Crude oil exports so far in 2024, have returned to positive, after a drop in 2023. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in JanAug 2024, when global loadings increased by +1.1% y-o-y to 1475.3 mln t, ...

This week’s analysis highlights the contrasting trends in dirty tonne days versus VLCC tonne days. The VLCC segment has experienced a noticeable decline since the end of the first quarter of this year, in contrast to the growth observed in dirty tonne days. This week’s special focus dives into the dynamics between dirty tonne days and VLCC tonne days. The data reveals a distinct downward trend in VLCC tonne days, particularly noticeable from the end of the first quarter of this year. This trend suggests a weakening in the VLCC ...

We know more about what the landscape for East-West container services will look like in 2025 after this week, but there is still plenty of uncertainty with the final network to be dictated by external events. The reshaping of container alliances and their East-West liner schedules for 2025 took a big step forward this week with the release of a second draft network plan by the Gemini Cooperation partners, Maersk and Hapag-Lloyd, a new list of services for THE Alliance (ONE, HMM and Yang Ming) – which is to be ...

China’s import and export cargo demand could offer mixed prospects in the coming months. In its latest weekly report, shipbroker Xclusiv said that “China’s exports surged in August at the fastest pace in nearly 18 months. This significant growth, up 8.7% in dollar terms, suggests that manufacturers are rushing to fulfil orders before tariffs imposed by various trading partners take effect. However, imports grew at a much slower rate, increasing by only 0.5% and falling short of expectations. This contrasts with the 7.2% growth seen in July. China’s exports have ...

Terminals sometimes require an owner to accept certain conditions before allowing the vessel to access or use their facilities, typically in the form of a “Conditions of Use” document, “Port Liability Agreement” or similar (COU). This is particularly common at LNG terminals. While it is normally the shipowner (or the Master on their behalf) who is required to sign the COU, it may also have an impact on the charterers and their P&I cover. The terms of these COUs are often onerous in nature. They may, for example, provide that ...

Void spaces Tanker men are usually familiar with the dangers of cargo tanks and other enclosed spaces; they are used to the problems of gas-freeing and checking for dangerous gases and lack of oxygen. They have the equipment and understand the need for entry procedures and entry permits. There may be less awareness of these problems among the crew on board dry cargo vessels, but still both ballast tanks and void spaces may be very dangerous to enter. The oxygen level of the air inside may be reduced, especially if ...

The ship recycling market has remained in “struggle” mode over the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “ship recycling activities across all major destinations continue to struggle, with market sentiment largely negative. In India, the market has been down for months with no signs of recovery, and hopes for improvement are fading. Bangladesh faces a regressive market with daily declines, while compliance measures have become stricter. Pakistan’s market remains stagnant, showing no noticeable improvements or momentum. Similarly, in ...

The special focus this week is on the monthly quantity of soybeans and corn exported to China, comparing the current year’s shipments to the growth trends seen in the previous two years. Brazil continues to surpass the U.S. in terms of monthly shipments sent to China, maintaining a dominant position. However, both countries experienced a significant slowdown in the summer months, raising concerns about the overall health of China’s economy and its future demand for grains. This slowdown reflects broader economic uncertainties within China, where the country’s grain reserves are ...

“Between January and August 2024, the number of recycled ships has dropped 42% y/y, the second lowest level in 16 years. The market has seen high freight rates and strong demand, delaying the recycling of older ships. On the supply side, the fleet has continued to grow slowly, limiting fleet renewal,” says Filipe Gouveia, Shipping Analyst at BIMCO. So far this year, only 45 ships have been recycled, adding up to 2.5 million deadweight tonnes (DWT) or 0.2% of the fleet. Recycling declined in all segments, with capesize and supramax experiencing ...

Ship owners have kept on piling more newbuilding orders over the past week. In its latest weekly report, shipbroker Banchero Costa said that “we keep seeing orders piling up with the trend of multiple ships being packed together (or options being declared). This is the case predominantly for the gas carrier and container market. In the gas sector Qatar Energy is expanding their order at Hudong Zhonghua with an additional 6 x 271,000 cbm called Q-Max (the largest existing gas carrier under construction). In the container sector Eastern Pacific increased ...

The Methane Abatement in Maritime Innovation Initiative (MAMII) has opened a new protocol for consultation to encourage methane reductions in shipping. The Methane Measurement Protocol (MMP) is the first industrywide effort to establish a universal method for measuring methane. This initiative aims to provide a practical system for the global shipping sector to credit, validate, and certify methane performance. Building on established frameworks, such as those from the International Organization for Standardization (ISO) and the International Maritime Organization’s NOx code, the protocol has been released for public consultation. Panos Mitrou, ...

Chairing the Ocean Hull Workshop at today’s International Union of Marine Insurance (IUMI) 150th annual conference in Berlin (Germany), Ilias Tsakiris, General Manager of American Club Europe, CEO of Hellenic Hull, and Chair of IUMI’s Ocean Hull Committee opened by saying: “As we celebrate this milestone, we are reminded of the legacy we’ve inherited but also of our responsibility to prepare for the future. The marine insurance sector has a long history of adaptability, and now, more than ever, we must remain nimble as the world around us changes.” He emphasized ...

Newbuilding orders for product tankers have been on the rise since the start of the year. In its latest weekly report, shipbroker Xclusiv said that “strong demand has been a key driver of robust product tanker markets, further amplified by geopolitical disruptions. The Russia-Ukraine conflict led to a significant shift in trade flows, boosting products’ tonne-mile trade by over 10% in 2022-23. Additionally, vessel rerouting via the Cape of Good Hope, due to Red Sea disruptions, is expected to add around 5% to tonne-mile trade in 2024. These disruptions have ...

FuelEU Maritime – part of the EU’s Fit for 55 package – will apply from 1 January 2025 to all commercial vessels over 5,000GT trading in the EU that are used to transport cargo or passengers. By the end of August 2024, shipping companies were to submit ship-specific monitoring plans. The FuelEU Maritime regulations focus on greenhouse gas (GHG) emission intensity of energy used onboard a vessel trading in the EU, or EEA, as measured on a ‘well-to-wake’ basis. It therefore includes emissions relating to extraction, production, and transport of ...

Last week’s Draghi report stressed the need to keep European shipping internationally competitive. At the same time, it found that shipping needs €40 billion annually to decarbonise. European shipowners release today their position paper on a European Maritime Industrial Strategy as part of the new Clean Industrial Deal. European shipping is a geopolitical asset for Europe and a cornerstone of the energy, food and supply chain security of the continent. European shipping controls 39.5% of the global tonnage. European shipping makes Europe a leader in the global supply chains and ...