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Traders scout for supertankers to store diesel as virus spreads

Oil traders are scouting for newly built supertankers to store diesel for the next few months as they brace for lower demand in Europe amid renewed restrictions aimed at battling the COVID-19 pandemic, shipping and trade sources said. Trading companies, including oil majors, are making enquiries to charter very large crude carriers (VLCC) to carry diesel with 10 parts-per-million (ppm) sulphur for up to six months, they said, indicating that diesel floating storage could rise again. Several such supertankers, able to carry 2 million barrels of oil each, have been ...

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Dry Bulk Market: Capesize Market In Reverse Mode

Capesize The Capesize market was grasping for a bullish story this week as a possible mid-week rally fell flat. Following that, rates collapsed down to $15,550 on the Capesize 5TC, a drop of $3,199 for the week. Positive news of Vale’s increased production in the last quarter comes as little comfort to owners who this week saw the Brazil to China C3 index plummet $2.33 to close the week at $15.095. The fronthaul market continues to be lukewarm on activity with earnings now gravitating close to the $30,000 mark. In ...

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Drewry Maritime Financial Insight – October 2020

Container shipping: Well-coordinated capacity management ensured that all major container carriers, with the exception of Yang Ming, were profitable during the second quarter despite weak volume growth. Yet, a disconnect between shipping rates and stock prices kept investors away. But the peak season surge in volumes and record jump in rates in the third quarter resulted in stocks recalibrating now, adjusting to the recovery. As a result, major companies, including Maersk and Hapag-Lloyd, have upgraded their full-year 2020 guidance by a few notches while credit rating agencies have revised their ...

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Tankers: VLCCs Fall Once Again

VLCC Another difficult week for owners saw rates fail to gain any traction. There was talk midweek of 280,000mt fixed west at WS17.5, but thereafter the market Middle East Gulf to US Gulf via the Cape/Cape routing softened and is now assessed at a shade above WS15. In the 270,000mt to China trade, the week started with rates around WS28.5, but have now eased around three points. In addition, a run to Taiwan went at WS23 and Korean charterers fixed 274,000mt cargo at WS20.75 although this was on ex-drydock tonnage. ...

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Seaborne Thermal Coal Demand To Rise Over Next Decade

An accurate understanding of thermal coal demand is important in the context of ongoing interest within Australia, our region and the world about the future of coal. Recent analysis suggests that Australia’s world-leading thermal coal producers can benefit from strong future demand growth, especially in our region. It is clear that the global seaborne thermal coal market has grown strongly in recent years. Global seaborne thermal coal volumes doubled between 2006 and 2019, from 500Mt (million tonnes) to 1,000Mt, growing in volume every year of that period except 2015. The ...

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COSCO receives 3.5 stars out of 5 on environmental reporting

The Sustainability Report by COSCO could not be more different from the one by MSC, which we reviewed a few days ago. The main differences between both are the following: COSCO’s length is barely 35 pages, while MSC’s is 138 pages; COSCO includes environmental numbers in its report, MSC very few; COSCO reports only about the key issues, and does it with a “minimalist” style of providing no more than the needed information, MSC has a much longer narrative (the 138 pages is for something), illustrated with examples. Those two ...

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US Gulf Coast spot bunkers prices end October at multiweek lows

Spot retail bunkers pricing for US Gulf Coast markets continued to tumble Oct. 30, ending the month at their lowest points in weeks amid sustained pressure from retreating crude and diesel futures, while demand fundamentals also continued to weigh. The most pronounced volatility in October was seen in retail 0.5%S marine fuel segments, with recent feedback pointing to weak demand and suppliers closing deals at lower levels for small volumes while recouping value via elevated $/mt barging rates. Houston spot retail 0.5%S pricing came off $1 to be assessed Oct. ...

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US goods exports recovery in September supports container demand: Commerce

An increase in US goods exports in September more than made up for a drop in imports last month, keeping underlying demand for containers strong, US Commerce Department data Oct. 28. The US international trade deficit narrowed in September to $79.4 billion from $83.1 billion in August. The total value of exported goods in September rose by $3.2 billion to $122 billion, while imports fell by $500 million to $201.4 billion last month. “Global trade is picking up as the dollar weakens,” investment bank Jefferies said in a research note. ...

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Moore Maritime Index: 2019 Revenues for Tankers Far Higher, but Lower for Bulkers

Moore Greece, an accounting and consulting firm specialising in the shipping, media and hotel sectors, announces that the Moore Maritime Index “MMI”, a database that contains operating costs and revenues from more than 1,500 vessels, has been updated and is available with the 2019 data. The data comes from audited financial statements of ship owning companies only, and therefore the results produced by the Index show the “real world” of financial performance of the shipping industry across more than 20 vessel types. Key findings: · The Tanker sector performed significantly ...

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ONE makes giant leap in quarterly profit

Ocean Network Express (ONE) reported Friday that its quarterly profit “significantly increased” — by a whopping 326%. The Singapore-based container carrier said the profit for the second quarter of its 2020 fiscal year was $515 million, a $394 million leap from the $121 million profit in the same period last year. ONE’s fiscal year runs from April 1 to March 31. “This increase is mainly due to the improvements in the short-term freight market following a return to steady cargo demand,” ONE said. “From Q1 and through Q2, the supply-and-demand ...

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Ningbo Containerized Freight Index Report, 30 October 2020

In the week ending Oct-30, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE)

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Panama Exceeds 11 Thousand Movements Relating To Crew Changes

The logistics deployment carried out by the Republic of Panama, through the Panama Maritime Authority (AMP) which includes various government institutions, shipping companies and shipping agencies, acting in a synchronized manner with the mission of providing a response to seafarers and to the crew who need to return home, has been praised worldwide, being a subject of reference by the International Maritime Organization (IMO). From March 19, 2020 to October 28, a total of 11,050 movements relating to crew change was reached, broken down into: 7,323 (repatriations and disembarkations) and ...

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Greece gets strong non-binding interest for Igoumenitsa port

Greece on Friday received nine non-binding bids for a 67% stake in Igoumenitsa port, its privatisation agency said on Friday. Bids were submitted by Aegean Oil, Attica Holdings and a consortium of Archirodon Group and ANEK & Trident Hellas Group. The other bidders were a consortium of Grimaldi Euromed and Minoan Lines, Danthia Shipping, MRG Ltd, Portek International, Quintana Infrastructure and Thessaloniki Port Authority , the agency said. The deadline for bidding expired at 1500 GMT on Friday. Greece embarked on an ambitious privatisation plan in 2010, at the start ...

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HEINEKEN pioneers with zero-emission shipping

As the maritime industry seeks ways to become carbon-neutral, a new initiative – backed by some of the biggest corporations in the world – is designing entire systems to make inland waterways emission-free. When brewer HEINEKEN decided it wanted a carbon-neutral way of moving 45,000 containers of beer a year along rivers and canals to the port of Rotterdam, it was not looking for a standalone solution. Instead, the company gathered a series of big corporate names to hit the start button on Zero Emission Services (ZES), which aims to ...

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Is The UN Shipping Agency, The IMO, Still Fit For Purpose?

The embattled UN agency responsible for regulating global shipping was in the headlines again last week. This time for facilitating an agreement that broke the Paris Agreement on Climate Change with emissions from shipping that actually increased rather than decreased by 2030. This comes as hundreds of thousands of seafarers put their lives at risk for the owners of large shipping companies, bypassing safety laws that the IMO does not enforce. Shareholders of large shipping companies have seen their stock prices rebound 85% since the coronavirus lockdown, generating over $23 ...

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