Turkey’s crude oil exports have been a major contributing factor in the country becoming a major player in the Mediterranean, despite the absence of its own reserves. In its latest weekly report, shipbroker Banchero Costa said that “2023 so far has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Aug 2023, global crude oil loadings went up +7.0% y-o-y to 1,440.7 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the ...

At the London International Shipping Week headline conference, Yana Popkostova, the founder and managing director of the European Centre for Energy and Geopolitical Analysis, delivered a speech that delved into the complex relationship between geopolitics, decarbonisation, and the shipping industry. Popkostova’s expertise in energy and climate geopolitics provided invaluable insights into the challenges and opportunities that lie ahead. She set the stage by highlighting the significance of considering geopolitics and decarbonisation in the industry’s resilience plans. According to Popkostova: “It’s important for all of us to try to unpick today ...

Ships play a crucial role in global trade, transportation, and exploration. However, their operations are inherently exposed to various risks, ranging from maritime accidents to piracy, war and environmental hazards. Implementing effective risk prevention strategies is essential to ensure the safety of hull & machinery, crew, cargo, and the marine environment. This essay will discuss key risk prevention strategies that can be employed on ships to minimize potential hazards and ensure safe and smooth sailing. 1. Competency and Crew Training. The foundation of any risk prevention strategy begins with a ...

The dry bulk market has been on a growth “spree”, as a number of disruptions in key waterways have had an impact on tonnage availability. In its latest weekly report, shipbroker Xclusiv said that “the midsize dry bulk segments have reached 4-month highs, driven partly by low water levels on the Mississippi river and the Panama Canal’s daily transit limits and draught restrictions. The BPI closed the week at 1,656 points, a level not seen since 25th April 2023, while the BSI and BHSI closed the week at 1,221 and ...

Newbuild contracting activity during the past five years has been low at about 5.46 million DWT per year. In addition, the product tanker order book hit a low of 9.67 million DWT in December 2022, the smallest order book since June 2001. Due to the low contracting of ships, the fleet has only grown at an average annual rate of 2.6% between 2018 and 2023. Deliveries from the current order book will remain low until 2025 when they are expected to exceed 8 million DWT for the first time since ...

The unwinding of supply chain inefficiencies and rising vessel orders are set to dampen positive deadweight demand in the dry bulk market according to Maritime Strategies International. COVID-related supply chain inefficiencies and associated port congestion have almost fully unwound and while the MSI outlook on the prospects for trade volumes this year is considered positive, growth in actual dwt demand is limited to only 0.25% year on year. MSI’s Q3 Dry Bulk market* report notes that while this quarter’s demand forecasts for 2023 is higher by 1m dwt, its fleet ...

Newbuilding ordering activity was on the downside this past week. In its latest weekly report, shipbroker Allied Shipbroking said that “the quietest week so far in September for new order contracting, with just 16 firm orders rumored this week – just over half of last week’s number. In the dry bulk sector, Meadway Shipping have returned to Oshima for a Handysize with the same specification as their June order. The yard is now thought to have filled its slots until 2027. Also in the bulker sector, Grieg Maritime have declared ...

In the third week of September, freight rates in the various ship categories increased significantly, indicating a robust upward trend. At the same time, there is a noticeable optimism in Chinese economic activity, supported by a number of strategic stimulus measures by policy makers. In recent weeks, policymakers in China have introduced a comprehensive package of measures to boost economic growth and support the real estate market and the national currency. Most notably, the People’s Bank of China took decisive action on Thursday, cutting the reserve requirement ratio for banks ...

This analytical piece provides an in-depth examination of current trends in blank sailings across major shipping routes, encompassing the Transpacific, Transatlantic, and Asia-North Europe & Mediterranean trades. Shipping firms cancel or exclude planned journeys for various reasons, including seasonal demand shifts, trade imbalances, port congestion, labor disputes, adverse weather, or unforeseen events like the COVID-19 pandemic. In 2021-2022, carriers added extra voyages to meet rising demand, but supply chain issues caused ships to get stuck in port queues, resulting in numerous cancellations despite increased capacity. Nevertheless, blank sailings have been ...

The ship recycling market is in a state of flux, as more offers are being presented to ship owners compared to the previous weeks. However, many yards are still absent from the market, in anticipation of more tonnage, most notably container ships, being available for demolition. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “despite slight falls this week with the local steel markets in India, offers from buyers for any available tonnage has seen an increase this week, most likely as recyclers look to fill their ...

With IMO targets becoming more ambitious, DNV’s latest Maritime Forecast to 2050 explores how shipping can reach its decarbonization goals. With an expected shortfall of carbon-neutral fuels, the maritime industry needs to explore all decarbonization options to achieve a 20% reduction in greenhouse gas emissions by 2030. This is a decisive decade for shipping decarbonization with the transition accelerating through new policies in the EU and the IMO’s ambitious decarbonization strategy aiming for net-zero by 2050. Maritime needs insight into and evidence of designs, fuels and fuel technologies that will ...

As shipping attempts to chart a course to a zero-carbon future, there is a general acceptance that decarbonization will require all stakeholders to contribute. The regulatory mechanisms are being deployed in full force. At the same time, there are concerns about the vagaries and lack of concrete language in recent announcements. Ultimately, the way the maritime fleet operates today has to change. While many businesses are looking to ship designs and fuel types to reduce emissions, the reality is that these options are long-term bets. With the first of MEPC ...

The diesel trade in ton-miles demand is a totally different “animal”, after Brazil has significantly increased Russian diesel imports. In its latest weekly report, shipbroker Intermodal said that “the diesel import landscape in Brazil has undergone a significant transformation with a surge in Russian diesel imports, impacting the energy and shipping sectors. Diesel prices in Brazil experienced significant fluctuations lately, driven by the breach of the Russian price cap. Russia strategically increased exports of petroleum products to Brazil following EU and G7 embargoes and price caps. This reshuffled the global ...

Container xChange, an online container logistics platform held its 5th edition of its Ultimate Container Networking Event, the Digital Container Summit 2023 on 13-14 September 2023 in Hamburg, Germany. Industry experts like Peter Sand, Xeneta, Antonia Ambrozy, Freightos, John Fossey, Drewry, Nick Saavides, Loadstar, Supal Shah, Arcon Container, Jack Sun, Orange Container Line, Danny den Boer, SeaCube, and Stefan Verberckmoes, Alphaliner/AXSMarine examined container leasing, demand-supply dynamics, market shifts, and strategic insights, providing an unparalleled understanding of the industry’s current landscape and its future trajectory. Demand- Supply Dynamics; the shipping outlook ...

A panel of industry experts delved into the pressing issues facing the global supply chain as part of Reed Smith’s London International Shipping Week (LISW) event. The speakers engaged in a discussion that focused on the biggest challenges facing the sector, including geopolitical uncertainty, the complexities of sanctions, and the adoption of decarbonisation. A packed audience from across the shipping industry joined to hear the views of Aimee Nolan, Cargo Line Underwriter at Hiscox London Market, Mark Jackson, Chief Executive Officer at The Baltic Exchange, Faye Thompson, Legal Counsel at ...