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Tag Archives: Tops

Political Climate Takes a Toll on Ship Recycling

The ship recycling market was in a downturn over the past few days, as a result of the recent elections in India, while a further slowdown is expected in the coming days, because of the Eid holidays. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the global ship recycling market, various destinations are exhibiting distinct trends. In India, the market is experiencing a notable decline over the past few days. This downturn is attributed to the recent elections, where the outcomes ...

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LNG newbuilding values at record high: 78 newbuild orders placed in 2024, doubling 2023

The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first five months of 2024, an increase of c.129%. Newbuilding prices for the Large LNG sector of 174,000 CBM are currently at an all-time high of USD 269 mil, up by c. 6.1%. Values for LNG vessels have increased across all sub sectors and age categories since the start of the year, with 20YO Large LNG vessels of 140,000 CBM up by around USD ...

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Red Sea disruptions increase oil flows around Cape of Good Hope

The amount of crude oil and oil products flowing around the Cape of Good Hope, located at the southern tip of Africa, increased nearly 50% in the first five months of 2024 compared with the 2023 average as commercial vessels avoided chokepoints in the Middle East. Attacks by Yemen-based Houthi militants in late 2023 prompted many commercial vessel operators to seek alternatives to the Bab el-Mandeb Strait and the Red Sea, the waterways off Yemen’s coast. In the coming weeks, we will update our World Oil Transit Chokepoints Analysis Brief, ...

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Second Hand Bulkers In Higher Demand Compared to Tankers

Demand for second hand bulkers, so far in 2024, has eclipsed the equivalent “appetite” for tankers. In its latest weekly report, shipbroker Xclusiv said that “the first five months of 2024 have drawn to a close, and activity in the bulker sale and purchase market has been significantly more active than in the tanker market. Nearly 400 bulkers (386 vessels based on our data) have changed hands so far in 2024, with a total value of approximately USD 7.7 billion (average price per vessel: USD 20 million). Greek buyers are ...

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Greek Banks’s Rise in the Global Ship Finance Market

Challenging bank conditions have been a significant “headwind” in the global ship finance market during 2023. In its latest annual report, Petrofin Research said that ““the global banking industry continued to face many challenges in 2023. The geopolitical challenges of the Ukraine war, increased sanctions and higher energy prices, the Houthi Red Sea attacks and the Israeli Hamas conflict added further complications. Unfortunately, none of the above appear to be solvable in the near future. The above led to increased trade dislocation. Nevertheless, global GDP grew by 3.2% in 2023 ...

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Port call optimisation is key to reducing greenhouse gas emissions in ports

Using SMART port technologies to facilitate ‘just in time’ ship arrivals has the potential to reduce greenhouse and pollutant gas emissions significantly at global container ports. Drewry’s latest research shows that targeting investment at ports with a disproportionate amount of waiting time will generate the highest benefits for the industry as a whole. Shipping accounts for almost 3% of global greenhouse gas (GHG) emissions and for ports ocean-going vessels are typically one of the major contributors to GHG and pollutant emissions in the port area. Notably, ocean-going vessels and inland ...

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Changing Tides Ahead for the Product Tanker Market

A new set of market fundamentals is set to have an impact on the product tanker market’s future course. In its latest weekly report, shipbroker Gibson said that “the long-awaited change in the product tanker market due to the 650kbd Dangote refinery start-up appears to be approaching. The refinery imported its first crude cargo in December last year and over the past three months imports averaged between 230kbd and 310kbd, mainly consisting of Nigerian grades, supplemented by US barrels. The refinery has also started exporting clean and dirty products in ...

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World Bank: Regional Disruptions Drive Changes in Global Container Port Performance Ranking

The newest global Container Port Performance Index (CPPI) reveals that East and Southeast Asian ports excelled in 2023, accounting for 13 of the top 20 places. Developed by the World Bank and S&P Global Market Intelligence, the fourth edition of CPPI is based on the biggest dataset ever: more than 182,000 vessel calls, 238.2 million moves, and about 381 million twenty-foot equivalents (TEUs) for the full calendar year of 2023. More than 80% of merchandise trade is transported by sea, so the resilience, efficiency, and overall performance of ports is ...

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Dry Bulk Market: Capesize Segment Slightly Higher

Capesize The week concluded on a quiet yet optimistic note, with the BCI 5TC experiencing a slight increase of $178, reaching $24,867. Cargo volumes have remained stable in the Pacific, where trading activity gradually increased, culminating in a significant rise midweek. The C5 index saw incremental gains throughout the week, ending at $11.245. In the Atlantic, sentiment was upbeat, particularly for the South Brazil and West Africa to China markets, resulting in the C3 index consistently rising, closing the week at $25.765. However, the Trans-Atlantic market remained somewhat subdued, with ...

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Container Market Goes on a Run: Volatility Expected to Persist Moving Forward

The container market has heated up considerably over the past few weeks. In its latest weekly report, shipbroker Intermodal said that “just a few weeks ago, the container shipping market seemed relatively balanced, with freight rates declining after the initial spike caused by the diversion of ships away from the Red Sea due to conflict in the region. However, the situation has changed drastically in recent weeks with the sector currently experiencing severe disruptions and a sharp rebound in spot freight rates across major trade routes with several factors contributing ...

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Posidonia 2024 Sees Flury Of New Business Deals As Shipping Industry Makes Statement Of Intent In A Boost For Global Trade And Economic Growth

The 28th edition of the biennial Posidonia Exhibition came to an end today proving once again that it is the most sought-after event to conduct business and set the policy agenda for an industry that controls over 80% of the world trade and is projected to be worth $4.2 trillion by 2031, growing at a CAGR of 7% till 2031. The eagerly anticipated Press Conference of the Union of Greek Shipowners (UGS), held every two years at Posidonia, was the icing on the cake of an incredibly busy programme of ...

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FuelEU: Monitoring plans must be ready in August

The purpose of the FuelEU Maritime(FuelEU) is to stimulate shipping’s uptake of renewable and low-carbon fuels to reduce greenhouse gas (GHG) emissions. Vessels trading within or calling at the EU/EEA, regardless of their flag, will have to comply with the GHG emission limits of the energy used onboard. Further details about the regulation can be found in our introductory article. Whilst vessels over 5,000 GT have had to submit Monitoring Reporting Verification (MRV) data since 2018, the FuelEU Monitoring Plan is separate to this. Vessels cannot rely upon existing MRV ...

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Alternative Fuels and Seafarer Upskilling Dominate Discussions at Greener Shipping Summit 2024

Alternative fuels and seafarer upskilling took centre stage at the ‘Greener Shipping Summit 2024’ held at Posidonia 2024 this week. Under the theme ‘New Technologies and Education’, the thought-provoking summit was organised by Newsfront/Naftiliaki and supported by MARTECMA (Marine Technical Managers Association). Panel discussions shared insights on topics spanning technology, new shipping professions, energy transition, digitalisation, training and education onboard, marine education, and many more. Dimitris Fafalios, Chairman of INTERCARGO, keynoted the event. He said: “We cannot achieve the IMO goals without safety. Shipping is an extremely broad term covering ...

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Charter owners’ share of fleet has fallen to 40%, lowest since 2002

The charter owners’ container fleet has grown at an average annual rate of 3.2% for the past twelve years and currently stands at 11.7m TEU. The operator owners’ fleet has however grown faster, so the charter owners’ fleet now makes up only 40% of total container fleet capacity, down from 50% in 2012,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. The charter owners’ share of the container fleet has fallen every year during the past twelve years but a third of the 10 percentage point fall in share occurred during ...

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Capesize Market Insights – C3 Route Supply

This week’s Chart visualises the number of Capesize vessels on the Brazil to North China route for May, compared to the Baltic rates. Our last update, before the end of April, noted a decreasing trend in the number of ballast vessels recorded. By the end of May, Capesize vessel rates on the Brazil to North China route have exhibited a weakening trend, while the number of ballasters has been increasing. Concurrently, the growth in demand tonne days continues to decline. The second quarter of the year brings uncertainty surrounding Chinese ...

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