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Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Another potential factor of negative impact in the tanker market can come from the aftermath of a no-deal Brexit. In its latest weekly report, shipbroker Gibson said that “if Boris Johnson gets his way, the ever-impending event that is Brexit will soon be upon us. Little has been said about the impact on the wider international tanker market, with the UK being a relatively small piece of global tanker trade; however, Brexit will have an impact, most notably on regional trade between the UK and EU”. According to Gibson “for ...

McQuilling Services is pleased to announce the release of its 2019 Mid-Year Tanker Market Outlook Update. The Mid-Year Tanker Market Outlook Update provides an outlook on the global tanker market in the context of global economic growth and oil fundamentals influencing tanker demand and vessel supply. The outlook includes a view on future asset values, time charter rates, market freight rates and TCE revenues for 24 major tanker trades and four triangulated routes across eight vessel segments for the second half of 2019 through the remaining four years of the ...

Capesize The market continued to firm all week, with the 5TC closing on Friday at $34,583, up $4,146 for the week. This marks a new high for the year and a remarkable lift from the lows of 3 April 2019, when it was a mere $3,540. Over the week, signals had been apparent that the Atlantic was coming to the boil as healthy demand struggled to find tonnage. Coming to a head at the end of the week, Brazil to China leapt almost $2 to settle on the index at ...

VLCC Middle East Gulf rates to Eastern destinations lost the five to six points gained a week ago, leaving 270,000mt to China at WS 60 level, whilst 280,000mt to US Gulf, basis Cape to Cape, eased two points to WS 28. For 260,000mt West Africa to China a similar five to six point loss was seen as rates fell to WS 57.5. 270,000mt US Gulf to China fell about $150k to $6.35m. Elsewhere, 270,000mt Hound Point to South Korea is reported to have been fixed by an oil major at ...

Litigating maritime claims can cost P&I clubs, and vessel and cargo interests, millions of dollars in legal costs per year. It takes time and resources to achieve the desired result or not, and at the forefront of The Standard Club’s claims handling philosophy is reducing costs for its members. With this in mind, are there alternatives to potentially costly litigation? Arbitration One of the reasons that charterparties and other maritime and commodities contracts incorporate clauses such as the LMAA arbitration clause or equivalents such as GAFTA or BIMCO clauses is ...

Benjamin Franklin once said: “You may delay, but time will not.” This is certainly true for the international shipping industry as it prepares for a plethora of stricter environmental rules that are set to bring escalating costs and operational challenges. Among the upcoming rules, the International Maritime Organization’s global sulfur limit for marine fuels, which will be cut to 0.5% from January 1, 2020, is among the most significant. While restrictions on sulfur emissions in shipping are not an entirely new concept, as emissions control areas in certain regions have ...

French President Emmanuel Macron ’s call for commercial ships to reduce their speed on the water to address climate change is music to the ears of many shipowners, but maritime regulators aren’t likely to join the chorus. “We will engage with shipping companies to reduce the speed of merchant ships,” Mr. Macron said at the Group of Seven summit meeting in France last week. “It is one of the most effective ways to reduce greenhouse gas emissions globally, and this measure would be a real change.” The involvement of a ...

Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday. Norwegian-born shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion. His self-made business empire includes oil-tanker firm Frontline (FRO.OL), dry bulk shipper Golden Ocean (GOGL.O) (GOGLT.OL) and rig ...

The phrase “middle of the ocean” immediately evokes an idea of danger and loneliness. It brings to mind being far away from any help or human contact. Yet connectivity is becoming increasingly important for ships no matter where they are on the high seas. “The shipping industry is very fragmented,” says Eero Tuomikoski, General Manager, Emerging Technologies at Wärtsilä. “The majority of ships work independently with basic safety-driven connectivity. A few segments, such as cruise ships and ferries, are more innovative as their customers prefer to be always connected.” Globally, ...

Net earnings per ship was recorded at USD 10 996 per day net versus BSI index of USD 8 167 per day net for the same period. This outperformance of the index is due to the optimized portfolio of period charter coverage and outsized spot earnings earned by our subsidiary Lighthouse Navigation. Of the spot trading ships in the fleet, net earnings of USD 9 094 per day shows a premium in excess of 11% to the BSI spot index was achieved in the quarter. Highlights Operating income of USD ...

Chinese traders have slowed their buying for October soybean shipments amid the expectation that Beijing and Washington could reach a trade agreement during talks in Washington in September, sources said. China has bought about 4 million mt of soybeans for October shipment out of the 6.6 million mt it has contracted to buy for the month, according to the sources, leaving 40 percent of the month’s purchases uncovered. Chinese buyers are still on schedule for their October purchases, so they can afford to wait to observe market movements related to ...

Members are referred to the Alert concerning the above-captioned subject which was distributed on September 14, 2018. In view of the subject’s somewhat grim topicality given the impending arrival of Hurricane Dorian on the southeast coast of the United States, your Managers believe there is merit in repeating the contents of that Alert in relation both to Dorian in particular and to such weather conditions in general, since the peak season for hurricanes, typhoons and cyclones in the northern hemisphere occurs between July and October. As is obviously the case, ...

Japan’s crude oil imports rose 4.8% in July from a year earlier to 3.07 million barrels per day (15.12 million kilolitres), the Ministry of Economy, Trade and Industry said. Japan’s domestic oil product sales last month dropped 3.5% from a year earlier to 2.63 million barrels per day (bpd), data released by the ministry showed. Gasoline sales declined 7.2% to 871,378 bpd, while kerosene sales rose 1.7% from a year earlier to 81,542 bpd, according to the data. Source: Reuters (Reporting by Aaron Sheldrick; Editing by Sherry Jacob-Phillips)

Marine fuel activity is expected to be affected in Florida as Hurricane Dorian’s trajectory narrowed in on the region, market participants said. “I’m still waiting on how it is going to affect overall supply,” a source said. They said that they expected to see a heavy premium on everything they were quoting to the market. Hurricane Dorian is expected to make landfall Monday on Florida’s East Coast. Pricing indications for Florida were also expected to be thin because the hurricane activity was causing a big jump. One source noted that ...