Ships’ decommissioning and sold for scrap in East Asia’s scrapyards are expected to slow down over the next month or so, on religious holidays. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “with the holy month of Ramadan having now started, it is anticipated that activity and inquiry could slow down as the appetite from the waterfront begins to subdue in the forthcoming weeks as production on the recycling yards dwindles down. Having said this, the week leading up to this holy month generally sees an active ...

ABS completed an in-depth techno-economic evaluation commissioned by Dorian LPG, evaluating compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “As owners and operators evaluate their compliance options for the impending 2020 Global Sulfur Cap, it is critical to understand how each option will impact their fleet and operations,” said ABS Senior Vice President for Engineering and Technology, Derek Novak. “We worked closely with Dorian LPG throughout this evaluation to demonstrate ...

Cyprus has ratified the International Convention for the Control and Management of Ships’ Ballast Water and Sediments 2004 (the BWM Convention).(1) The law ratifying and implementing the convention took effect on its publication in the Official Gazette on May 4 2018. The BWM Convention entered into force on September 8 2017 and covers more than three-quarters of the world’s merchant shipping tonnage. Its objective is to prevent, reduce and control pollution of the marine environment –especially the spread of harmful aquatic organisms from one region to another – and the ...

Shipowners’ appetite for newbuildings seems to be on the rise as we head into the summer. In its latest weekly report, shipbroker Allied Shipbroking noted that “this week may well have shown a slight drop in the volume of activity noted, against what we were seeing one week prior. Yet, it looks as though the levels of appetite being shown amongst ship owners is on the rise. Counter to the rumors circulating last week, we only had one new order emerge on the dry bulk front, though given the overall ...

On 7 May 2018, the Commission Implementing Decision (EU) 2018/684of 4 May 2018 amending Implementing Decision (EU) 2016/2323 to update the European List of ship recycling facilities pursuant to Regulation (EU) No 1257/2013has been published on the Official Journal of the European Union. The European List of ship recycling facilities was established by the Commission Implementing Decision (EU) 2016/2323pursuant to Regulation (EU) No 1257/2013on ship recycling. The purpose of the Regulation is to prevent, reduce, minimise and, to the extent practicable, eliminate accidents, injuries and other adverse effects on human ...

Gunvor Group, one of the largest physical energy trading companies in the world, has entered into a joint venture with Oceangold Tankers and Maas Capital to form ClearOcean Tankers, a new ship holding company. The three partners hold an equal share in ClearOcean Tankers, which has been incorporated in Cyprus. ClearOcean Tankers has entered into shipbuilding contracts with STX Offshore & Shipbuilding Co. for four MR2 product tankers, and with Daehan Shipbuilding Co for two LR2 product tankers. All six of the contracted vessels will be delivered during the first ...

The tanker market has been facing the doldrums for quite some time now. But if one could attempt to find a silver lining in the market since the start of 2018, this would be the Aframax segment in the North Sea. In its latest weekly report, shipbroker Gibson said that “it goes without saying that crude tanker earnings across all size groups have been at very depressed levels this year. However, if one is to choose the “winner” in terms of the worst performance, it probably will be Aframaxes trading ...

The International Chamber of Shipping (ICS) fears ‘chaos and confusion’ unless the UN International Maritime Organization (IMO) urgently resolves some serious issues concerning the successful implementation of the 0.5 percent sulphur in marine fuel cap, which is scheduled to come into effect globally overnight on 1 January 2020. Such chaos would have serious consequences for the movement of the world’s energy, raw materials and manufactured products – about 90 percent of global trade being carried by sea. This was the principal conclusion of the Annual General Meeting of ICS’s member ...

The acquisition of the Songa Bulk fleet by Star Bulk provides their new owners with a fleet renewal opportunity in the strong Panamax bulk carrier market. Spot market earnings for ships of this size have been moving steadily upwards since the start of 2016, and supply and demand fundamentals are supporting further upside. This purchase allows Star Bulk to expand their fleet on the water immediately to capture the value in the strong market, while also driving down their average Fleet age in the segment. Asset values for a 10 ...

With the geopolitical side of the oil markets taking over, the tanker freight market is looking for more signs of a sustained recovery. In its latest weekly report, shipbroker Affinity Research said that “this week has been off to a good start, as we are seeing both steady and firming trends across the board. In Suezmax markets, we have seen positive momentum yesterday with fixing down in West Africa. Sentiment is firming up nicely, and we are now looking at an average WS 65 as a representative market base for ...

Capesize Dramatic drops over the week for the big ships, with the hope of further improvements as the week began being dashed mid-week. Ongoing unrest in Guinea and disruption to bauxite exports saw some vessels re-let on the market, prompting uncertainty with those vessels chasing rates lower, especially from Brazil. As the week closed out, rumours circulated that Vale took a clutch of ships in the low $17.00s for June dates from Tubarao to Qingdao. Further north, there were rumours of weaker transatlantic rates negotiated, and timecharter levels slipped further ...

The United States (US) unilateral withdrawal from the Iran Nuclear Deal is unlikely to have any significant impact on the global crude oil trade and tonnage demand in the tanker market,as long as the deal is honored by the other signatories, and Saudi Arabia and other producers are willing to fill the possible shortage in global oil supply. The US has unilaterally withdrawn from the Iran Nuclear Deal, also known as the Joint Comprehensive Plan of Action (JCPA), accusing Iran of continuing nuclear activity. It has also re-imposed sanctions on ...

Up to 230 second hand bulkers have been traded so dar in the year, in what appears to be rather dynamic demand from ship owners. In its latest weekly report, shipbroker Intermodal noted that “half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besides the exhibition includes a number of conferences, receptions and events that will once again be attended by a truly international crowd. While the preparation fever is expected to hold, market developments keep ...

The index remains technically bullish above its MA’s, but these have started to flatten, and price action is showing neutral tendencies. The June 18 futures have broken to the downside and remain below key averages. However, this is into key support with a bullish divergence indicating it is not a technical sell. Upside moves that close above USD 11,410 would create a fresh market high and suggest the technical picture is firming. The Q3 technical is firmly stuck in a range between USD 11,615 and USD 11,880 and in need ...

We all encounter stressful events in our personal, professional or social life. It is important to remember that not all stress is negative, some stress is positive, motivating us to maximise our productivity and creativity. In contrast, ‘distress’ is negative stress, which, “is evident when a person perceives himself as lacking the ability or the resources to control a stressful situation” (Selye, 1976). Stress is defined as, “a negative emotional experience accompanied by physiological, cognitive and behavioural changes and responses aimed to reduce or change the stressful event or effects ...