The increasing needs of crude oil imports into the EU, sourced from different markets to the Russian one, is bringing producers like Guyana to the foray. This development is already proving to offer a boost in specific tanker classes, like Suezmaxes and VLCCs. In its latest weekly report, shipbroker Gibson said that “since the start of oil production in 2019, Guyana has been on a consistent upward trend in terms of crude exports. A big jump in exported volumes has been seen since April 2022 as the South American producer ...

Capesize The market continued to lurch its way upward as rates strengthened in flurries with numerous drawdowns along the way. The 5TC closed the week at $18,293 with strong positive sentiment remaining. The Atlantic had several fixtures out of Eastern Canada that shocked the fronthaul market into life early on in the week. However, it was at odds with fixtures out of Brazil and West Africa to China that seemed capable of dragging the values lower at ease. The dynamic led to opaque pricing visibility and indecision of market direction. ...

The world again needs the shipping industry to brave the rough seas of crises, UNCTAD Secretary-General Rebeca Grynspan said on 22 September as she addressed the Global Maritime Forum’s annual summit. Speaking at a New York navy yard dubbed the “can-do shipyard” at the height of World War Two, Ms. Grynspan said maritime trade is facing a “historic moment of crisis”. The war in Ukraine has disrupted major shipping routes and supply chains. It has also triggered global food, energy and finance crises that have sparked record prices and could ...

In its latest weekly report, shipbroker Banchero Costa said that “so far in 2022, global coal trade has been a bit of a mixed picture. In the January to August period of 2022, total global seaborne coal loadings increased by +2.2% y-o-y to 784.9 mln t, from 767.7 mln t in the first 8 months of 2021, but still well below the 853.6 mln t in the same period of 2019. However, the worst was at start of the year, and the trend in recent months has been very positive. ...

DNV has today unveiled its latest Maritime Forecast to 2050 report with a new focus on how to overcome the “ultimate hurdle” of fuel availability. A key component of DNV’s Energy Transition Outlook (ETO) suite of reports, the 84-page forecast is the sixth edition of its kind. This year’s publication considers the comprehensive production, distribution and bunkering infrastructures required to enable the maritime industry’s shift to carbon-neutral fuels. The report also presents an updated outlook on regulations, drivers, future technologies, and costs for decarbonizing shipping. It models two different decarbonization ...

In a few months short of ten years, the Maritime Anti-Corruption Network has collected over 50,000 reports of corrupt demands globally, covering more than 1,000 ports in over 150 countries, through its anonymous incident reporting system. Significantly, over 2,000 of those reports are linked to the risk of the vessel and crew’s safety including threat of physical violence. Meanwhile, 61% of all demands are for cigarettes, 71% of demands cause delay or risk of delay in port, and 61% of all reported incidents are from ports in East Asia and ...

Shipowners’ buying interest towards the tanker and LNG sector has increased considerably, over the course of the past few weeks. In its latest weekly report, shipbroker Allied Shipbroking said that “given the robust flow of fresh projects coming through as of late, we can argue that newbuilding market remained on a sustainable orbit for yet another week. In the separate sectors, the tanker market appeared more active, which also came relatively inline with the “good” freight market overview of late, as well as, the general improved forward sentiment. On the ...

The importance of the port of Alexandroupolis for peace and stability in the Southeast Europe and East Mediterranean regions, and for the economic growth of Greece due to its geostrategic location, was highlighted during the opening day of the 96th Annual Convention and Conference of the International Propeller Club of the United States currently being held in Athens till today, Thursday 22 September. “An unprovoked war in Ukraine continues to disrupt global shipping and as a result, it is no secret that the geostrategic importance of Greece has been elevated ...

Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmax’s. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility. August production figures from the Nigerian government show a drop ...

The tanker market has posted significant gains so far this year, which has also been translated in value increases. In its latest weekly report, shipbroker Allied Shipbroking said that “the rapid recovery noted in the crude oil freight market has sent asset prices soaring over the past 2 months. Since the onset of the conflict in Ukraine the energy markets have been in turmoil. In the period between March and May, the mid-sized segments (namely Suezmaxes and Aframaxes) were quick to see this translate into a large earnings windfall as ...

BIMCO Deputy Secretary General, Lars Robert Pedersen, and Director, Contracts & Support, Stinne Taiger Ivø, explain the nature and pitfalls of the regulation and why the CII clause needs careful drafting to work in practice. Decarbonising the shipping industry is a multi-layered process where many paths are being tested. The paths explored include research for sustainable alternative fuels, development of technical energy efficiency solutions, improving operational procedures aimed at reducing trading emissions, and much more. Until sourcing of alternative fuel has been established, most of the world fleet will have ...

The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios. Speaking at this year’s Chicago conference, Isabelle Therrien, Chairperson of the IUMI Cargo Committee said: “The cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance. However, the industry ...

The demolition market has firmed up in prices offered by some yards as of late, but the past week’s abrupt currency declines have created further insecurity among market delegates. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with a slight pickup in the dry freight market, until these units arrive to the recycling yards will we know whether they can be removed from the world fleet list. The higher rates that were offered do still seem for these vessels to be either for trading further by the ...

2022 will be a record year for container shipping companies. We expect the sector’s revenue to jump by +19% y/y and its operating cash flow to grow by +8% y/y. While freight rates have fallen -32% year-to-date, they are still well above the pre-pandemic average (USD6,400/forty-ft box vs. USD1,450/forty-foot box). Freight rates are likely to remain elevated in 2023 (USD 4,550/forty-foot box), given the delayed delivery of new vessels, new regulations on CO2 emissions, continued truck-driver shortages and higher prices for fuel, containers and vessels. Higher-than-expected cash generation has helped ...

SEA-LNG responds to International Council on Clean Transportation (ICCT) report: Comparing the Future Demand for, Supply of, and Life-Cycle Emissions from Bio, Synthetic, and Fossil LNG Marine Fuels in the European Union. Report uses poor data and unrealistic assumptions to misrepresent the benefits of the LNG pathway for shipping’s decarbonisation transition. The recent ICCT study comparing the demand for, supply of and life-cycle emissions from bio, synthetic and fossil LNG marine fuels fails to take account of the latest data on technology available to LNG-fuelled vessels. Cost of the LNG ...