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Tag Archives: Tops

Ships’ Demolition Activity Still Sub Par

2018 has started in relatively “slow mode” when it comes to the ever so crucial demolition activity, across all segments. While things in the dry bulk market are rosier than before, as a result of the freight market rally since the second half of 2017, they could very well turn sour, if scrapping dwindle down. From the opposite scale, the tanker market is looking for more scrapping if it’s to rebound from its low level. In its latest weekly report, shipbroker Clarkson Platou Hellas noted that “a false impression has ...

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Greece owns world’s most valuable fleet at 100 billion USD

Greek owners remain the dominant force in global shipping. The current value of their owned fleet stands at almost exactly $100bn, putting the country at the top of the table. The value is concentrated in the Tanker ($36bn), Bulker ($35.75bn), and LNG ($13.5) vessel types. Hellenic control of these markets stands at about 19% of the total worth of the fleets. The strong commitment of Greek owners to the global shipping markets looks unlikely to change as others, such as Germany, are liquidating assets. The trend in Chinese ownership is ...

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LPG As Marine Fuel: The World LPG Association Supports the Shipping Industry to Meet Emission Regulations

Increasing concern over the impact of human activities on our environment is encouraging the maritime transport industry to move towards the use of alternative fuels on ships as a prime source of energy for propulsion and electricity generation. This trend is being reinforced by national and international regulation, led by the International Maritime Organization (IMO). As a consequence, ship owners will be forced to think about a cleaner fuel and it is inevitable that there will be a radical change in shipping fuel options from HFO to cleaner alternatives. Amongst ...

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New orders still the norm in the dry bulk segment

Ship owners are still looking to modernize their dry bulk fleet in a bid to maximize earnings once the looming up cycle is well underway. In its latest weekly report, shipbroker Allied Shipbroking noted that “things seemed to have been slightly slower on the activity front reported this past week, although the gap seemed to have been present from the lack in activity outside the Dry Bulker and Tanker sectors. On the Dry Bulk side we were still seeing a fair amount of new orders coming to light with a ...

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The World Fleet In 2017: Keeping An Eye On The Trends

The global fleet continued to grow in 2017 even as markets remained challenging, albeit at a slower rate than during most of the last decade. Whilst overall fleet growth reached 3.3% in tonnage terms, up slightly from the previous year, there was significant variation in how quickly shipowners’ fleets expanded across different sectors and countries. Surveying The Sectors After slowing in 2016, fleet growth increased marginally in 2017 to 3.3%, with the global fleet reaching 1,300m GT at the end of the year. This uptick was driven in part by ...

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Slippages from 2017 to prevent recovery of LNG shipping charter rates in 2018

Increasing vessel supply will keep LNG charter rates under pressure in 2018, despite strong growth in trade, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. Drewry’s short-term outlook for LNG charter rates remains pessimistic because of the high fleet growth rate compared with demand. The fleet is expected to expand by 11% because of high deliveries and low demolition activity. Low freight rates in the first three quarters of 2017 have resulted in a huge pile-up of deliveries in 2018, which will ...

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Clean Tanker Market: New Bunker Specification Will Redefine Global Product Balances, Shifting Trade Flows and Tanker Demand

A clear correlation between low product oil stocks and increased opportunities for tanker seaborne trade hasn’t been the case recently, as trade flows are in flux. In its latest weekly market report, shipbroker Gibson attempts to highlight the changing dynamics in the product tanker segment. It noted that “high product stocks, which have been a feature of the market in the wake of strong refining runs in recent years, can be a key barrier to international products trade. Therefore, Gibson closely monitors developments in refined product inventories to forecast tanker ...

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Land Down Under: Exporting Australia To The World

January 26th is Australia Day, a chance to celebrate all things Australian: vegemite, sporting prowess, BBQs, surfing, unusual (and frequently lethal) wildlife, digeridoos, Uluru, Kylie, Mad Max and so on. But from a shipping and seaborne trade perspective, perhaps the most relevant features of Australia are literally from the land ‘down under’, namely iron ore, coal and natural gas. Wizard Of Oz Australia is, for the most part, sun-blasted ‘outback’: a vast area (about 5% of the world’s land mass) inhabited by less than 0.4% of the world’s population. And ...

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Vessel Construction Financing: Progressive title transfer versus refund guarantees

Irrespective of how the construction of a vessel is financed, the shipyard and its financiers will require that the buyer pays a percentage of the contract price before delivery. This pre-payment may be lost to the buyer if proper security is not put in place. The provision of refund guarantees is the most common way in which this is achieved, but progressive title transfer may in some cases be an alternative method for securing the buyer’s position. The question of how to finance the construction of a vessel is one ...

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Dry Bulk Market’s Recovery Hinges on Shipowners’ Prudence

A combination of solid demolition activity and slow steaming will be the key for a sustainable recovery in the dry bulk market, from 2018 onwards. This was among the key conclusions from Mr. Peter Sand, BIMCO’s Chief Shipping Analyst, during his presentation in the recent INTERCEM Shipping Forum 2018, held in Athens, Greece. The Baltic Dry Index (BDI) has recovered well since the second half of 2017 and 2018 could be the most crucial year in the dry bulk market’s recovery. According to BIMCO’s Chief Shipping Analyst the dry bulk ...

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2017: Difficult Conditions Again, But Some Improved Signals

In 2017, there were some positive changes in the contracting arena, with ordering in all of the major sectors surpassing 2016 levels. Bulkcarrier contracting increased significantly year-on-year, while ordering at the larger end supported improved newbuild activity in the tanker sector. However, overall contracting was still well below 2015 levels and remained subdued in historical terms. What Was On The Radar? In 2017, 902 units of 23.3m CGT were ordered (based on contracts reported up until 1st January), representing an increase of 49% and 79% year-on-year in numerical and CGT ...

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Container Market: What Do We Expect For February

– Head-haul routes could see box rates increase between 8% and 30% on February 1 – Pre Chinese New Year focused on maximizing cargo allocation – Post Chinese New Year maintain box rates through void sailings Carriers are optimistic that the head-haul routes may see box rate increases on February 1. There are significant variances in these and the container industry believes it could fall on the conservative side as the focus remains on maximizing cargo allocations before Chinese New Year occurs rather than sustainable price increases that could jeopardize ...

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Tanker Market: Will Oil Demand Growth in 2018 Turn Things Around?

With oil prices hitting new highs by the day, things are getting more complex in the tanker market. However, if some projections about oil demand growth prove to be real in 2018, tanker owners could be in for a positive surprise in terms of freight rates. In its latest weekly report, shipbroker Allied Shipbroking said that “brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the time of this publication, the former figure being the ...

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Shake-Up On The Supply Side? The Crude Exports Outlook

In 2017, global crude trade is estimated to have grown by 2.6%, reaching 40.1m bpd. Looking to 2018, as always there are a wide range of factors shaping the outlook. Whilst there do exist some risks on the demand side, this year there appear to be particularly prominent and numerous supply-side factors that have the potential to notably alter crude trade patterns. So, what are the factors to look out for? How Low Will They Go? Firstly, there are risks to the outlook for Venezuelan exports. Venezuela’s crude exports are ...

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Shipyards and the Search for the Best Newbuild Values

Rising waves of nationalism are being seen in politics around the globe, and the trend is also bleeding over in ship construction. Owners are ordering a larger number of ships from yards in their home countries, as can be seen in the chart below. Japanese owners have always been partial to domestic yards, due in part to the tight relationship between Japanese trading houses and builders. However, many small owners continue to favour their countries yards. This is a longstanding trend, and is little changed from 2012 to the present. ...

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