Among other subsegments of the shipping market, one of the most heavily impacted by the current lockdown situation in many countries around the world, is the demolition segment. In its latest weekly market report, shipbroker Clarkson Platou Hellas said that “with the Indian sub-continent having endured its first full week of lockdown, it is now an extremely difficult and unknown time for the industry with tonnage still arriving at the delivery anchorage unable to commence their custom formalities to gain inward clearances into the destinations as the port closures remain ...

The coronavirus outbreak has affected all aspects of the shipping industry, lowering, if not wiping out, demand growth prospects for the year across all segments. The outbreak has also affected fleet development. Contracting activity has fallen, demolition activty, which had been high, is now being limited by restrictions around the world and delivieries of new vessels are delayed. “The coronavirus has certaintly replaced the IMO 2020 sulphur regulation as the talking point of the year. The demand outlook has weakened and uncertainty has increased across the board. This combination is ...

For those wondering what a quality flag represents, they need look no further than The Bahamas. Its steadfast commitment to quality and safety has once again been recognised by the United States Coast Guard (USCG) through its Qualship 21 programme (Quality Shipping for the 21st Century). The Bahamas Maritime Authority (BMA) is proud to be included in the USCG ‘Qualship 21’ list which recognises the quality of Bahamas registered ships, their owners/managers and crew, operating to and from United States ports. The Bahamas always strives for zero detentions and is ...

The current oil market situation is offering tanker owners many opportunities to raise their earnings and revenues. However, the long-term consequences could be less ideal, especially if many oil companies go under water. In its latest weekly report, shipbroker Gibson said that ” restrictions on the movement of people as the Covid-19 virus has spread globally. This has been compounded by the rapid rise in crude flooding the market from Saudi Arabia and other Middle East producers as they try to increase market share after the OPEC+ talks broke down ...

Capesize The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordinary before surging on Tuesday prior to the index publishing. Improved South African loading options and activity out of Brazil were cited as the cause. Countering that, Vale announced that same evening it forecast cuts to iron ore output due to Coronavirus lockdowns. The market remains a touch above OPEX levels, with the Cape 5TC closing the week at $5,949. Cargo supply remains weak, while Covid-19 fallout ...

At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who chose the SOx -scrubber pathway to compliance began the modern era of emissions reduction. Scrubbers have been operating in marine environments for almost 30 years, so owners were not exactly entering a brave new world of technology. But any time a new technology is integra¬ted into an individ¬ual vessel’s operating system, lessons are learned; and these lessons create a knowledge base that operators with less experience with scrubbers can draw ...

As the first data regarding crude oil in 2020 emerges, owners are looking for clues as to the future of demand, although much of it will become redundant as a result of the pandemic crisis and the global recession that’s bound to follow. In its latest weekly report, shipbroker Banchero Costa said that “the COVID-19 crisis has reached India as well now, with the country going into a 21-day lockdown starting March 25th, 2020. The measures have begun affecting trade and shipping, as berthing and uploading activities are halted at ...

Bunker prices have had quite a ride over the first quarter of the IMO 2020 implementation and alongside them the premium for scrubber-fitted bulk carriers. Crude oil and bunker prices literally collapsed over the last weeks as a result of the Saudi Arabia-Russia oil supply war. Added to that, supply logistics for the compliant fuel improved while the incoming scrubber retrofitted vessels pressured the HSFO price further. This matrix led the bunker price differential to end the quarter at $79/mt (Rotterdam prices on March 31st). Since the scrubber premium is ...

If ever there was a leading indicator to the commodity index this year, it is the Panamax freight market. Already coming under heavy pressure in the last quarter of 2019 these mid-sized workhorses of the dry bulk market started 2020 on the same bearish footing; this before COVID-19 had reared its unwelcome head. Nothing really equals freight volatility when it gets going, so to freight traders a 28% drop in the Bloomberg Commodity Index is akin to an afternoon’s work for a busy FFA trader. As bleak as the world ...

The impact of the pandemic’s expansion around the world and its financial implications are about to put a halt to the shipping industry’s three-year recovery process. In its latest weekly report, shipbroker Allied Shipbroking said that “at this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight without some sort of mention would be a major disconnect with the current reality being faced. As of late, the “eye of the storm” of this pandemic is now ...

The COVID-19 outbreak has been causing a huge impact on people’s lives, families and communities. As the international response continues to develop, organisations are operating in uncharted waters. Critical information on the characteristics of this new virus and its impacts on the global business activity are difficult to assess and are changing overnight. In these unprecedented times, the ability of shipping services to continue undisrupted to transport food, energy and medical supplies across the continents will play a critical role in overcoming this pandemic. In parallel, shipping operations face great ...

The coming decade for the shipping industry promises to be a momentous one, with change and challenges expected on a scale not seen in living memory. The scale and rate of advancement across our sector over the next few years is set to heighten the importance of innovation, collaboration and operational efficiencies, as owners and operators seek to adapt to the changing landscape in a step change fashion. As emissions regulations continue to tighten as the shipping industry moves towards the IMO’s 2030 and 2050 emission reduction targets, the need ...

With much of the supply chain disturbed and businesses around the world being forced to implement remote work routines, digitalization and its benefits are becoming more and more apparent. Shipping could be no exception. In its latest weekly report, shipbroker Intermodal said that “there is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest developments on a global scale indicate that most probably we are among the less fortunate. Another saying though suggests that “there is always something good in ...

The usual seasonality in tandem with the coronavirus shockwave have dealt a heavy blow to the dry bulk shipping market during the first quarter of the year. Capesizes hurt the most Capesizes have been hit the worst. Since their trade is China-centric, the nation’s paralysis that followed the virus outbreak had demand for iron ore, which capes rely on, declined. To put things into perspective, China is holding 70% of the global iron ore demand and 35% of the total dry bulk seaborne imports worldwide. Shutdowns across the country dented ...

Almost overnight the global effort to fight the coronavirus has forced companies around the world and across all sectors to take drastic measures to shut their businesses, offices, premises, worksites and yards for an, as yet, indeterminate period of time. Companies are facing many difficult questions about business continuity and their workforce in this fast-developing emergency, including their ability to perform existing contractual obligations under their commercial contracts. A critical question will be whether businesses can call on contractual force majeure and other provisions to excuse performance and if not ...