Jet fuel is poised to remain the fuel of choice for aviation, despite the fact that its growth demand is bound to diminish over time. In its latest weekly report, shipbroker Gibson said that “over the past 3 years jet fuel demand has taken a hammering, with the product by far the most impacted by the pandemic for obvious reasons. However, whilst jet fuel was hardest hit, it was also the fastest growing product group in 2022 and is predicted to continue that trend this year. Aviation will contribute 1.1mbd ...

New research published by DNV reveals that the energy industry is boosting its cyber security spending this year, as heightened geopolitical tensions and the accelerating adoption of digitally connected infrastructure spark concerns over the sector’s vulnerabilities to emerging cyber threats. A majority (59%) of the 600 energy professionals surveyed by DNV say their organization is investing more in cyber security in 2023 compared with last year, acknowledging that cyber-attacks on the industry are a question of ‘when’ not ‘if’. Two thirds (64%) believe that their organization’s infrastructure is now more ...

From the perspective of spot freight rates, the market developments in the key trades from Asia to both Europe and North America were what could be expected purely from seasonal factors during the month of May. On the main Atlantic trade from North Europe to the US East Coast, however, spot rates continued to drop sharply. This is not a reflection of the market as such, but a reflection of the normalisation process still ongoing in this specific trade. Whereas, in reality, the other major east-west trades normalised towards the ...

As the debate over the potential shipping decarbonization avenues is heating up, Hellenic Shipping News (www.hellenicshippingnews.com), interviewed Mr. Dave Gregory, Managing Director of North Europe for Baseblue. According to Mr. Gregory believes that the shipping industry will struggle to meet the 2030 mandates, set by the IMO. Baseblue was created through the merger of three leading bunkering companies Bunkernet, BMS United and SBI Bunkering BV, the company’s global network proactively fuels the shipping industry toward a better future. A recent study by Mckinsey concluded that the future of bunkering would ...

Brent prices, which surged past the $85 per barrel mark after the voluntary production cut by OPEC+, have dipped below $75 per barrel because of rising concerns over global economic health. Nonetheless, the market could head towards tight supply in 2H23 if OPEC+ continues with the ongoing voluntary production curbs as demand is likely to surge, led by China. Although we believe OPEC+ might roll back the voluntary production curbs if the market remains in deficit for long in 2H23, any surge in oil prices will increase the odds of ...

Capesize The capes have faced a challenging week, marked by holiday disruptions. Despite a slow start to the week, there has been no shortage of cargo in both the Atlantic and Pacific regions. However, both markets have been grappling with an excess supply of tonnage, which has been putting downward pressure on the market. By the middle of the week, there was a significant downturn in sentiment and the overall timecharter index lost 33% to close at $9,254. The North Atlantic saw a flurry of fixing at considerable discounted rates, ...

The product tanker market could see a boost over the coming months, as the US inventories need replenishing in a period when demand is expected to grow. In its latest weekly report, shipbroker Intermodal said that “the MR Atlantic time charter average experienced a significant increase of almost 150% last week, reaching $34,841 per day on Friday. This surge was primarily driven by the excess availability of shipping capacity in the Atlantic Market, particularly in the United States and Europe. One of the key factors contributing to this substantial leap ...

Shipping finance markets remain “wide open” in 2023, in sharp contrast to the post-2008 decade, according to a ship-focused financing platform. According to Oceanis, banks today are looking to grow their portfolios and are highly competitive with each other in offering the best terms. And while base rates are currently high, they are expected to fall in the second half of the year. Between these factors, improved earnings compared to the past decade across all sectors and margins being compressed by financiers looking to grow, now remains a great time ...

What is IMO 2023? In 2011 the International Maritime Organization (IMO) established rules for new-build vessels to reduce the amount of CO2 generated from shipping called the Energy Efficiency Design Index (EEDI). In 2023, new IMO regulations created the Energy Efficiency Existing Ship Index (EEXI) to assess efficiency of existing vessels. In addition to the IMO regulations, in 2021 the European Commission (EC) adopted a set of proposals called Fit for 55 with the aim of reducing net greenhouse gas emissions by at least 55% by the year 2030. IMO ...

The tanker market seems to be going through a structural change in cargo flows, with Russian oil now being, almost exclusively sold to China, India and Southeast Asia, while Europe’s imports have fallen to just 3%. In its latest weekly report, shipbroker Xclusiv said that “opening the conversation about seaborne oil trade, it must be taken into consideration the significant switch of the trade routes and the increase of tonne miles that Western sanctions have created. For example, before the Russian invasion of Ukraine, the EU and Asia were responsible ...

Petrofin Research© presents, for the 22nd year running, an overview and an in-depth analysis of the bank loan portfolios to Greek shipping, as of 31st December 2022. 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 finance. ...

The shipping industry is being urged to take notice of the latest amendments to the International Labour Organization (ILO) Maritime Labour Convention (MLC) detailed in a new publication update from the International Chamber of Shipping (ICS), to ensure they comply and can operate and trade globally with their vessels. ICS Publications has published the fourth edition of Guidelines on the Application of the ILO Maritime Labour Convention, providing crucial updates to the shipping industry on its mandatory employment standards and best practices, to ensure compliance with the Convention and the ...

Newbuilding orders have kept growing, as owners are looking to book more berths, prior to them becoming unavailable. In its latest weekly report, shipbroker Allied said that it was “an active week in the newbuilding market, as owners face increasing pressure and prices to secure the earliest delivery slots. We have yet more MR tankers on order due for construction at Hyundai Mipo for around $8-9m less than the methanol DF vessels reported last week. MR contracting for the year so far is already over 80% of the total number ...

We predict that global dry bulk demand will grow between 1.5% and 2.5% in 2023, and between 1% and 2% in 2024. Average haul is estimated to increase slightly, contributing between 0% and 1% tonne miles in 2023. Sailing distances for coal increased due to sanctions on Russian coal, which came into effect in August 2022. Average haul for iron ore and grains could also rise as Brazil increases exports. According to the International Monetary Fund (IMF), global GDP growth is expected to slow down to 2.8% and 3.0% in ...

DNV is set to launch a Recommended Practice (RP) offering a new, accurate and transparent method for measuring, evaluating, and verifying the technical performance of ships in service. This RP is a direct response to the growing regulatory and commercial pressures within the shipping industry to decarbonize operations and establish a standardized, verifiable procedure for evaluating vessel efficiency. In the wake of the introduction of the Carbon Intensity Indicator (CII) vessels have been rated on their carbon emissions per unit of cargo-carrying capacity. However, the CII is impacted by external ...