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Tag Archives: Tops

Demand for dry bulk ships cools down, as appetite for newbuildings picks up pace again

Newbuilding ordering activity has kept up pace over the course of these past few weeks, just as ship owners have taken a step back from the S&P market, especially the one for dry bulk carriers. In its latest weekly report, shipbroker Allied Shipbroking noted that “with a lot of interest seemingly centered around the ability to secure any discounted slots for older vessel designs. With the main driver being the pricing aspect, it is difficult to see how this positive trend in buying interest could continue for much longer. Prices ...

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Dry Bulk FFA: Capesize Market’s Bearish Trend Persists

Highlights: • Capesize Index- Technically the trend remains bearish. Market buyers need to see higher lows on the daily chart before looking to enter the market. • Q4– Technically bullish, however momentum is currently overbought. • Cape v Panamax Q4 17 spread – Technically bearish, sellers should be cautious as the recent upward move looks more like a bull wave rather than a bearish corrective wave. • Q4 v Cal 18 – The technical trend is bullish. The overbought stochastic could be signalling a corrective pullback rather than a genuine ...

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Banking Commission Survey confirms trade finance supply/demand imbalance

The International Chamber of Commerce (ICC) Banking Commission has released its 2017 report entitled “Rethinking Trade and Finance”. Based on the Global Survey on Trade Finance – with 255 responses from banks located in 98 countries, as well as insight and commentary from expert contributors – the report is the most comprehensive gauge of the trends and outlook of the global trade finance industry. Now in its ninth year – 2017’s Survey marks a significant change in both emphasis and presentation. The aim is to provide both enhanced context – ...

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Shipping Still the Locomotive of the Greek Economy, with 136 billion euros contributed during 2007 – 2016 period

In its 2017 Annual Report, the Union of Greek Shipowners (UGS) reiterated that 2016 was another tough year for both the Greek economy and Greek shipping. Delays in notable improvements in the economic fundamentals of Greece coupled with a prevailing economic uncertainty effected a gloomy environment for investments in the country. The capital controls have had a disastrous impact on the foreign exchange account balance and especially the foreign exchange earnings from shipping since July 2015 when they were first imposed. The first half of 2016, receipts in the Services ...

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Greek Shipping’s Head Encouraged by Ship Scrapping Activity and Newbuilding Cancellations

The year 2016 was another one of multiple challenges for shipping but also a year, at the end of which, Greek shipping emerged stronger both nationally and internationally. Shipping continues to face a weak market with very poor freight rates, due to the continuing oversupply of capacity and the resulting imbalance in supply and demand, as well as the constraints of shrinking ship finance. The first months of 2017 have shown signs of slight recovery supported by firm activity in ship recycling and adaptations (eg. cancellations, extensions) to shipbuilding programmes ...

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Chokepoint: Feed The World

The risk of disruption to trade routes is growing, which could affect global food supply and cause price spikes, according to new research. Analysts at the Chatham House thinktank have identified 14 “chokepoints” (listed below) including the Suez Canal, Black Sea ports and Brazil’s road network, almost all of which are already hit by frequent disruptions. Little is being done to ease these disruptions, which leads analysts believe will worsen in years to come. Over half of the world’s staple crop exports – wheat, maize, rice and soybeans – have ...

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Product tankers could benefit from Nigeria’s higher oil production

The normalization of the situation in Nigeria has led to an improvement of the African country’s oil industry prospects, which in turn could spell good news for the tanker market. In its latest weekly report, shipbroker Gibson said that “Nigeria has long been an important source of both crude and product tanker demand. However, in recent times, the West African state has been inconsistent in both its export and import activity, impacting upon the tanker market. The nation, like most other major producers, has suffered immensely from lower oil prices, ...

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Shipbuilding Cycles: Lessons From The Past?

Shipping is a cyclical industry and for shipyards the current trough in newbuilding orders has put further pressure on capacity. While the scale of the current surplus appears huge, this is not the first time that the shipbuilding industry has grappled with excess capacity. Looking back to the past, and specifically the shipbuilding cycle of the late 1970s, what can be learnt from previous experience? Enjoying The Highs The shipbuilding industry has a habit of ramping up production capacity rapidly. In 2010 shipyards broke all previous delivery records, outputting 53.2m ...

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Shipping: Getting ready for recovery

It has been a brutal few years in the shipping and offshore markets with overcapacity, declining demand and the dramatic fall in oil prices all contributing to historically low charter rates and plummeting asset values. It is no wonder that owners and operators have adopted defensive strategies in recent years. The recent bid by Borr Drilling for Transocean’s jack-up fleet is one of a number of transactions which could suggest that the arrow on the shipping and offshore barometer may no longer be locked between ‘stormy’ and ‘rain’ and could ...

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Tanker Market’s Volatility To Stay As Market Looks to the East for Growth

The tanker market’s lackluster performance is set to continue for the next few weeks and until the end of summer at least, given the fact that the seasonal effect of the US driving season never really arrived this year. In its latest weekly report, shipbroker Allied Shipbroking noted that “it seems as though there was nothing but disappointment these past week for OPEC members, as despite all effort to boost the price of crude oil by curbing production levels, the price of oil reaching its lowest level since November, with ...

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Putting The Spotlight On Intermediate Trade

‘Intermediate’ or non-mainlane East-West trades, though not as high-profile as some other trade lanes, is projected to total 24.3m TEU in 2017 and continues to demonstrate interesting trends. The Indian Sub-Continent and Middle East are central to these trades, and while previously starring as a trade growth double act, these regions have recently taken on rather different roles. The Principal Roles The ‘intermediate’ (non-mainlane East-West) trades comprise routes connecting the Middle East and the Indian Sub-Continent (ISC) with the Far East and Europe, as well as North America (in lower ...

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Challenging period for chemical tankers continues

Stolt-Nielsen posts its 2Q17 report next Thursday. We saw continuous struggle in chemical tanker rates that are now testing the lowest bounds in the post-crisis period and expect this to be reflected in the results. The mid-reporting season was rather slow with no updated information on the separation of Tanker segment, that led the share price rally previously and not an essential addition of two gas vessels by end-2018. Our estimates were lowered somewhat and we reiterate Hold recommendation at a lower TP of NOK 130/sh (from NOK 145/sh). Estimates ...

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Clean Tanker Market Set For Positive Momentum

It’s been a disappointing year for the product tanker market, but things could be soon moving upwards for clean tankers. In its latest weekly report, shipbroker Gibson noted that “although the overall performance in the product tanker market remains disappointing, some positive dynamics have been seen in the MR segment (25,000 to 55,000 dwt). Spot earnings are still weak; yet, MRs have fared somewhat better than larger product carriers in recent months. Since November 2016, average MR earnings for representative voyages both in the East and in the West have ...

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Weak US Import Demand Pushes European Gasoline to the East

Unusually bloated gasoline inventories in the US during peak summer driving season has kept the transatlantic arb barely workable. EIA data indicates that gasoline imports into the US East Coast (PADD 1) for June averaged 549 kb/d so far, down by 15.4% m-o-m. As such, an atypical influx of LR tankers carrying gasoline from Europe have been fixed to the East in recent weeks. At least 6 LR2 and LR1 tankers loaded with gasoline are heading from the ARA region to AG/Singapore in June. Record high refinery runs and lacklustre ...

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IMO: Global Industry Alliance launched to support low carbon shipping

Leading shipowners and operators, classification societies, engine and technology builders and suppliers, big data providers, and oil companies have signed up to a new Global Industry Alliance (GIA) to support transitioning shipping and its related industries towards a low carbon future. Thirteen companies have signed up to launch the GIA, under the auspices of the GloMEEP Project, a Global Environment Facility (GEF)-United Nations Development Program (UNDP)-International Maritime Organization (IMO) project aimed at supporting developing countries in the implementation of energy efficiency measures for shipping. (Click for photos.) Together, the GIA ...

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