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Tag Archives: Tops

Where to Next for Demolition Activity?

In today’s market conditions, it may wise to remove some older tonnage, although there are still many market unknowns. In its latest weekly report, shipbroker Clarkson Platou Hellas said that ‘with each week bringing new port restrictions and regulations in response to the Covid-19 virus, we have now entered a period of the unknown, can vessels be allowed into certain ports and can deliveries/change of crew take place at specific anchorages. Many of these questions remain difficult to give a precise answer as each day brings about new changes. Pakistan ...

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The triple shock of Coronavirus in shipping: will it last?

Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all 3 major problems last for shippers? Since February, most international shippers have had to fight on 3 major fronts: 1. Disruptions to or the complete breakdown of China-dependent supply chains, meaning delays to supplies and resulting falls in containerised exports and imports; 2. Shortages of shipping capacity (105 cancelled sailings in the transpacific and Asia-North Europe/Mediterranean routes alone in February) and container equipment (of reefer containers in Europe, ...

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Coronavirus And Crew Restrictions; What To Keep In Mind

Crew unable to disembark, service engineers unable to maintain essential equipment and classification societies unable to do scheduled ship surveys. This is the new reality for many, as several port authorities and port state authorities are imposing restrictions on mobility due to the Coronavirus (COVID-19). Since January, BIMCO has been tracking these restriction and is offering an updated overview of how this is impacting scheduled operations. Initially, restrictions targeted Chinese citizens without considering whether they had spent several months on board prior to the outbreak. When the Coronavirus started local ...

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Oil: Where to Next?

The latest trends in crude oil production, after the latest OPEC and Russian talks took place, make for an interesting reading. In its latest weekly report, shipbroker Gibson said that “this week global crude benchmarks plummeted to their lowest levels in 18 years, as Saudi Arabia and Russia became embroiled in an oil price war coinciding with a period of colossal demand destruction, threatening the future of the growing US shale industry. Expectations now are that global inventories will rise very fast and concerns are emerging that the world could ...

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Dry Bulk Market: Capesizes Face Headwinds This Week

Capesize The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constant state of flux on a seemingly endless news cycle, increasing restrictions and disruptions, the Cape 5TC managed a lift out of its recent range to settle the week at $4,067, a lift of +$1,270 for the week. The Atlantic Basin was the bigger mover this week, albeit with fewer fixtures, as large declines in the bunker prices lifted timecharter rates in relation to the marked voyage ...

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Charterparty requirements to notify claims – take care!

Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively short period of time. Our recent article on The Amalie Essberger touches upon the issues that can arise as a result in the context of demurrage time bars in such charterparties. However, charterparties relating to bulk carrier vessels on the New York Produce Exchange (NYPE) Form often contain similar provisions which, given that claims under time charterparties can be significantly more complicated, may be more onerous for claimants to comply with. The English High ...

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Trade Patterns Mixing Up Russian Crude Oil Exports

Russian crude oil exports could exhibit yet more trade shifting patterns in the months to come, as a result of the Coronavirus effect. In its latest weekly report, shipbroker Banchero Costa said that “in the 12 months of 2019, Russia exported 225.3 mln tonnes of crude oil by sea, according to vessel tracking data from Refinitiv. This represents an increase of +6.2% y-o-y, compared to the 212.1 mln tonnes of 2018. There continues to be a reshuffling in the trade patterns. Seaborne exports from Russia to the European Union declined ...

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‘No return to normal’

The call for an immediate multi-million pound government support package for shipping from the UK Chamber of Shipping earlier this week spoke volumes of the crisis facing the industry. Chief executive Bob Sanguinetti asked the UK shipping minister Kelly Tolhurst for urgent funds to ensure that the shipping industry can continue to bring in food, goods and medicines into the UK as the Covid-19 crisis takes hold. Mr Sanguinetti described the current situation as a “monumental crisis”. While shipowners are adapting as much as they can to meet the Covid-19 ...

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COVID-19 And Supply Chain Implications For Ocean Shipping

As recently as March 3, American Shipper headlines, citing CargoMetrics, screamed “China cargo flows rapidly return to pre-coronavirus levels” and referenced “just released updated indices showing that both import and export cargo flows (measured in terms of the mass transferred on and off ships) have reverted to historical norms.” At the time (only 10 days ago) there appeared to be light at the end of the tunnel; however, an almost daily barrage of new headlines has underscored the impact on the rapidly changing global supply chain, including in the United ...

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Ships’ Prices Will Come Down

Ships’ prices are bound to retreat in the coming weeks, under pressure from a global economical slowdown and the negative impact it will have on shipping. Amid this development, shipbroker Intermodal expects new investment opportunities to arise for bold owners. In its latest weekly report, the shipbroker said that “despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy weren’t enough to prepare us for what we would face. While strict measures ...

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The Shipping Industry Is Not Immune To A Pandemic

The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent? BIMCO expects that the strict containment measures imposed by governments around the world will result in substantially lower global economic growth and consequentially, lower demand for shipping. Container and dry bulk shipping are at the front line when it comes to feeling the fallout, while the oil tanker segment will benefit from the flood of Saudi Arabian ...

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Volatility to increase in tanker market following oil price war

Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of coronavirus (COVID-19). In its recent report, the IEA estimates global oil demand at 99.9 mbpd in 2020, which is around 90,000 bpd lower than in 2019 and a sharp downgrade from the agency’s forecast in February, which predicted global oil demand will grow 825,000 bpd in 2020. The market expected OPEC+ to cut supply as the COVID-19 epidemic has spread from China ...

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Newbuilding Orders on the Rise, But S&P Deals Scarce

Ship owners have pushed forward with more newbuilding contracting activity this week, but deals in the S&P market appear to be dwindling. In its latest weekly report, shipbroker Intermodal said that “a healthy number of orders surfaced for a second week in a row, with dry bulk activity having the lion’s share in recently contracted deals after a long time. Despite the more generous volumes of orders being reported in recent weeks, we expect that at least for the first half of the year appetite for newbuilding contracting will remain ...

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BIMCO revises 2020 forecast for main shipping markets

The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the full consequences. Nevertheless, we see a need to update our 2020 forecast to make some of this massive uncertainty tangible. What is going on in addition to the coronavirus pandemic? Geopolitical tensions that made the OPEC+ alliance break down, has subsequently made the crude oil tanker spot freight market erupt. The events that followed the breakdown – and those that are likely to follow, as Saudi Arabia ...

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Should the industry worry about decreasing VLSFO viscosity?

VLSFO quality remains a headline IMO2020 topic. As suppliers are getting more experienced at producing VLSFO blends, the proportion of off-spec tests has been declining, although certain quality concerns remain. One of these is the reduction in viscosity, which is due to more distillate blending. This has resulted in vessels being required to adjust age old practices in order to handle and consume the fuel and moreover requires a change in tact when procuring bunkers. The choice of fuel is often limited, however checking quality before buying is as important ...

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