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Tag Archives: Tops

New Regulations in China Bring Havoc in Ships’ S&P Market

Recent regulatory changes in China regarding the use of modern vessels has brought about mayhem in the market for second hand ships, as ship onwers are scrambling to comply to the new rules. In its latest weekly report, shipbroker Intermodal said that “the new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been trying to secure vessels with very prompt delivery (by end of July). We have seen a number of reported deals not going through in ...

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Much work remains on IMO’s implementation guidelines for 2020 sulphur limit

Many issues remain unresolved following last week’s intersessional working group (ISWG) meeting at the IMO to develop guidelines to support the consistent implementation of the 0.50% sulphur from 1 January 2020. The meeting made good progress on planning and preparatory issues, having developed a ship implementation plan and informative annexes that will be sent to the Marine Environment Protection Committee (MEPC 73) in October this year for approval. The ISWG, under the auspices of the Sub-Committee on Pollution Prevention and Response (PPR), also developed draft text for regulatory amendments under ...

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Questions on US clean up operation

Reports suggest that possibly up to 100 vessels may have been affected by contaminated marine fuel oil stemmed at ports in the Houston and US Gulf region, giving rise to significant concerns in the industry, as well as a range of both practical and legal issues. Contaminated fuel supplies of blended fuel oils, such as IFO 380, were first reported in the US Gulf region earlier in February and appear to have persisted, with newly reported incidents still arising. Whilst the root source of the issue remains inconclusive, initial reports ...

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Dry Bulk Market: Net Fleet Growth Keeps Falling in Boom Sign for Rates

In what seems to be a very healthy development for the future potential of the dry bulk market, shipbroker Allied reported this week, that during the first half of 2018, the net fleet growth was significantly lower than even the respective period of 2017. In its latest weekly report, Allied Shipbroking said that “despite being right in the midst of the summer period, the dry bulk freight market has continued to gain ground and at a relatively fast pace, with Baltic Dry Index (BDI) climbing to 1,666 basis points, a ...

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Marshall Islands Registry: Biggest and Best Posidonia

The Marshall Islands Registry’s celebration at Posidonia in Athens was a success this year. Held at Ble Azure, approximately 4,000-4,500 guests gathered to celebrate the achievements of the world’s second largest ship registry. Guests included the Greek Minister of Shipping and Islands Policy, Panagiotis Kourouplis, alongside Greek and international shipowners, lawyers, bankers, surveyors, insurers, brokers, and other industry stakeholders. The party was the culmination of a busy week for International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Marshall Islands Registry. Experts from across ...

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Buy in July? MSI tips Capes for strong six month performance

Capesize spot rates could rise above $25,000 per day in Q4 if iron ore exporters meet planned shipment targets, with the upside cascading into the Panamax market as shippers consider splitting ore cargoes, according to the latest Dry Bulk Freight Forecaster from Maritime Strategies International.* The dry bulk market continues to enjoy a strong summer in the sun, with average spot rates increasing in June for all benchmarks except Handysize. By early July, Capesize average spot rates surged to almost $25,000/day. Positive sentiment is evident in one year T/C rates ...

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Demolition Activity Still Far From Perfect to Have an Positive Impact on Freight Rates

Demolition activity in Southeast Asia has tumbled over the course of the past few weeks. As a result, tonnage overcapacity still remains to be addressed. In it latest weekly report, shipbroker Clarkson Platou Hellas said that “we witnessed yet another quiet and subdued market last week as the monsoon rains start to take their toll upon the market locally, slowing production and persuading many of the local labourers to retreat to their homes in safer areas. The supply of new tonnage has dried too as we begin to enter the ...

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Cyber, Climate Risks and Human Error Threaten Shipping’s Safety Progress, According to New Allianz Report

Large shipping losses have declined 38% over the past decade, according to Allianz Global Corporate & Specialty’s (AGCS) Safety & Shipping Review 2018, with this downward trend continuing in 2017. Recent events such as the collision of the oil tanker “Sanchi” and the impact of the NotPetya malware on harbor logistics underscore both the traditional and emerging risk challenges faced by the shipping sector. There were 94 total losses reported around the shipping world in 2017, down 4% year-on-year (98) – the second lowest in 10 years after 2014. Bad ...

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Considerations on the safety of 2020 fuel blends addressed at IMO meeting

Confusion about whether the existing ISO 8217 marine fuel quality standard will cover fuel blends produced to meet the 0.50% sulphur limit has, hopefully, been cleared up at last week’s meeting at the International Maritime Organization. Concerns about the safety of fuel blends complying with the upcoming 0.50% sulphur limit were on the agenda for the intersessional working group (ISWG) meeting of the Sub-Committee on Pollution Prevention and Response (PPR), which was tasked with developing guidelines to support the consistent implementation of the 2020 sulphur limit. Some documents submitted to ...

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Newbuilding Activity Quietens Down

The newbuilding market has been gearing up for the summer lull, as vacations near and ship owners are reluctant to commit more capital, amid a trade war of global proportions. In its latest weekly report, shipbroker Allied Shipbroking noted that it was “another quiet week in the newbuilding market was due, with market participants remaining inactive as we approach the mid-summer period. Few new contracts were to be seen in the dry bulk segment, and those that did emerge were focused mainly on the larger sizes, as freight rates continue ...

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IMO working group makes progress on sulphur testing and verification issues

There appears to be significant support among IMO member States to ensure consistency in fuel oil testing and verification procedures for the verification of compliance with MARPOL Annex VI sulphur limits through regulatory amendments. The intersessional working group (ISWG) meeting of the Sub-Committee on Pollution Prevention and Response (PPR), held last week at IMO, considered proposals to include a definition of “sulphur content” in Regulation 2 of MARPOL Annex VI. China had proposed to the 72nd meeting of the IMO’s Marine Environment Protection Committee (MEPC 72) that the definition should ...

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Technology to address environmental issues and emissions ranks above blockchain as the most significant driver of change over the next five years, according to survey conducted by Reed Smith

In a survey conducted by global law firm Reed Smith, industry participants were asked: Which technology will be the most significant driver of change over the next five years? The industry responded that analytics of big data and technology to address environmental issues and emissions were equally significant, at 40 per cent each, while blockchain was considered the most significant driver of change by only 20 per cent of respondents. Broken down by sector, 67 per cent of owners said technology to address environmental issues will be the most significant ...

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VLCC Market Finds it Hard to Catch a Break

Tanker owners are finding it hard to catch a break these days, as a mere rise in freight rates is quickly compounded by increasing bunker costs and a lull in demolition activity, due to the monsoon season. In its latest weekly report, shipbroker Charles R. Weber said that “demand was muted across all key global VLCC markets this week, leading to a moderate softening of rates amid a corresponding rise in surplus availability. The Middle East market yielded 25 fixtures, off 39% w/w while demand in the West Africa market ...

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Baltic Exchange: Rates Easing in the Larger Classes, but Aframaxes Return to Higher Ground

VLCC Charterers have not been under pressure in the ME Gulf as they have been drip-feeding enquiry into the market and this has led to rates easing, with CNOOC able to fix 270,000mt to China at WS 47 in contrast to WS 48/50 region last week. Likewise for US Gulf discharge, P66 paid WS 18, Cape/Cape, for 280,000mt cargo. West Africa/China eased 2.5 points, with CNOOC taking ‘Argenta’ for 260,000mt cargo at WS 49.75. In the US Gulf, SK paid $4.2 million to South Korea, down $245,000 since last week. ...

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Key Findings from Ship Solar Power Study Released by Eco Marine Power

After an extensive study project, Eco Marine Power (EMP) has released some of the key findings related to the use of solar power on ships and the selection and installation of related equipment. This study was carried out over a 5 year period and included: installation of a trial system on the high speed RoRo Ferry Blue Star Delos, several ship surveys, computer-aided analysis, plus evaluation of various equipment in a test lab and also at an outdoor evaluation area. The overall system design used as a basis for the ...

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