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Finance leaders of the world’s top 20 economies expect economic growth to pick up modestly this year and next thanks to loose monetary policy and an easing of trade tensions, and vowed to monitor the effects of the coronavirus outbreak. The Group of 20 (G20) finance ministers and central bank heads faced a sober presentation by the International Monetary Fund (IMF), which predicted the epidemic would shave 0.1 percentage points off global growth. “Global growth is expected to pick up modestly in 2020 and 2021. The recovery is supported by ...

China mandated factory shutdowns across most of its provinces last month as it struggled to control a new coronavirus epidemic that started in its central metropolis of Wuhan. Factories were supposed to remain closed for another 10 days after the weeklong Lunar New Year holiday and reopen on February 9. When that day arrived, Cui Kexu, like thousands of factory owners across China, was waiting for an official green light to restart production. None came. Almost two weeks after the official reopening date, many factories across China remain shuttered, raising ...

The SSY Pacific Capesize Index recorded its first weekly increase of 2020 rising 142 points to 3,437. There was a $0.35/t increase in the W.Australia-China iron ore spot rate to $5.95/t, while

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

Debate has risen lately that the new VLSFO used by ships contained high levels of aromatic compounds, causing a surge in black carbon emissions. As a result some organizations are already advocating for the ban of these types of fuels in the Arctic region. In its latest weekly report, shipbroker Gibson said that ‘the run up to the implementation of the new IMO rules on marine fuels from 1 st January 2020 had owners and charterers analysing the various fuelling options. From late-November there were some delays in receiving the ...

Capesize The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with the Transatlantic C8 now pricing at $2,655. Cargo remains limited for owners, while a healthy ballaster list is running low on options. The Pacific Transatlantic C10 continues to make modest gains to close the week out at $4,900. The C5 voyage route, West Australia to China, remains under pressure, but managed to lift slightly this week, finishing at $5.986, a rise of +.391. Re-fuelling timing for owners ...

AET, one of the leading petroleum tanker owners and operators, has a long tradition of naming its vessels after some of the greatest energy locales, cities or ports in the world. Their latest two dynamic positioning shuttle tankers (DPSTs) will join the “B” ship series and are named after the Eagle Blane and Eagle Balder oil and gas fields on the Norwegian continental shelf. Meeting international emission regulations Eagle Blane and Eagle Balder not only continue AET’s naming tradition but also underline the company’s commitment to preserving the environment through ...

In the week ending Feb-21, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 827.0 points, slightly

ShipsFocus Weekly Chemical Shipping Report, Week 08 2020

VLCC: It was another lackluster week on the VLCC front. Eastbound rates hovered in the low $20,000’s per day level. We saw resistance from

The run up to the implementation of the new IMO rules on marine fuels from 1st January 2020 had owners and charterers analysing the various

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

The effects from the Coronavirus have started to have a negative impact on a number of shipping-related industries and markets, from the dry bulk market, to the tanker and from ship-repair businesses in China, to crew-training schools in the Philippines. In its latest weekly report, shipbroker Intermodal said that “the coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GDP. The degree to which different economies will be affected varies, with some countries looking at damages only in ...

The outbreak of the novel coronavirus, recently dubbed COVID-19, continues to generate massive economic and financial uncertainty when it comes to China and global shipping. Two weeks ago, we argued that – from an economic perspective – when China sneezes, we all catch the flu. Since the SARS outbreak in 2003, the global economy has become much more interlinked with China and the Chinese economy has grown to become the second largest in the world. While hard facts and reliable data are in high demand, they are in short supply, ...

The Baltic Exchange’s main sea freight index rose for a fifth straight session on Friday, ending higher for a second straight week, as vessel rates rose despite concerns over the impact of coronavirus on global growth. The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 17 points, or 3.5%, to 497. The index posted gains for a second straight week. The capesize index, which tracks vessels that typically transport 170,000 to 180,000 tonne cargoes including iron ore and coal, rose 6 ...