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IMO 2020: What’s The Implication in the Tanker Market So Far?

In the weeks leading up to 2020, a lot of analysts were predicting a solid rebound in product tanker market freight rates, a scenario which, for the most part, was materialized. So, how has the market reacted in the weeks after the start of 2020? In its latest weekly report, shipbroker Gibson said that “2020 was always going to create a more complex fuel oil market as trade flows shifted and new grades emerged. The first and most obvious impact was a collapse in the volumes of high sulphur fuel ...

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Dry Bulk Market: Capesizes Still Suffering, but Some Respite Seen for Smaller Classes

Capesize Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With multiple drivers including Coronavirus, rail flooding in East Australia, rains in Brazil and a tropical cyclone in West Australia causing havoc, the market was seen to bottom out and meander sideways. The Capesize 5TC opened the week at $2,660 to close out at $2,445. While bunker volatility was causing fluctuation in the vessels’ earnings, voyage rates were mostly seen to soften throughout the week. C3 ...

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IMO-2020 sulphur cap – issues to consider prior to the implementation of the carriage ban on 1 March 2020

With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban’ – coming into force on 1 March 2020. The ban mandates that fuel oil used and carried on board ships must not exceed the 0.50% sulphur limit, unless the ship is provided with ‘equivalent’ compliance mechanism like exhaust gas cleaning system (EGCS), or ‘scrubbers’. The carriage ban may prompt increased enforcement action in the coming months, as the breach will be clearly evident to authorities, and ...

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Stranded tankers, full storage tanks: coronavirus leads to crude glut in China

The coronavirus’s effect on energy markets is worsening, as the sharp fall in demand in China, the world’s largest importer of crude, is stranding oil cargoes off the country’s coast and prompting shippers to seek out other Asian destinations. More than 1,360 people have died from the coronavirus in China, which has disrupted the world’s second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year. Major international energy forecasters expect demand to fall in this quarter, the first drop ...

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Tankers: Demand Still Slow, Expected to Worsen, Before it Gets Better

VLCC The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coronavirus and the return of the previously sanctioned Cosco tonnage. The list subsequently swelled, allowing the few active charterers to reign in owners’ expectations. Rates for 270,000mt to China bounced around the WS 40 level, while the 280,000mt market to US Gulf, via the Cape/Cape routing remained flat, at WS 30. In the western hemisphere, rates for 260,000mt West Africa to China were stuck in the ...

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Spot trade grinds to a halt

European refiners have yet to step into the void left by Chinese buyers despite low freight rates, with little movement of March cargoes. China’s Unipec was still seeking buyers for a handful of Angolan cargoes for March export as new programmes were set to emerge early next week. Turkey’s Tupras took two cargoes in its latest tender including a Bonny Light from Total. Two Chinese independent refiners issued buy tenders but details did not immediately surface. India’s IOC awarded a buy tender for crude loading April 11-20. Total was said ...

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China’s export container shipping index climbs in January

China’s container transport for export purposes saw an overall increase in January, according to the Shanghai Shipping Exchange (SSE). The average China Containerized Freight Index (CCFI) rose 10.3 percent month on month to stand at 927.91 last month, up from an average of 823.53 in 2019, said the SSE. The freight rates of all routes were raised, buoying the container transport market last month. The sub-indices for the Persian Gulf/Red Sea and Mediterranean routes led the increase, soaring by 31.4 percent and 30.6 percent, respectively. The CCFI tracks spot and ...

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Weber Weekly Tanker Report Week 07 2020

VLCC: The bearish sentiment that developed last week (following the re-entry of COSCO and anticipated demand destruction due to the

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China’s Shipping Nears a Standstill Amid Coronavirus Disruption

Shipping volumes out of China are plummeting as the impact of the coronavirus outbreak takes a deeper toll on industrial production, and ocean carriers are bracing for financial blows from the diminished output. “Substantially less cargo is being moved between China and the rest of the world” said Lars Jensen, head of Denmark-based maritime research group Sea-Intelligence. “Last week we had an additional 30 sailings canceled, with 23 across the Pacific and the rest to Europe.” Mr. Jensen said the canceled trips, which have topped 50 since late January, will ...

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Sub-Committee on Ship Design and Construction (SDC 7), 3-7 February 2020

Second generation intact stability criteria – interim guidelines approved. For a ship to be considered seaworthy and safe it must be designed to remain stable and afloat in all conditions, whether intact or damaged. Mandatory criteria and recommended provisions regarding intact stability are set out in IMO’s 2008 Intact Stability (IS) Code, which is mandatory under the SOLAS Convention and the 1988 Load Lines Protocol. Advanced computer technology is enabling so-called “second generation” intact stability criteria to be developed, for a comprehensive safety assessment of ship dynamics in waves. The ...

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Global Shipping ETFs Among Worst Hit in Wake of Coronavirus Outbreak

Global shipping sector-related ETFs are sinking as many anticipate a slowdown in China with the deadly coronavirus outbreak stalling the second largest economy in the world. Year-to-date, the Invesco Shipping ETF (NYSEArca: SEA) plunged 17.8% and Breakwave Dry Bulk Shipping ETF (NYSEArca: BDRY) plummeted 39.2%. SEA tries to reflect the performance of the Dow Jones Global Shipping Index, which measures the performance of high dividend-paying companies in the global shipping industry. BDRY tries to provide exposure to the daily changes in the price of dry bulk fright futures by tracking ...

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Will coronavirus hike rates for backhaul US-to-Asia cargoes?

One of the myriad coronavirus-related concerns is that container-shipping services on the backhaul routes to Asia could be impaired. With Chinese factories still largely shut down and land transportation to ports constrained, the volume of containerized cargo flowing on the two main headhaul routes — China-U.S. and China-Europe — will decrease. Or rather, it will not pick back up as previously expected following Chinese New Year. Container lines are blanking (canceling) sailings of various vessels that had been scheduled to serve these routes, to better align fronthaul shipping capacity with ...

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Ships may face more than 30% higher costs under new Panama Canal Authority measures, says International Chamber of Shipping

The Panama Canal Authority has said it will impose a ‘Freshwater Charge’ on ships passing through the canal from 15th February. The charge will be set at $10,000 for any vessel over 125 feet long. There will also be a variable surcharge based on the level of the Gatun Lake at the time of transit. The International Chamber of Shipping (ICS) calculate this move will increase costs to ships passing through the Panama Canal by up to 15%. The new ‘Freshwater Charge’ comes ahead of significant changes in rates to ...

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ShipsFocus Weekly Chemical Shipping Report, Week 07 2020

ShipsFocus Weekly Chemical Shipping Report, Week 07 2020

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Brazilian farmers aggressively sell soy, corn amid weak currency, U.S.-China deal

Brazil might not be harvesting soybeans at a record pace, but farmers there are certainly selling their crops at a much quicker clip than usual due to the weak currency and uncertainty over how the U.S.-China trade deal will affect their business. Brazil typically ships more than half of its annual soybean exports between March and June, and some 75% of those head to China. Brazil’s January soybean shipments to China were down sharply from last year on more U.S. involvement, but American bean sales and exports to the world’s ...

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