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Tag Archives: Tops

Newbuilding Activity On the Rise

Ordering activity has continued its upwards pace over the course of the past week, raising fresh concerns that the glut of vessels could once again come back to plague the industry’s rebound. In its latest weekly report, shipbroker Allied Shipbroking noted that “the newbuilding market came to life this past week, with the numerous rumored deals that where in the works now coming to light. Interest has intensified considerably these past months, with in part the increase in secondhand prices having pushed a number of potential buyers to this direction, ...

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IMO: Promoting the HNS 2010 Convention – draft Assembly resolution agreed

The Committee approved a draft Assembly resolution on the implementation and entry into force of the 2010 HNS Protocol, aimed at encouraging implementation of this key compensation treaty covering liability and compensation for damage caused by the transport of hazardous and noxious substances (HNS) by ship. Norway recently became the first country to become a Contracting State to the 2010 HNS Protocol. The draft resolution, to be submitted to the Assembly 30th session (27 November-6 December 2017) for adoption, calls on States to consider ratifying, or acceding to, the 2010 ...

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ABN AMRO provides world’s first financing for Ballast Water Treatment systems

ABN AMRO Transportation has successfully concluded the world’s first financing for the installation of a Ballast Water Treatment system on several vessels for its Danish client, Celsius Shipping. As per 8 September 2017, the IMO Ballast Water Treatment (BWT) Convention will enter into force. The convention will stop the spread of invasive aquatic species, which can be a threat to local ecosystems and affect biodiversity. Under the convention, vessels will be required to install a BWT system. This will have implications for both shipping clients and ABN AMRO as the ...

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Shipping Demolition Activity Crawls to a Halt as Lack of Tonnage is More Than Evident

An apparent lack of tonnage has led to a difficult situation in the demolition market. In its latest weekly report, shipbroker Clarkson Platou Hellas noted that “as we approach the summer and looming monsoon season, the lack of tonnage over the past weeks has been alarmingly low, but surprisingly, price levels remain on the wane. The incredible amount of rallying and enthusiasm the market has witnessed over recent weeks appears to have subsided. There are no indications of a majorly softening in rates, just a lack of buying interest reportedly ...

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Dry bulk shipping market to grow steadily but renewable energy a downside risk

Drewry’s outlook for dry bulk shipping remains positive given the shrinking supply-demand gap, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry. With high demolition activity and low deliveries the fleet is expected to grow at a slow annual rate of 1% over the next five years, while tonne mile demand will grow at a faster pace of around 3% per annum. As supply and demand becomes more balanced over the forecast years, charter rates are expected to improve gradually. Drewry has also ...

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Ballast Water – U.S. Getting Tough on Extensions

All ships calling at US ports and intending to discharge ballast water must either carry out ballast water exchange or treatment, in addition to fouling and sediment management. Local sources have indicated that USCG officers are taking a much tougher stance with regards to various aspects of BWM compliance in their routine PSC inspections. Ballast Water Extensions Extensions can be issued on the basis of ballast water exchange or the use of an Alternate Management System (AMS). These include a number of ballast water treatment systems that have attained IMO ...

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Product Tanker Demand Could Receive Boost from Turn of Shipping To Cleaner Fuels

Shipping is bound for a “seismic” shift in terms of fuel supply for the global fleet, from 2020 onwards. While this is, on its own merit, a major event, it could also trigger a shift in demand patterns for the clean tanker fleet as well. In its latest weekly report, shipbroker Gibson said that “much research (including our own) has looked at the impact of the change in the global bunker specification from a compliance perspective. Whilst the debate as to what will emerge as the dominant option in the ...

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Reviewing The Situation: US Crude Trade Trends

The US is the second largest importer of crude, but also the biggest oil producer globally. Recently, there have been a number of changes in US oil dynamics which could have a significant impact on seaborne crude trade. However, there is considerable uncertainty over the trajectory of US crude volumes this year given the many different factors at play. What are the most important drivers to consider? Ups And Downs One key driver of changes in US crude imports is US oil production. Following the US ‘shale revolution’, 2014 saw ...

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Implications of an Option Agreement

The author considers the case of Teekay Tankers Ltd (a company incorporated in the Marshall Islands) v STX Offshore & Shipbuilding Co Ltd (a company incorporated in the Republic of Korea). The Commercial Court has considered the dispute between the claimant buyer of the new-build vessels and the defendant shipbuilder in relation to an option agreement they entered into. The court decided that the shipbuilder succeeded in its defence that the option agreement was void for uncertainty. What should Commercial lawyers take note of? The option agreement which was central ...

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Tankers: Slow Demand from the Middle East and West Africa Market Hurts VLCC Rates

The tanker market experienced a corrective behavior over the course of the past week, mainly as a result of slow demand from the Middle East and West Africa market. In its latest weekly report, shipbroker Charles R. Weber said that “after commencing the week with an extending of bullish sentiment, rates progressed firmly into correction mode by midweek on sluggish demand in the Middle East and West Africa markets, which prompted participants to reconsider the extent of highs rates had reached. In the Middle East market, no fixtures were reported ...

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Scissors Giving Containers A Cutting Edge At Last?

In the high jump ‘the scissors’ was one of a number of techniques eventually superseded by Dick Fosbury’s ‘Flop’, which saw the American athlete win the gold medal at the 1968 Olympics in Mexico City. The container shipping market has seen a bit of ‘flop’ of its own in recent years but today a return to the ‘scissors’ appears to be providing some helpful support at last… The Flop It has been clear to market watchers that containership earnings have spent most of the period since the onset of the ...

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Autonomy at sea – the future? April 2017

Maritime Autonomous Systems (MAS) technology in the marine and oil and gas sector has advanced rapidly in the last 20 years. Indeed a report prepared by the energy consultants, Douglas-Westwood1, suggests the demand for autonomous underwater vehicles (AUVs) is expected to grow by 49% in the next four years. The military sector will remain the greatest user of AUVs (73% of total demand), however, the commercial sector, including oil and gas, is expected to see the greatest growth in usage. The drive to improve safety and reduce risks and costs ...

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Shipping dodges another bullet as “Frexit” is averted

World trade growth is still something of a paradox this year, given the political uncertainties surrounding the global economy. Another one such instance was during the past weekend, when, as per the latest weekly report from shipbroker Allied Shipbroking, “we witnessed a second win over the rising populism that has become present in global politics since last summer. This latest win managed by Macron’s lead over Le Pen in the first round of France’s presidential elections, might be but a small victory given that we still have to wait for ...

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Shipbuilding Capacity Consolidation: China Presses On

In January 2017, the Chinese government re-affirmed its focus on capacity consolidation in the shipbuilding industry, and set a target for the top 10 domestic builders to account for 70% of total Chinese output by 2020. Against the backdrop of ‘supply-side’ reform in a number of China’s other industrial sectors, how far has the consolidation of the Chinese shipbuilding industry extended? Target In Sight? There are a number of ways in which consolidation in the shipbuilding industry can be measured, and it is not currently clear how the government will ...

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Realigning the Asia-Europe Trans-Continental Trade Lanes

While discussions on China’s Belt & Road Initiative (“B&R”) largely focus on transport and connectivity infrastructure, we see exciting prospects for the expansion of trade and of related logistics services, especially along the land transport bridges linking China with Eurasia/Europe, and South and Southeast Asia. One key pillar of the B&R is to ensure unimpeded trade. This is expected to be accomplished through the enhancement of customs cooperation, including the creation of “single windows” in border ports and the promotion of e-Customs and Authorized Economic Operators (“AEO”), thereby reducing customs ...

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