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Tag Archives: Tops

Tanker Owners Need to Take it One Step at a Time

Risk mitigation and damage limitation appear to be the least that tanker ship owners need to undertake in order to stay afloat. In its latest weekly report, shipbroker Gibson said that “in one of the most uncertain peacetime periods ever witnessed, trying to make a call on the future direction of the market is a near impossible task. Almost every major economy has now implemented a lockdown as governments desperately fight to contain the virus. This of course, is having a major impact on refined product demand, forcing refineries to ...

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Capesize Market: Uncertainty All Around As Coronavirus Takes Center Stage

Capesize As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions of the world are now under no illusions as to the severity of this crisis and are acting to mitigate amongst the daily changing circumstances. Force Majeure declarations are increasingly common, with the latest heard being at European steel mills. At the beginning of this week South Africa announced intended lockdowns on its mines. This led to a rush of fixtures on Tuesday, as West Australia to ...

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Connecting crew during COVID-19

Inmarsat Maritime President Ronald Spithout says providing crews with enhanced levels of connectivity and support is critical at this unprecedented time, and offers an insight into the work already underway with welfare organisations to assist seafarers in need. Given Inmarsat’s position as the leading provider of maritime VSAT and L-Band services at sea, it is hardly surprising that we have been alert to the direct connection between coronavirus and surging demand for crew voice call and data services. As elsewhere, anxiety levels at sea have been on the rise with ...

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Strong Test for Shipping and the World Economy

The effect and the aftermath of the Covid-19 pandemic will be a strong test for both the shipping industry, but also the world economy and trade. In a recent weekly report, Allied Shipbroking noted that “it might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are. Before the start of the year, it was one of the favorite topics amongst participants in the shipping industry how challenging 2020 would be. However, no one could have guessed the level of ...

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Reality

In a few short months, the mayhem wrought by coronavirus has changed the world. Our response to the epidemic [more than the virus itself] has the potential to permanently alter the balance of the global economy. But it might be the kind of Black Swan event that we need to trigger real change in the shipping industry – and in particular its approach to digitalization of vessel operation. Like the worldview bubbles created by social media algorithms and fake news, the maritime industry is living in its own digitalization fantasyland ...

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Managing a crisis: Covid-19 and the threat to Critical National Infrastructure

In the midst of uncertainty and significant risk to people’s health, it is clear that the need for robust and accurate screening and testing of Covid-19 is needed now more than ever. The social and health implications of Covid-19 have already been well documented. However, what still remains largely unclear, is how badly our Critical National Infrastructure and supply chain is going to suffer and what measures can be put in place to preserve it, especially offshore. It is imperative that workers involved in the energy industry are supported in ...

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Low Oil Price Environment Could Alter Tanker Market Fundamentals

Oil prices could remain low for a number of months, a scenario which could alter tanker demand and shift trade routes. In its latest weekly report, shipbroker Intermodal said that “there is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing challenging moments, markets have been violently disrupted and it will become even more visible later on that governments around the world will experience major shifts in their respective political and economic power. As we have ...

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US Seaborne Exports Slow As The Trade War Takes Hold

Before the coronavirus outbreak, shipping was already facing headwinds, including those caused by the trade war which has lowered volumes and changed trade patterns, both interesting developments which will continue into the future even as the world adjusts to the new reality. US producers and manufacturers have found new buyers for the goods that have faced tariffs in China for over a year. According to data from the US Census Bureau, seaborne exports of US goods facing tariffs in China to the rest of the world have risen, but not ...

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Ship Finance And COVID-19

As a result of the spread of COVID-19, the shipping industry is one of many contending with a global crisis. We have received numerous queries from concerned lenders and borrowers as to the potential effect of the crisis on their English law loan facilities and the following is intended to address at least some of these concerns. However, each facility agreement is different and, as with any contract, the devil is in the detail, so a review of the relevant agreements is vital before any action should be taken. So ...

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A World Economy in Strain

The shock in the global economy from the current COVID-19 pandemic is quickly escalating, threatening the pace of recovery, once this situation subsides. In its latest weekly report, Allied Shipbroking said that “as countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only the mere essentials still in operation across some of the world’s biggest economies. Most stock markets have seen their steepest decline (comparable to the time frame) witnessed since world war II, while at ...

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Iron ore trade growth trend fades

A spectacular upwards trend in global iron ore trade unfolded for almost two decades. But in the past couple of years signs of faltering have emerged, and prospects for 2020 are subdued. Following an article published by Hellenic Shipping News Worldwide on 11 March 2020, about the world’s rapidly expanding ore carrier fleet, this article looks in more detail at how iron ore trade has been evolving and expectations for the future. Steel industry features In many countries around the world steel is mainly produced from the primary raw material, ...

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Shipping number of the week: Eurozone’s manufacturing PMI indicates drop to 92-month low in March

As countries world-wide implement far-reaching measures in an attempt to contain the coronavirus (COVID-19), the global economy is starting to slow down significantly. The crisis is prompting flashbacks to the global financial crisis of 2008-09. Although the nature of this crisis is different, the economic impact is just as significant when looking at the flash Purchasing Managers’ Index (PMI) readings for selected European nations. Global shipping thrives on industrial demand and consumer spending, and at this point in time, the PMI readings tell us that a storm is approaching, and ...

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Ship Owners Scramble to Close New Deals

The newbuilding and S&P markets remain in flux, as ship owners are pondering how they should react in the COVID-19 pandemic, which is wreaking havoc in the global supply chains. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, another quiet week was due, establishing even more emphatically the relatively poor appetite surrounding the market at this point. This is far from surprising, given the turbulent trajectory from the side of earnings and perplexed feeling among investors since the Covid-19 outbreak. Despite the modest ...

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Northern Lights show the way to seaborne CCS solutions

These are two primary motivators behind the Northern Lights project, part of the Norwegian initiative to achieve full-scale CCS. The project encompasses the capture of CO2 from cement production and a waste-to-energy plant in the Oslofjord region and the shipping of liquid CO2 from these sites to an onshore terminal on the Norwegian west coast. From there, the liquefied CO2 will be transported by pipeline to a subsea storage location in the North Sea for permanent storage. “Since pipelines cannot always provide the total solution for transporting CO2, we need ...

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Republic of the Marshall Islands Urges Countries to Treat Seafarers as Key Transport Workers

The Republic of the Marshall Islands (RMI), one of the world’s largest maritime registries, with more than 4,700 vessels and nearly 100,000 seafarers serving on RMI-flagged vessels encourages countries to recognize and protect seafarers as key transport workers amid restrictions around the Coronavirus Disease (COVID-19) pandemic. During times of crisis, seafarers play an essential role in moving not only food and household goods, but also fuel, medicine, equipment, and critical supplies to places in need. While there are lists of precautions to be taken to avoid catching COVID-19 and consideration ...

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