The demolition market has reached new lows this week, with scarce activity being reported. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “devaluations in all the currencies in the Indian sub. Continent have this week placed a heavy impact on the recycling industry with price levels noticeably taking a hit. All three destinations (Bangladesh/India/Pakistan) have witnessed further falls in price indications on the back of the current currency woes, in addition to a drop of the domestic steel prices. Reports suggest that any new vessel in the ...

Amid a climate of increased uncertainty fuelled by a variety of admittedly worrying factors, investors’ appetite for newbuilding orders in the dry bulk segment remains relatively controlled, thus offering ground for low fleet growth and utilization projections. China’s “zero-covid” policy measures that trigger concerns regarding domestic steel production and thereby iron ore demand as well as the Russia-Ukraine war which has jeopardised coal and grain cargo flows, appear to pressure contracting interest. The trend is further enhanced by the costly decarbonisation solutions that are being put forward and the technological ...

Carla Chamorro is currently training to become a RightShip Inspection Ship Questionnaire (RISQ) Inspector. With big changes being made on the way RightShip conduct inspections, it’s a challenging and exciting time to be on the team. We consider how diverse hiring policies – particularly those encouraging more women to develop careers within the industry – allow different viewpoints and contrasting perspectives to surface, at a time when maritime, like many other sectors, faces steep recruitment challenges. How did you start working in the maritime industry – and what do you ...

The dry bulk market has been filled with S&P deals over the course of the past few weeks, despite a series of holidays around the world.  In its latest weekly report, shipbroker Intermodal commented that “almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that occurred concurrently over the past weeks, where someone could expect the opposite. More specifically, in the Dry Bulk market the BDI is witnessing levels higher than its previous high of the current ...

Elpi Petraki, Operations, Chartering and Business Development Manager at ENEA Management, and President of WISTA Hellas, says it is vital that the industry works together to empower women working in shipping and eliminate gender inequality. Much has changed in the maritime industry over the last decade. The industry is in a period of transition as it embraces new technologies, modernises and moves towards a more sustainable future. However, shipping itself is also changing as it strives to rectify its historic gender imbalance and create a more diverse and gender balanced ...

New data released today has revealed how the global shipping industry will require the equivalent of the world’s entire current renewable energy demand in order to replace fossil fuel use. ‘Fuelling the Fourth Propulsion Revolution’, authored by Professor Dr. Stefan Ulreich from Germany’s University of Applied Sciences, and commissioned by the International Chamber of Shipping, highlighted the ‘enormous opportunity’ for investors and governments represented by the global shipping industry’s need for new, green fuels. To reach the industry’s 2050 (net) zero goal, shipping’s fuel needs would require electricity from renewable ...

A discrepancy between actual and benchmark VLCC earnings is starting to take shape, perhaps even explaining the low rhythm of tanker scrappings. In its latest weekly report, shipbroker Gibson said that “spot VLCC earnings were in the negative territory for most of last year, with TD3C averaging minus $250/day on a slowsteaming, non-scrubber, non eco basis. So far this year, returns have been equally disappointing. Despite typical seasonal support offered to the market during the 1st quarter and the fact that Middle East (excl. Iran) crude exports, the principal market ...

Capesize The Capesize market had the wind in its sails as rates jumped in all regions. The 5TC ended the week at $32,733, a rise of 8731 week on week. While the Shanghai Covid situation continues to hamper vessel movements across all sectors, the Capesize market appears able to push as good tonnage demand comes from Brazil and Australia. The C5 West Australia to China route now sits at $15.077 – and the C3 Brazil to China route at $34.64 – both just off their high attained on Thursday for ...

If you’ve never lived near a port or worked in one, you may be unaware of the vital role they play in our lives. Most of the products we consume daily travel through ports, making them a key link in the global production and supply chains we rely on. “Our livelihoods – food, jobs, energy – depend on functioning and resilient supply chains,” UNCTAD Secretary-General Rebeca Grynspan said. How ports are managed has implications for economic growth, crisis response efforts, environmental protection and gender equality, placing them at the heart ...

Suezmax and Aframax rates in April continued to outperform those in the VLCC class, with gains of 61% and 28%, respectively. Suezmax was supported by a strong market in the Atlantic Basin, while Aframax was supported by both the East and West markets, OPEC said in its latest monthly report. After a sluggish start to the year, VLCC rates finally saw a pickup of 24% on average in April. However, gains were short-lived dissipating by the end of the month amid ample availability. Clean rates continued to perform well in ...

In a notice released on 5 May 2022, India’s Ministry of Power instructed all power plants to increase their imports of coal. Specifically, the Ministry demands that power plants designed to run on domestic coal start importing at least 10% of their requirements. “As of 9 May, inventories at 105 Indian powerplants have reached critical levels at less than 25% of normative stock. Countrywide, stocks are down to only 32% of normative stock requirements, equal to nine days consumption at April’s average power plant utilisation level,” says Niels Rasmussen, Chief ...

Long asset lifespans, high energy dependency and limited viable alternatives make shipping one of the harder-to-abate sectors to decarbonise, according to Fitch Ratings. In a special report on long-term climate vulnerability, Fitch said that low margins mean there is a reluctance in shipping to heavily invest, especially into unproven technology. In a business-as-usual scenario, Fitch estimates shipping could contribute around 10% of global carbon emissions by 2050, where no adoption of new regulations that have an impact on energy efficiency or carbon intensity is assumed. Fitch has assessed the shipping ...

How cohesively has the dry bulk sector responded to the new market regime? It seems like a vague question at a first glance. There are many different ways you can interpret and analyze different indicators and market concepts, while you also have to take into account that one may hold different assumptions as to whether the market is in a recovery mode or just going through a periodical peak of a specific cycle. All these assumptions leave for drastically different base levels from which to measure any market potential, sustainability, ...

The LNG market is experiencing a ‘perfect storm’ right now, a situation that has evolved through a sequence of events, each worse than the one before. Things may soon be getting out of hand. The pressure of the energy transition has set back investment in hydrocarbons by years, ESG considerations serving to restrict the energy investment needed. Then the Covid pandemic worsened the situation further by hiding underlying energy growth. When China’s economy came back online, we saw quite a substantial growth in the requirement for gas. LNG supply was ...

Over the past five weeks, carriers have continued to blank sailings in response to lower demand on the three largest trade lanes out of the Far East bound for North Europe, North American East Coast and North American West Coast. Out of the three trade lanes, the Far East to US West Coast trade had the most blanked sailings, both in absolute volume and as a share of offered capacity, between 4 April and 8 May. 63 sailings were blanked in the five-week period, removing a total of 517,300 TEU, ...