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Tag Archives: Tops

Tanker Market: A Mixed Bag During May

The tanker market showed a mixed bag of results over the past month. According to the latest monthly report from OPEC, dirty spot freight rates showed mixed movement in May, with VLCCs and Aframax generally improving while Suezmax experienced a decline, m-o-m. VLCC spot freight rates on the Middle East-to-East route rose by 10%, m-o-m, while the West Africa-toEast route rose by 11%. Aframax rates around the Mediterranean rose by 10% in May, while the Indonesiato-East route was up 6%. In contrast, Suezmax spot freight rates declined, dropping by 8%, ...

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Dirty crude oil flows to China

This week’s chart highlights the declining trend in the quarterly volume of dirty oil flows to China for the second quarter of this year, primarily driven by a slowdown in Russian oil exports compared to last year’s record pace. In contrast, Saudi Arabia has maintained a strong pace, with quarterly volumes not falling below last year’s levels. In early March, we noted a strengthening momentum in market rates for the VLCC-AG China route, which did not last. However, this trend may firm up as the quarterly volume of dirty oil ...

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Ardmore Shipping: Leading the charge in energy efficiency technologies

The global push towards sustainability is reshaping industries worldwide, with the maritime sector under significant pressure to reduce its carbon footprint. Ardmore Shipping is leading the charge with its Energy Transition Plan (ETP), a comprehensive roadmap designed to enhance energy efficiency and foster innovation within its tanker fleet. Garry Noonan – Ardmore’s Director, Innovation – shares insights into the company’s multifaceted approach to sustainability. Ardmore’s commitment to energy efficiency is brought to life through the strategic implementation of cutting-edge technologies across its fleet. In 2022 and 2023, Ardmore rolled out ...

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Tanker Market Expected to Heat Up

The tanker market is expected to heat up over the coming weeks and months. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “the European Central Bank (ECB) took a bold step on Thursday, becoming the first major central bank among the US, UK, and the eurozone to cut interest rates. This move, the first in nearly five years, aims to ease the financial burden on businesses and consumers who have been grappling with rising borrowing costs since late 2021. The ECB lowered its benchmark rate from a record ...

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Can Shipping Catch Up? New Report Demonstrates Shortfall Against New Climate Goals

The shipping industry must take urgent action to meet ambitious new climate targets set by the International Maritime Organization (IMO), according to a new report from the Sea Cargo Charter (SCC), a global transparency initiative developed by the Global Maritime Forum. New data from the SCC, a global framework representing 20% of global bulk cargo transport, reveals the sector fell short of minimum international climate goals set by the IMO by an average of 17% in 2023, equivalent to 165 million metric tonnes of CO2e. When considering ‘striving’ goals set ...

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INTERCARGO Bulk Carrier Casualty Report highlights positive improvement in safety of dry bulk shipping

Annual casualty figures from INTERCARGO, the International Association of Dry Cargo Shipowners, highlight continuing improvement in the safety performance of the sector. The Association’s Bulk Carrier Casualty Report records the yearly loss of vessels* and lives across the dry bulk sector, with the intention of monitoring the impact of safety measures in the sector across the globe. The bulk carrier fleet has grown significantly in recent years to cater for the world’s growing economy. Between 2014 and 2023 the number of vessels increased by 20% (to 12,200 according to the ...

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Newbuilding Orders Pick Up as Posidonia Wraps Up

Staying true to tradition, a number of newbuilding deals are believed to have been signed over the course of the Posidonia 2024 event, during the past week. With most of the major shipbuilders and ship owners under one roof, this is no coincidence and a perfect opportunity to solidify new expansion plans among the Greek shipping community. In its latest weekly report, shipbroker Banchero Costa said that “Chios navigation placed an order for 2x MR2 at Hyundai Vinashin. Price reported to be USD 50.2 million. Deliveries are expected for the ...

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Newbuilding prices climb 3% to highest level in 16 years

“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2020 they are up 53%. During the same period, the order book has grown by 72%, reaching its highest level since early 2012 and is up 2% year-to-date,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. Shipyards’ global order book currently stands at 133m Compensated Gross Tonnage (CGT), an increase of 56m CGT compared to the order book’s most recent low in late 2020. LNG ...

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Port Congestion, Far East

This week’s chart visualises the 14-day moving average of actual port days for energy cargo at Far Eastern ports, comparing the Capesize, Panamax, and Supramax segments. As shown in the image below, there is a notable decreasing trend in the Capesize segment, with the number of days recently dropping to one of the lowest points since early 2021. In the second week of June, there’s a notable development in Capesize vessel rates on the Brazil to North China route, indicating a firmer momentum. Concurrently, the count of ballast ships has ...

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Political Climate Takes a Toll on Ship Recycling

The ship recycling market was in a downturn over the past few days, as a result of the recent elections in India, while a further slowdown is expected in the coming days, because of the Eid holidays. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the global ship recycling market, various destinations are exhibiting distinct trends. In India, the market is experiencing a notable decline over the past few days. This downturn is attributed to the recent elections, where the outcomes ...

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LNG newbuilding values at record high: 78 newbuild orders placed in 2024, doubling 2023

The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first five months of 2024, an increase of c.129%. Newbuilding prices for the Large LNG sector of 174,000 CBM are currently at an all-time high of USD 269 mil, up by c. 6.1%. Values for LNG vessels have increased across all sub sectors and age categories since the start of the year, with 20YO Large LNG vessels of 140,000 CBM up by around USD ...

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Red Sea disruptions increase oil flows around Cape of Good Hope

The amount of crude oil and oil products flowing around the Cape of Good Hope, located at the southern tip of Africa, increased nearly 50% in the first five months of 2024 compared with the 2023 average as commercial vessels avoided chokepoints in the Middle East. Attacks by Yemen-based Houthi militants in late 2023 prompted many commercial vessel operators to seek alternatives to the Bab el-Mandeb Strait and the Red Sea, the waterways off Yemen’s coast. In the coming weeks, we will update our World Oil Transit Chokepoints Analysis Brief, ...

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Second Hand Bulkers In Higher Demand Compared to Tankers

Demand for second hand bulkers, so far in 2024, has eclipsed the equivalent “appetite” for tankers. In its latest weekly report, shipbroker Xclusiv said that “the first five months of 2024 have drawn to a close, and activity in the bulker sale and purchase market has been significantly more active than in the tanker market. Nearly 400 bulkers (386 vessels based on our data) have changed hands so far in 2024, with a total value of approximately USD 7.7 billion (average price per vessel: USD 20 million). Greek buyers are ...

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Greek Banks’s Rise in the Global Ship Finance Market

Challenging bank conditions have been a significant “headwind” in the global ship finance market during 2023. In its latest annual report, Petrofin Research said that ““the global banking industry continued to face many challenges in 2023. The geopolitical challenges of the Ukraine war, increased sanctions and higher energy prices, the Houthi Red Sea attacks and the Israeli Hamas conflict added further complications. Unfortunately, none of the above appear to be solvable in the near future. The above led to increased trade dislocation. Nevertheless, global GDP grew by 3.2% in 2023 ...

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Port call optimisation is key to reducing greenhouse gas emissions in ports

Using SMART port technologies to facilitate ‘just in time’ ship arrivals has the potential to reduce greenhouse and pollutant gas emissions significantly at global container ports. Drewry’s latest research shows that targeting investment at ports with a disproportionate amount of waiting time will generate the highest benefits for the industry as a whole. Shipping accounts for almost 3% of global greenhouse gas (GHG) emissions and for ports ocean-going vessels are typically one of the major contributors to GHG and pollutant emissions in the port area. Notably, ocean-going vessels and inland ...

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