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Tag Archives: Tops

LNG Shipping Outlook Positive on Growing Demand and Enhanced Supply Coming Online says Shipowner

With a significant forecast increase in LNG supply and a growing number of new demand centers, the demand outlook for LNG carriers with long-term charters remains positive, said ship owner GasLog during the week. The company noted that “we continue to see tenders for multi-year charters for vessels, which we expect will be used to transport volumes from new liquefaction facilities coming online over the coming years. We believe that these new LNG volumes will create demand for additional ships over and above those available in the market today”. According ...

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Record high crude oil tanker deliveries adds instant freight rate pressure

January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth. On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017(according to preliminary data from VesselsValue.com). January 2017 accounts for 22% of the crude oil tankers previous year’s total deliveries. In comparison to the totals of 2015 and 2014, this 2017 figure amounts to 48% and 51%, respectively. January 2016, in terms of crude oil tanker deliveries of ...

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China’s Fuel Exports and Crude Imports End 2016 with a Bang

China’s product exports in December eclipsed yet another record set in November, up by 23.8% y-o-y and 10.3% m-o-m to hit 1.27 mmb/d. The surge in exports can be attributed to Chinese refiners’ attempts to fully utilize their leftover export quotas for the year, as well as destocking ahead of the nation-wide switch to China V emission standards. The boost in Chinese crude throughput was also a contributing factor, as refinery production hit a new high of 11.3 mmb/d (up by 3.7% y-o-y). Chinese December diesel exports accounted for 431 ...

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Dry bulk Market Proves to Be Resilient Enough During Early Part of 2017

While the start of each year is typically, the slowest time of the year, when it comes to the dry bulk market, 2017 has proved to be quite different. In its latest weekly report, shipbroker Allied Shipbroking said that “unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly more resilient, allowing many to boost their hopes as to the overall performance they expect the market to show during the rest of the year. ...

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Panamaxes Hold Up As Rest of the Market Retreats During January, Chinese Coal Trade the Major Uknown for the Market Moving Forward

SGX freight derivative volumes totaled 30,591 contracts in January (-5% m/m; -34% y/y), while open interest averaged 88,539 contracts during the month (-3% m/m; +3% y/y). The Baltic Dry Index declined 17% during January, its second consecutive month of declines, though Panamax rates notably bucked the trend rising on stronger grains trade. Despite the seasonal declines across other vessel classes, rates largely exceeded the more bearish expectations for the month. As the dry freight market looks to beyond Lunar New Year for direction, seaborne coal trade remains a key area ...

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Vessel oversupply to continue in chemical shipping

Chemical shipping vessel supply on major routes has been in surplus with many newbuilding deliveries and swing tankers flooding the market. As a result, freight rates on long-haul routes will continue to be challenged by surplus large vessels over the next two years, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Time charter rates weakened in 2016, especially for larger tankers, and freight rates on major long-haul routes dropped. Although the trade volume from the US to Europe and Northeast Asia surged in ...

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Newbuilding ordering activity back to 2016 normal of “nothing much to report”

With tonnage oversupply now the norm across most shipping market segments and ship classes, it’s only natural that ship owners are actively refraining from further newbuilding contracting, unless a very lucrative offer comes by. A further reason for limited activity is the strained nature of ship financing, as more banks are exiting the market, leaving private equity funds and ship owners’ own cash “coffins” to fill the void. As such, this past week of non-existent newbuilding orders didn’t come as a surprise. In its latest weekly report, Allied Shipbroking noted ...

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Dry Bulk Shipping: Q4 provided optimism, Q1 will make sure we don’t get carried away

Iron ore provides 30% of the demand for the dry bulk market and, during 2016, its related tonne-mile demand went up by 6%. This was the key factor behind the overall demand side growth of 2.2%. Demand Iron ore provides 30% of the demand for the dry bulk market and, during 2016, its related tonne-mile demand went up by 6%. This was the key factor behind the overall demand side growth of 2.2%. From January to December 2016, Chinese iron ore imports went up by 7.5%. This means that, for ...

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Old Ships, Not Enough New Tricks?

As widely expected, the opening of the new, expanded locks at the Panama Canal in June 2016 has considerably impacted the ‘old Panamax’ containership sector. The displacement of these narrow beam vessels, resulting from the upsizing of services through the canal, has driven a change in deployment patterns in this sector and also contributed to a record level of containership demolition. Finding A New Home The new locks at the Panama Canal allow 16.7m TEU of current fleet capacity to transit, compared to just 7.2m TEU which is able to ...

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Deliveries of crude tankers set for peak quarter, but fleet growth headwinds to remain through to mid‐2018 says shipbroker

Newbuilding deliveries are set to spike this quarter across each of the crude tanker size classes, putting over 86 million barrels of new capacity onto the water and marking a peak quarter for the present high‐delivery cycle, said shipbroker Charles R. Weber in its latest weekly report. According to the shipbroker, “the surge comes as yards progress into an orderbook built to high levels between 2014 and 2015 when forward fundamentals indicated a narrowing supply/demand balance. Unfortunately for owners, the surge comes against a backdrop of marked near‐term demand uncertainty ...

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Container Shipping: Good Prospects For Market Improvement If Focus Is Kept On The Supply Side

Demand The demand for container shipping grew steadily in 2016. It grew enough to improve the fundamental balance in the market in the second half of the year, though that was primarily due to decisive actions by shipowners selling excessive tonnage for demolition. An early assessment of the overall market demand growth rate for 2016 is 2.5%. 2016 saw increased demand on all trades. Most importantly, trade grew on the Far East to Europe route that had experienced a decreased level of demand in 2015. The gap is still not ...

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Strong fleet growth to keep LNG shipping rates in check

2017 will be a tough year for LNG shipowners as rates are expected to remain under pressure, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. This year has started on a positive note for LNG shipowners as spot rates have firmed up to the West of Suez because of seasonal demand for LNG. Many analysts have started writing positive stories about the LNG shipping market believing that the momentum in rates will continue. However, Drewry reiterates its outlook that the fundamentals of ...

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Ship owners should start planning for the 2020 sulphur cap, as time frame is closing rapidly says DNV GL

The next few years are bound to change a major part of the way that the shipping industry is operating, as there will be a tectonic shift in fuels used and as such, major conversion and retrofit projects on existing vessels, as well as planning for future-proofing current newbuildings, need to be set in motion by ship owners. In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Mr. Ioannis Chiotopoulos, Regional Manager South East Europe & Middle East with DNV GL, said that even if suppliers and yards gear ...

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SIW: Looking Back Across A Quarter Of A Century

This month marks the 25th anniversary of the publication of the very first edition of Shipping Intelligence Weekly. So, this week we take a look back to 1992 and compare the shipping industry then to its profile today. If this reveals anything it’s that whilst many things change dramatically, in an industry like this some things don’t appear to change too much at all… Wonderful World Of Trade Seaborne trade provides the platform upon which the shipping industry operates. Back in 1992 world seaborne trade stood at an estimated 4.6 ...

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Tribunal confirms sea waybill is evidence of contract of carriage

The Tribunal of Genoa recently issued two decisions dealing with the legal nature of sea waybills. In both decisions the tribunal considered the extent to which the content of a sea waybill is relevant when identifying the parties to the contract of carriage and, consequently, when deciding on the defence of title to be sued. Facts Both decisions involved claims filed by an Italian fruit trader for damages incurred to consignments of fruit transported from Italy to the Far East by a liner shipping company. Instead of filing claims against ...

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