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Tag Archives: Tops

A Glimmer of Hope for Tankers?

The tanker market could find support from the potential return to the market of Iran, Venezuela and of course shale oil in the US. In its latest weekly report, shipbroker Gibson said that “despite recent cold weather in Texas disrupting oil and gas production, a comeback in US shale may already be on the horizon given the increasingly bullish fundamentals of the global oil market. Goldman Sachs have revised up their 2021 oil forecasts to around $72/bbl WTI and $75/bbl Brent by Q3. This is significantly higher than the EIA ...

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Dry Bulk Market: Capesizes Experience Mild Downward Slide This Week

Capesize The market took on a mild downward slide during this week with the 5TC opening at $14,224 to close out at $11,934. The Pacific basin on its own showed a little more stability, remaining largely flat on the transpacific C10 and ending the week at exactly $11,500. The transatlantic C8 had a little less resilience as it dropped $2,550 to $15,025, which is albeit still a solid premium to the Pacific. Pockets of resistance are said to be building from Owners as the outlook remains firm and last week’s ...

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Evergreen wins landmark collision case in UK’s Supreme Court

It was a clear February night off the port of Jebel Ali, UAE in 2015. The conditions were benign, and visibility was good. EVER SMART, a large container ship owned by Evergreen and insured by Gard, was proceeding up a narrow channel which connects the port with the open sea, in order to exit the port. ALEXANDRA 1, a VLCC, was outside the narrow channel in the pilot boarding area. She intended to pick up the outbound EVER SMART’s pilot and enter the port via the narrow channel. At 2342 ...

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Tanker owner expects “challenging months ahead” for the market

The tanker market is expected to keep facing headwinds, at least for the next few months. In a market analysis by ship owner Teekay Tankers this week, it was noted that “crude tanker spot rates declined during the fourth quarter of 2020, due to a combination of lower oil demand as a result of COVID-19, persistent OPEC+ supply cuts, and the return of ships to the spot trading fleet from floating storage”. “Renewed lockdowns in many parts of the world due to a second wave of COVID-19 and the emergence ...

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Seafarer supply is expected to tighten heralding higher manning costs

The attractiveness of a career at sea has been an industry concern for a number of years. Long periods away from home, increasing administrative demands for paperwork on board, and the threat of criminalisation being major factors. Covid-19 impacts, which have been particularly harrowing for seafarers, have added to these issues, presaging an inflection point in global seafarer supply. As a consequence, labour market conditions are expected to tighten, adding to seafarer wage inflation and vessel operating costs. Drewry projects that the current officer shortfall to crew the global merchant ...

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Trade liberalisation a rapid route to recovery

Liberalising global maritime transport has far-reaching benefits, according to the International Chamber of Shipping – and it’s not just the maritime industry that would gain. A study from the ICS has recommended that national economies work together to enjoy the benefits of liberalising maritime transport services through the World Trade Organization (WTO), which would then open the door to more efficient and cost-effective maritime transport services. Writing in UNCTAD’s Transport and Trade Facilitation Newsletter, ICS senior advisor for policy Helio Vicente said that concrete policy actions are “urgently needed to ...

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Listed Dry Bulk Shipping Companies Revel in the Limelight

Dry bulk ship owners are once again enjoying a bit of “love” from investors, as the dry bulk market has managed to escape any potential impact from the pandemic, going from strength to strength. In its latest weekly report, shipbroker Intermodal said that “with yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantly affected the dry bulk industry compared to other industries. Castor Maritime stars in stock performance, with Seanergy Maritime, which operates in the Capesize ...

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Investing in good nutrition for seafarers brings a wealth of physical, mental and financial benefits for shipping companies, MCTC conference reveals

With all the crucial operations and decision-making that goes into running a vessel, the importance of good food and nutrition can sometimes end up overlooked. But it goes hand in hand with investing in crew members, their career development and promoting good mental health. It can drive forward increased productivity and energy among seafarers, as well as a whole range of other benefits. The issue of how important good nutrition is and how to achieve it was discussed at leading catering management and culinary training provider MCTC’s Health and Nutrition ...

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Tanker shipping: a tough year ahead as virus mutations and slow vaccine rollout hampers recovery

Overview After a turbulent year, low demand looks set to plague the market in the coming months combined with too many ships fighting for too few cargoes in both the crude oil and oil product segments. Demand drivers and freight rates The realities of the pandemic are setting in for the tanker market. The record-breaking Q2 2020 is a distant memory and, instead, the market faces a slow recovery with low demand, stock drawdowns in consuming countries (with products already where they need to be and therefore not being transported ...

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ENGINE: Americas Bunker Fuel Availability Outlook

Bunker fuels could get tighter in the US as refineries take time to recover from last week’s big freeze, and there are also pockets of tightness in bunker ports further south. Bunker terminals and suppliers in the Houston area are clearing backlogs after last week’s winter storm. Terminal operations were disrupted by freezing temperatures and blackouts. Cargo operations were reduced in several ports. Houston’s Bayport, Barbours Cut and Turning Basin terminals were shut for much of last week. Houston’s cargo handling capacity resumed over the weekend, after electric power and ...

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Ship Recycling Activity on Hold

The ship recycling market was halted over the past week, as holidays in the Far East meant a lull in sales. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the holidays in the Far East continuing into this week, the market was never able to get off the ground as a result and subsequently, an absence of activity has been seen. Little, if any, tonnage at all was even circulated in the market with buyer’s ‘inbox’ threadbare and all finding it hard to source any vessels ...

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Dry Bulk Shipping: Strong Start To Year Ends As Slow Recovery Awaits

After an unusually strong start to the year, seasonality has caught up with the dry bulk market. Coupled with a slow recovery in global economic activity, it looks set to be another challenging year. Demand drivers and freight rates The dry bulk industry has enjoyed an unseasonably robust start to 2021. Average earnings in January were much higher than in recent years, because the usual seasonal slump in cargoes was delayed. However, at the start of February, the Capesize market saw average earnings fall steeply, from around USD 25,500 per ...

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ENGINE: Europe & Africa Bunker Fuel Availability Outlook

HSFO supplies are tightening in several Mediterranean and South African ports this week, while rough weather has disrupted bunkering in the Gibraltar Strait again. ARA’s independent fuel oil stocks were slightly lower last week, but are still far above their five-year average. The stocks remain high despite a recent pull for cargoes from the east. Fuel oil has been particularly tight in Singapore in recent months and viable arbitrage economics have attracted Russian and European fuel oil producers to export increasing volumes for March delivery to Singapore. Lead times for ...

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Dry Bulk Tonnage in High Demand

A bullish sentiment is prevalent in the dry bulk market, leading to an increased demand for second hand tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, the market seems to be overflowing with bullish sentiment at this point. Overall activity was sustained for yet another at week at the firm levels that we have become accustomed to of late. Moreover, given the rising trajectory in both freight returns and asset price levels, it may well seems that a robust direction is taking ...

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Global Container Shipping Rates Are High, but Unsustainable

Global container shipping companies’ performance will be strong in 2021 after a profitable 2020, Fitch Ratings says. Spot freight rates will remain high in the short term, which will flow through to contracted rates for 2021. However, we consider the current rates unsustainable in the medium term, as the sector is susceptible to rate volatility and risks of weak economic recovery and trade protectionism, requiring constant prudent capacity management. A combination of rebounding demand for goods in 2H20, supply chain disruptions – such as container box shortages and port congestion ...

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