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Tag Archives: Tops

VLCC market to face short-term headwinds

VLCC tanker market could soon be facing significant headwinds, as the decision taken by OPEC in November 2016 to take back control is starting to have an effect. According to its latest weekly report, shipbroker Gibson noted that “promised production cuts of nearly 1.8 million b/d agreed between OPEC and a number of non-OPEC countries are primarily felt in the Middle East. According to the IEA, the Middle East OPEC crude production fell by a colossal 1 million b/d in January from December levels and initial Reuters estimates indicate that ...

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Is the Shipping Industry Overreacting About Regulation Timing?

Since last Fall, many stakeholders in shipping have been running a barrage of “doomsday” scenarios about implementation of the BWTC, followed by outrage over 2020 SOx. Now it is about EU’s decision to preemptively “threaten” the IMO for 2023. In the two later cases, the outrage and stress are often misguided or shortsighted, whether purposely or not. In the BWT case, the timing is bad due to the prevailing state of the freight market in most sectors, but this we will analyze a bit later. Plenty of industry players speculate ...

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2016 Liner Market Review: Battles And Building Blocks…

After another year of extremely difficult market conditions, many would forgive liner sector players for an air of resignation. However, despite a challenging freight market, charter rates remaining firmly in the doldrums and a major corporate casualty, looking back 2016 may well be seen as the year in which the container shipping sector really started to tackle its problems head on.SIW1255 Sustained Struggles The container shipping sector has spent much of the post-financial crisis era under severe pressure and, as many expected, 2016 proved no real exception. Box freight rates ...

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LPG Shipping Looking for Spring Boost

As the traditionally strong spring season for LPG volumes is entering the foray, shipowner Dorian LPG has warned that some its new charter agreements may have to be agreed at lower rates, as they expire in weaker seasonal periods of the year. In a recent market, the Hadjipateras-led shipping company noted that “during 2016, global seaborne LPG volumes amounted to nearly 90 million metric tonnes compared to about 85 million metric tonnes for 2015, a 5% increase. LPG export volumes from the US and the Middle East increased significantly in ...

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Getting The Measure Of Intra-Asian Containership Trends

Container trade on intra-Asian routes accounts for a significant proportion of global seaborne container trade, and in 2016, growth in intra-Asian box trade accelerated notably, helping to generate a healthier demand environment in the boxship sector. Meanwhile, trends in containership deployment on intra-Asian routes continued to constitute a key dynamic on the supply side. Growing Waistline Intra-Asian container trade totalled an estimated 52m TEU in 2016, accounting for around 29% of global box volumes. More than half of intra-Asian box trade involves China, with trends in the Chinese economy key ...

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Ship Owners And Regulators Praise Another Successful European Shipping Week

European Shipping Week (ESW) has once again been branded a resounding success with leaders of the global shipping industry and regulators from across the European Union and beyond using the week to meet and discuss issues of mutual concern. An official calendar of 30 high level events was supported by an equally impressive number of bilateral meetings between industry and government while up to 350 delegates and guests attended the official ESW17 Conference and Gala Dinner held at the Steigenberger Wiltcher’s Hotel in Brussels on Wednesday March 1st. Acknowledging the ...

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Tanker market could face downward pressure in 2017 says leading ship owner

The tanker market has always been a “tough nut to crack”, with its ever so increasing variables affecting its course, but right now, things are more complicated than ever, as oil prices, one the market’s main directional pointers are more unpredictable than ever. In its latest market update, leading tanker owner Frontline noted that “while capacity additions to the global tanker fleet are expected to put pressure on rates over the next 12 months, the company maintains a positive long term outlook on the tanker market. The company believes that ...

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BIMCO ventures into ship finance with BIMCO SHIPTERM

On 9 January 2017, BIMCO published its first ship finance related form – “SHIPTERM”. BIMCO describes SHIPTERM as a simple, short form, non-binding, bi-lateral term sheet which is intended to be used for secured term loan ship financing transactions. BIMCO’s stated aim in publishing SHIPTERM is to provide an important tool for shipowners, banks, lawyers and other players in the industry involved in ship financing transactions. BIMCO presents SHIPTERM as being most useful to small and medium sized shipowners and banks with limited experience of negotiating ship financing facilities. BIMCO ...

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The Product Tanker Orderbook: Slimming Down?

Following an extremely weak year for product tanker contracting in 2016, the product tanker orderbook has declined significantly and at the start of February 2017 was equivalent to 10.2% of fleet capacity, the lowest level in nearly 17 years. While orderbook trends have differed between vessel sizes, the shrinking orderbook is expected to lead to slower overall growth in the product tanker fleet in the coming years. Sizing It All Up At the start of February, the product tanker orderbook (10,000+ dwt) stood at 321 ships of 16.0m dwt. This ...

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Dry Bulk Market Looking to Solidify Recent Gains and Validate Shipowners’ Expectations

Expectations were high entering in 2017, regarding the prospects of a much-anticipated dry bulk market recovery and one could claim that “so far, so good”, in terms of the course of the freight rate market. In its latest weekly report, shipbroker Allied Shipbroking noted that the dry bulk market has started to show a glimpse of better days, “with the Baltic Dry Index managing to rise ever closer to the psychologically significant 1,000 points. The main rise has been driven considerably by the increased activity having been seen in the ...

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More Room for Asian VLCC Rates to Fall

Further VLCC rates on the AG/Japan route tumbled by nearly w10 points within a day to w60 on Tuesday, after news of S-Oil placing Australis on subs for an AG/Onsan run at w54.75, loading March 13-15 basis 274kt, broke. Charterers went for the jugular, with at least 4 older vessels fixed within the range of w55-w58 for an AG/East voyage. We believe that VLCC rates will remain depressed in the short term due to the upcoming refinery turnaround season in Asia, diminishing floating storage inventories that will free up more ...

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Shipowners caught in the middle of free trade battle

Protectionism and long hauled free trade negotiations can be an expensive battle for the Danish shipowners, if the market outside the European Union are not included in free trade negotiations. The Danish Shipowners’ Association hosted a verbal rumble between the Danish Social Democrat Ole Christensen and the Belgian Socialist Maria Arena from the European Parliament at the European Shipping Week Tuesday afternoon. Lately free trade has been widely debated in the European Parliament due to the vote for the Canadian free trade agreement CETA. The social democratic group S&D has ...

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Newbuilding prices could fall even further, prompting more ordering activity

Newbuilding activity has picked up this year, as the aggressive pricing policies by many shipyards has proved to be enticing enough for some shipowners. This trend could soon pick up more pace. According to shipbroker Allied Shipbroking, “prices have held stable overall this week, though given the recent push being seen in the market by shipbuilders looking to unveil any hidden opportunities and buying interest, we could see some further pressure being mounted on the pricing front. It does seem that every inch gained on the pricing front is gained ...

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Maintaining and boosting the competitive position of the European shipping industry require a shift in policy priority says Deloitte study

The shipping industry in the EU is a highly mature industry and an economic giant in the European economy directly accounting for over 620,000 jobs.1 On the global level of shipping, the EU is still a large player compared to most regions in the world with 36.5 percent of owned gross world tonnage and 46.2 percent of operated world tonnage. An overall competitive regime for fiscal and social measures as well as quality registers and a strong skills base support the current status of the EU as a location for ...

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Rates rebound and firmer demand deliver much needed boost to embattled containership sector

The latest Container Shipping Forecaster from Maritime Strategies International reports that almost two months into 2017, the liner sector finds itself in positive territory. Each of the industry’s drivers – demand, supply and earnings – have started the year in healthy shape and MSI expects the sector to move into the next quarter with a reinforcement of this encouraging trend. In terms of demand, MSI notes that the global economy is operating on auto-pilot and left to its own devices it is on a trajectory which should support continued trade ...

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