supramaxes during the past month. What is more, declining asset values mean that now is a good time to buy. As per usual, it’s Greek buyers who have their eye on the bargains. Two of the supras sold in June were divested by Bariba, a Greek owner of bulkers that has lost its principals Petros Vettas and Andreas Vgenopoulos in recent years. The company has put its fleet up for sale ...

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Homeward Bound?

“Going where the work is” has been a familiar mantra for many generations across the world, and the shipping industry is no different. Indeed, much of the world’s oil tanker and bulker fleet will be familiar with the sentiments of Simon and Garfunkel, wishing they were “homeward bound” but rarely getting “home where the music’s playing” as “every stop is neatly planned”! Far And Wide… Our analysis this week looks at the top shipowning nations and the trading patterns of their fleets, using data from our World Fleet Register and ...

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VLCC Newbuilding Orders During 2017 Already Triple Those of the Whole of 2016

In what can only be seen as a worrying sign of things to come, shipbroker Gibson reports that VLCC orders this year have more than tripled, compared to those of the whole of 2016. The London-based shipbroker said in its latest weekly report that “back at the beginning of May, our weekly report focused on the accelerating pace of orders, in particular demand for VLCC tonnage. Two months later we are reporting 20 more fresh VLCC orders, in addition to those placed between January and April. The total count of ...

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Ship Financing Drops by $42.5 billion as Traditional Bankers Exit the Market

2016 marked a substantial drop in bank ship lending. The fall by US$42.5bn is mainly attributed to the removal of Commerzbank and Royal Bank of Scotland, the lower bank portfolios by many banks, as well as a stabilization of exposure by Chinese banks, as a result of the sharp increase of Chinese Leasing. Global bank finance now stands at the 2007 levels. Bank sentiment is still affected by loan losses and high provisions, sales of portfolios to financial institutional funds, international and European restrictions and the still not so bright ...

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Dry Bulk FFA: Supramax Market Edging Closer to $9,000 daily rate

Supramax Index Weekly Support –7,412 6,934, 6,680, 5,769 Resistance – 8,950, 9,794, 10,034 The 200 period moving average at USD 8,271 is currently acting as a resistance within the technical range for the Supramax index. Failure to trade close above last week’s high at USD 8,282 would suggest market weakness targeting USD 7,412 and potentially USD 6,934. Likewise a close above the USD 8,282 high would suggest market continuation to the USD 8,950 low. Momentum remains oversold on the weekly chart, however there is still room for some downside movement ...

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Tankers: The Implications of the Qatari Crisis to the market and Ships’ Bunkering

In its latest weekly report, shipbroker Intermodal noted that “a war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the state of Qatar over assertions that it is sponsoring terrorism. Furthermore, various prohibitions have been imposed on land, sea and air travel as well as movement of goods into and out of Qatar, triggering economic and social isolation. President Trump has supported S. Arabia even though Qatar was recently identified by him as a “strategic partner”. ...

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IMO agrees new climate plan for shipping

The UN’s shipping body has settled on the main elements of an interim strategy aiming to decarbonise the sector. Over 170 countries meeting at the International Maritime Organisation in London had some substantive discussion on objectives and ways to decarbonise shipping. resulting in a 7-step outline that now needs to be developed into an interim plan due in 2018. One proposal calling for the shipping sector to adopt climate targets in line with the Paris Agreement and decarbonise by the second half of the century gained overwhelming expressions of support ...

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Shipping Stocks: Less value on offer in Dry Bulk/Containers as we tilt allocation to Gas shipping/Tankers

Our model portfolio gained 3.2% from March 2017 to June 2017, clearly outperforming its sector-specific benchmark, Bloomberg’s BI SHIP (down 2.5%), while being lower than MSCI, the global benchmark index (up 4.6%). This outperformance was a result of our larger allocation to container shipping companies and port operators. We continue to believe that FY17 will be a turnaround year in container shipping as oversupply should keep easing. Container freight rates which drive the sector’s earnings should remain higher than last year despite occasional dips. However, at average P/B valuations of ...

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Dry Bulk: Iron ore trade could face further complications from US steel policy

As if the dry bulk market didn’t its own problems to solve, it risks facing further complications from the looming shifts in steel trade policies. in its latest weekly report, Allied Shipbroking noted that “trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for the badly weathered US steel industry. This latest push has been based on a Cold War-era trade law that would allow him to restrict imports of any goods or in this case ...

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Dry Bulk FFA: Panamax Index on Corrective Phase

Panamax Index Weekly Resistance – 9,174, 9,803, 11,065 Support – 7,931, 7,886, 6,281 As highlighted last week, 14 straight up days on the index indicated potential exhaustion. The weekly chart is now in a corrective phase but remains above the both the 50 and 200 period MA’s. Downside moves that hold above the USD 7,886 support should attract technical buyers to the market targeting the recent high at USD 9,174 and potentially higher. A close below the USD 7,886 should have market buyers looking to tighten risk as this would ...

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Should We Be Avoiding General Average?

Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s attended the eponymous Antwerp Conference in 1873 and latterly described general average as a “a nest of fraud and abuses, a lurking place for speculation and waste”. Even in 1913 commentators were complaining about the increasing size of vessels and the volume of bills of lading they created. The Chairman of the US Association of Average Adjusters said of general average that year “the time, trouble, expense and delay are out ...

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Ships’ Scrapping Markets In Limbo

The market for the scrapping of old ships has remained in limbo over the course of the past couple of weeks, as a lingering lack of clarity pertaining to the true outcome of the Bangladeshi and Pakistani budgets that were announce at the end of May and early June respectively has continued to cloud the ship-recycling markets of the Indian sub-continent. In its latest weekly report, the world’s leading cash buyer GMS noted that “in fact, the Bangladesh Shipbreakers Association (BSBA) has voiced their concerns to the highest authorities in ...

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Asia Dirty Tanker Market Outlook Q3 2017: Caught Between A Rock and Hard Place

Weak supply side fundamentals as well as a seasonal lull in demand are expected to plague the Asian crude tanker market in Q3 2017. The pace of newbuild deliveries continues to be relentless while scrapping remains miminal. A more worrying trend is that according to BIMCO, VLCC orders between January and May this year hit their highest level in 9 years on the back of low newbuilding prices, which could delay a potential recovery in rates. The effect of tonnage oversupply has been clearly felt in the VLCC market. Rates ...

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IBIA raises concerns about new BDN text at IMO

IBIA has submitted a document to the 71st session of the Marine Environment Protection Committee, highlighting concerns about new mandatory text to be included in the bunker delivery note (BDN). The text, which is due to be formally adopted at MEPC 71, amends the current supplier’s declaration to allow for supply of high sulphur fuel to ships equipped with abatement technology, and ships undertaking trials of such technology. While IBIA fully supports the need for amending the text, unfortunately the text that is up for adoption creates previously unforeseen issues ...

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