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Overwhelming Tanker Orderbook Is Pushing Some Owners To Retire Ships Well Below 20 Years of Age

In its latest weekly report, shipbroker Allied Shipbroking said that “one thing that can be said with certainty is that 2018 is all but what can be described as a stellar year for the tanker market, given the turmoil it has faced during these past five months and the repeated inability to show an ability to sustain itself on a stable track. Given that VLCCs are often considered as the flagship size segment for the crude oil market, it is notable to point out that they their TCE earnings eased ...

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Hellas: Shipping Industry’s Loan Exposure Falls by 5.62% to $54 billion Says Petrofin Bank Research

Petrofin Bank Research presents, for the 17th year running, an overview and an in-depth analysis of the bank loan portfolios to Greek shipping, as of 31st December 2017. Petrofin wish to thank all participating banks for their steadfast support, without which this research would not have been possible. The portfolios show both the shipping loans outstanding, as well as loans committed but undrawn. The committed but undrawn loans may be viewed as an indication of each bank’s ship lending momentum and / or the extent of its involvement in newbuilding ...

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Bunker fuel supplier Aegean cuts clients’ credit terms: sources

Aegean Marine Petroleum, one of the world’s largest bunker fuel suppliers, has limited payment terms for its marine fuel customers to as little as 14 days after delivery, according to three buyers familiar with the matter. Two of the buyers said Aegean now only offers 14 days of credit to clients. A third said for one of its recent purchases from Aegean it was only granted 14 days’ credit, while another arranged through a broker was with 30 days’ credit. Ship operators typically pay for their bunker fuel several weeks ...

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Olefin trade not helping LPG shipowners

The freight market for S/R (Handysize) vessels will remain under pressure throughout 2018 on account of strong fleet growth and weak olefin trade, according to the latest edition of the LPG Forecaster published by global shipping consultancy Drewry. The market has been under pressure since 2017, but olefin trade growth has averaged 3.1% annually over 2012-17, down from 4.0% during 2007-12. Although s/r vessels can also carry LPG, the market is oversupplied with bigger f/r vessels and there is limited employment opportunity in this trade for Handysizes. There are several ...

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Carbon Targets for Shipping can only be met with ‘Zero CO2’ Fuels

The ambitious CO2 reduction targets set by the UN International Maritime Organization (IMO) for the year 2050 can only be delivered with the global rollout of zero CO2 fuels and propulsion systems says the International Chamber of Shipping (ICS). Speaking at the annual Summit of Transport Ministers hosted by the OECD International Transport Forum in Leipzig, ICS Deputy Secretary General, Simon Bennett said: “As well as being consistent with the 1.5 degree climate change goal, the IMO targets are far more ambitious than what has so far been agreed for ...

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Dry Bulk FFA: Supramax Market Bullish

Little changed on the index from last week. Technically bullish but price action is neutral and between the shorter period EMA’s. Last week the June futures were considered technically bearish but not a technical sell due to the market divergence. Price rallied, held at the USD 11,410 resistance and is once again testing the lows. Again, this market is not a technical sell as we remain in the support zone with a high probability the market will once again diverge. The Q3 broke resistance by just USD 2 before selling ...

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Ensign research reveals “alarming disparity” between employers and workers on pensions

Employers in the maritime industry could be missing out in the battle to attract top talent by underestimating the importance of pensions as part of their employee benefits package, according to new research published today by Ensign. The research points to a significant disconnect between the importance attached to retirement saving by maritime industry employers and their staff. While more than half of employers surveyed see pensions as a “not very” or only “moderately” important part of their overall employee benefits package, a similar survey of workers in the sector ...

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Sovcomflot to provide technical supervision for the construction of Rosneft’s new LNG-fuelled tankers

At the St. Petersburg International Economic Forum yesterday, Sovcomflot (SCF Group) and Rosnefteflot signed an agreement whereby SCF’s specialists will provide technical supervision during the construction of Rosneft’s new LNG-fuelled Aframax tankers. This latest step is part of a package of agreements, signed in 2017, involving the construction of LNG-fuelled Aframax tankers for Rosneft, using the latest technology, in partnership with Zvezda shipbuilding complex in Primorsky region, and their subsequent long-term chartering. The agreement represents an important further step in the successful cooperation developing between Sovcomflot and Rosneft. When designing ...

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CMA CGM: Volume and revenue growth in a market environment affected by the rise in oil prices

On the release of the financial results, Rodolphe Saadé, Chairman and CEO of the CMA CGM Group stated: “The shipping industry is experiencing sustained growth but was hit in the first quarter by the sharp increase in bunker prices. In this environment, CMA CGM succeeded in recording a strong increase both in volumes transported and in revenue, while maintaining a positive core EBIT margin, thus demonstrating once again the relevance of our strategy. Volumes should remain high throughout the year. In order to deal with the increase in bunker prices, ...

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AET secures DP2 shuttle tankers with Petrobras

AET, one of the world’s leading petroleum tanker owners and operators announces extension of partnership in the DP2 shuttle tanker sector with Petróleo Brasileiro S.A. – Petrobras, the Brazilian multinational petroleum corporation. AET was recently awarded a contract to own and operate four specialist DP2 Suezmax Shuttle Tankers on long-term charter by Petrobras. These new vessels will be in addition to the two AET DP2 ships currently on charter in the Brazilian Basin for Petrobras. The four 152,000 DWT DP2 shuttle tankers will be built by a Korean shipyard for ...

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Concordia Maritime strengthens its position in the crude oil tanker segment Three suezmax tankers chartered in with Stena Bulk

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. ...

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World’s first blockchain platform for marine insurance now in commercial use

EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance. In an increasingly complex and ever evolving risk landscape, global businesses will use the platform to transform how they manage risk across their organization, and how they work with brokers and (re)insurers. Insurwave, built by a joint venture between EY and Guardtime, leverages blockchain and distributed ledger technologies Microsoft Azure infrastructure and ACORD data standards. ...

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Combined coal stocks held by China’s six key power plants down 3.5% on week

Combined coal stocks held by China’s six key coal-fired power generators in southern and eastern China totaled 12.58 million mt Thursday, down 3.5% from 13.04 million mt May 17, according to figures released by port operator Qinhuangdao Port late Thursday. The six key power generators are: Zhejiang Power, Shanghai Power, Guodian, Datang, Huaneng and Guangdong Power which is better known as Yudean. Based on the current coal consumption rate, the stocks are able to cover 15.80 days of consumption at the six power plants, down 1.75 days from 17.55 days ...

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„Fehn Pollux“ on her way to rebuilding

“Fehn Pollux” is on its way home. After arriving in Leer in late May, the 4200 dwat vessel will be the frst ship to be equipped with the prototype of a newly developed sail propulsion system. The Eco Flettner * exploits a wide range of wind speeds thanks to its extended speed range. The additional thrust gained from wind energy is intended to reduce fuel consumption and harmful emissions. As the sailing power increases, the engine power can be reduced. The rotor consists of a18 meter high cylinder with a ...

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Are you ready to be fully electric by 2021?

Last week, Kalmar announced that our full offering will be available as electrically powered versions by 2021. Why have we taken such a leap with our entire product portfolio? Because the industry demand is there, and it’s growing much faster than anyone could have anticipated only a few years ago. Right now, the strongest demand for all-electric container and material handling solutions is coming from forward-looking customers in several different markets. Simultaneously, the development of these solutions is accelerated by numerous regional and state initiatives around the world, many of ...

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