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Tag Archives: Tops

Dry Bulk Market At Peak Level

The dry bulk market’s recent corrections seem to be helpful for the latest rally to “sink in” and for the restoration of the market’s balance and a rethinking of the prevailing fundamentals. However, according to Allied Shipbroking, the metals’ prices rally seems to indicate that there is still room for more freight rates increases until the end of the year, although charterers are resisting such rises. In its latest weekly report, shipbroker Allied Shipbroking noted that “it has been a week of corrections for the dry bulk freight market as ...

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Dry Bulk: Is a greener China good news?

It probably is for steelmakers around the world. China’s effort to push for improving air quality might turn to be quite beneficial for global steelmakers. Nippon Steel & Sumitomo Metal Corp., the biggest producer in Japan, reported a nine-fold surge in first-half profit. This came as China’s decisive approach to eliminate pollution and eradicate industrial overcapacity pushed prices upwards with a record high level in more than five years achieved earlier this year. Posco, the largest mill of South Korea, recently expressed its optimism towards higher earnings being achieved in ...

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Asia Turns to US to Quench Thirst for Naphtha

Firm naphtha demand in Asia has drawn more cargoes from the US Gulf Coast in October than recent months. At least 5 tankers (4 LR1s and 1 MR) have been fixed in October to load naphtha from the USGC to Japan and Korea. In comparison, around 1-2 tankers per month have been fixed over the past 3 months. Naphtha moving from the USGC to Asia is typically of the heavy or heavy full-range grade. While heavy full-range naphtha is usually used as reformer feedstock, it can also be processed in ...

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Newbuilding ordering activity firms up as owners look to boost their fleet

Newbuilding ordering activity is firming up on increased demand by shipowners, who are convinced of the long-term rebound of freight rates and are willing to commit funds. In its latest weekly report, shipbroker Allied Shipbroking said that “this week’s activity put things in a more aggressive mode in terms of ordering, with the main drivers in the market pushing things forward once more and an increased flow of newbuilding orders now restored. The dry sector, after a period of slightly slower activity, showed a rebound with many fresh orders coming ...

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Chinese Crude Oil Demand Needs 45 Additional VLCC’s To Support Growth

In 2019, global oil demand is forecast to pass the symbolic 100 million barrels per day threshold (International Energy Agency). Developing countries account for almost all of the growth and Asia dominate. BIMCO stated in its forecast for 2017, that the tanker demand growth for 2017 is expected to come predominantly from the greater Asia region, led by China. China has met expectations by ramping up its import of seaborne crude oil by 13% for the first nine months of 2017 compared to the same period last year. As China ...

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The Bulkcarrier Orderbook: Tracking The Gradient

Following limited contracting in the bulkcarrier sector in the last three years, the bulkcarrier orderbook has declined significantly. By the start of October 2017, the orderbook totalled 623 vessels of 64m dwt, equivalent to 7.9% of fleet capacity, close to the lowest ratio on record. With newbuilding interest starting to pick up, could the bulker orderbook now have bottomed out? Dramatic Dip Three years ago, the bulker orderbook totalled 2,208 ships of 182m dwt, equivalent to 24% of fleet capacity. While this was 45% lower than the peak orderbook of ...

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Atlantic MRs: Rates poised to bounce from an effective floor?

Things are starting to perk up for tanker owners, both in the “dirty”, as well as in the “clean” tanker segment. In its latest weekly report, shipbroker Charles R. Weber reiterated this, by noting that “MR owners with tonnage in the Atlantic basin continue to reel from a substantial loss of demand in the USG market over the past two months since Hurricane Harvey hit the region, trimming refinery utilization rates and reducing product export demand. EIA data shows that PADD3 refinery utilization rates dropped in September to a low ...

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Shipping into a changing World

After a summer of extraordinary disasters in the USA and other parts of the World the Global economy struggles to show growth and faces huge uncertainty over the future of World peace. Shipping which still carries more than 90% of World physical trade has shown little growth in demand for its services and in some sectors a decline. Shipping started this decade with an oversupply of ships and yet has continued to expand its capacity with an unprecedented newbuilding program in all sectors. Despite greater ship scrapping which has reached ...

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The sentiment for newbuilding orders remains fierce with noticeable deals in all ship sizes, for bulkers and tankers

Latest batch of weekly data, suggests an increased appetite for newbuildings among ship owners. Bulkers VLOC / Capes South Korean, Polaris Shipping has added five more 325,000 DWT Very Large Ore Carriers to the newbuilding tally at South Korean shipbuilder Hyundai Heavy Industries (HHI). The order, worth USD 400 million, is an option being exercised as part of a contract signed on September 25, when Polaris ordered ten VLOCs of the same class from HHI. The delivery of the first ten ships from the batch is scheduled for 2021, however, details on ...

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Sale and lease back of ships a growing trend among ship owners, with the help of Chinese financial institutions

China has been growing as an alternative source of financing, when it comes to shipping. The gradual exit of the ship financing market by traditional banks and the recent fall of the hedge fund frenzy which swept the industry a few years back, has left more than enough room to be exploited by other lenders. Chinese banks have exploited this opportunity to grab and increase their market share, mainly through refinancing deals. According to the latest weekly report from shipbroker Gibson, “the retreat of the traditional forms of ship finance ...

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2017 Contracting Statistics – Worth A Second Look

Following the lowest year of contracting volumes for over thirty years in 2016, newbuilding market observers could have been forgiven for not looking too hard every month for signs of improvements on last year’s figures. In the early part of 2017 they would probably have been justified, but with more positive sentiment building, recent months have seen an increasing degree of upside on last year. On The Same Track After four months of 2017, the year to date number of newbuild contracts stood at 248. This compared favourably to the ...

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The “Posidon” Suppliers Fail to Turn Claim Rankings Upside Down

In the recent Singapore case of The “Posidon”1, the High Court considered the order of priorities on the proceeds of sale of a vessel following a judicial sale, focusing on the circumstances in which it would change the usual order of priorities. The court concluded that it would not alter the usual order of priorities and that “powerful reasons” would be needed for such an alteration to take place. Background In February 2012 Piraeus Bank SA (the “Bank”) entered into a loan facility for US$17.1m with the registered owners of ...

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Tanker market sees boost from higher ton-mile demand says shipbroker

The tanker freight market has come alive over the past few weeks, together with the rise of oil prices. This can be attributed to a host of factors, however, according to Allied Shipbroking, this is down to a surge in demand, mainly from the Far East markets, which in turn is also good for ton-mile demand. Allied said in its latest weekly report, that “crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster ...

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Counting On The Global Seaborne Trade Network…

Global seaborne trade grew by 31% between 2007 and 2016 to 11.1 billion tonnes, with non-OECD developing economies playing an increasingly key role. While seaborne trade in all the major commodity groups clearly expanded in this period, albeit by varying degrees, drilling down to an individual trade route provides some interesting additional perspectives. Counting Up The Routes In the last decade, increasing population and economic expansion in a range of developing economies has contributed significantly to seaborne trade expansion. However, while trade patterns for some commodities have clearly become more ...

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Shipping Industry ‘broadly satisfied’ with IMO progress on CO2 strategy – but much work still to be done

The International Chamber of Shipping (ICS), BIMCO, INTERCARGO and INTERTANKO represented the global shipping industry throughout this week’s intensive discussions at the UN International Maritime Organization (IMO), which continued the development of a comprehensive CO2 reduction strategy for the international shipping sector. The international shipping industry associations say they are ‘broadly satisfied’ with the progress made at this week’s critical IMO meeting. They are encouraged that the ambitious proposals from the shipping industry regarding CO2 reduction objectives for the sector as a whole remain on the table, along with similar ...

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