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Tag Archives: Tops

Dry Bulk Market: Fundamentals Look Bright for Handy/Supramax Segment

One of the few shipping segments where net fleet growth is actually expected to be negative is the Handy/Supramax one. In a recent note, shipbroker Banchero Costa said that “according to our calculations, the current trading fleet (including units in lay‐up and under repair) of Handy & Supra bulkers between 20,000‐64,999 dwt consists of 5,689 units equivalent to about 259.9 million dwt, as of March 2019. In 2018, we recorded the delivery of 144 units, for a total of 7.2 mln dwt between 20,000‐64,999 dwt, down 44 percent in dwt ...

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LNG Spot Cargoes – A new normal

A new normal In 2017, spot LNG import reached approximately 20% of the total volumes delivered, representing about 59 MT of LNG. ​ Aided by LNG contracts with destination flexibility, due to increased contracts for portfolio trade and by the growing volumes handled by traders, Asia received about 60% of spot LNG (35.4 MT), followed by Europe (9.0 MT), the Americas (8.6 MT) and the Middle East (5.5 MT). So when you look at both “Spot & Non-long Term” cargoes in 2017, the combined tonnage reached 88 MT. China and ...

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EU Ship Recycling Rules Look Like Protectionism

Only nine shipyards, out of 26, on the EU list of approved recycling facilities are realistically open for ship recycling, and only three of the 26 could recycle a large ship (Panamax size or larger), a study commissioned by BIMCO shows. “The EU list is hard to take seriously. I called one of these “recycling shipyards” a few months ago, and they hadn’t even started building the yard yet,” says Angus Frew, BIMCO Secretary General & CEO. ”The list look a little like protectionism and clearly disadvantages European ship owners,” ...

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From Brazil to China: Not Just Iron Ore but Crude Oil as Well

Brazil is known as one the main suppliers of iron ore to China. However, a series of developments have led to the Latin American country fast becoming a major exporter of crude oil towards the world’s second largest economy, a trend not expected to stop anytime soon. In its latest weekly report, shipbroker Gibson said that “earlier in 2019, we published a market report into how the surge in Chinese refined product exports had a profound effect on the product tanker market. However, with significant new refining capacity coming online ...

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What Is The IMO 2020 Effect On The Fuel Bunker Mix Short- And Long Term?

On January 1, 2020, the International Maritime Organization’s (IMO’s) bunker fuel regulations come into effect. The sulfur content limits in bunker fuels used outside the designated Emission Control Areas (ECAs) will be reduced to 0.5% (from 3.5%) to reduce air emissions from shipping. High sulfur fuel oil (HSFO) currently represents nearly 80% (approx. 3.84 million bpd) of the 5.0 million bpd global bunker demand, which will become non-compliant. Essentially, ship owners have three options: 1) Switch to compliant fuels, such as oil products with low sulfur content or alternative fuels ...

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Dry Bulk Rates Still Low, But Things Are Improving

Capesize The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest of the week, ending at $4881. Iron ore cargo trades from West Australia to China dominated early week business, while the Atlantic basin became active mid-week. A slim but constant trickle of business was heard out of Brazil heading to China, but details were hard to confirm. Thursday saw a flurry of North Atlantic fronthaul tenders by Korean and Japanese charterers. The North ...

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Tanker Market: Where to Next After Brexit and Venezuela Sanctions?

In its latest weekly report, shipbroker Intermodal said that “subsequently to the drop of rates in the third decade of March – last week continued pretty much with the same sentiment, with nothing fresh apart from a few sparks that did not materialize and with excess tonnage pushing/holding rates at same/lower levels. With fixing dates starting to move towards April end, first tier VLCC units still trade at WS43-45 for Far East destinations shaping the TCE down to about $15,000.00 p/d and slightly above WS20 for West. West Africa remains ...

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IMO 2020: Ready or not?

New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change. The International Maritime Organisation (IMO)’s rules, in force from 1 January 2020, will see the current maximum fuel oil sulphur limit of 3.5 weight per cent (wt%) reduced to 0.5 wt%. This is the largest reduction in the sulphur content of a transportation fuel undertaken at any one time. With less than a year to go, there are still many uncertainties as to how the change will play out. Are European ...

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Ship Passage Plans – No Room For Error!

The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an important decision involving the application of longstanding principles as to a shipowner’s liability for actionable fault following a casualty. In finding that a defective passage plan rendered a vessel unseaworthy, the English High Court has demonstrated how traditional tests will be applied to update the law into the modern day world. Prior to this decision, there had been no case whereby a defective passage plan rendered a vessel unseaworthy. However, it ...

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Green Recycling Takes Center State in Southeast Asia

With more and more ship recyclers looking to comply with stricter environmental standards, the demolition market could be seen as one in transition. Still, as Clarkson Platou Hellas said in its latest weekly report, “the market feels overheated at this current time with the majority of cash buyers purely reliant on Bangladesh who remain strong in their appetite, for now, for purchases that can give delivery ‘pre-Ramadan’ (5th May). The strong consensus however is that, once Ramadan arrives, the yards will be full in Bangladesh and with the slowdown of ...

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The final countdown…the 2020 sulphur cap

The cap means that the sulphur content of fuel oil used on board commercial ships trading globally must not exceed 0.50% m/m. This is a reduction from the current global limit of 3.50% m/m that applies outside of designated emission control areas (ECAs). However, the 0.10% sulphur limit shall continue to apply inside ECAs and for ships at berth in EU ports. Ships can meet the 2020 sulphur cap requirement by using: conventional compliant fuel such as sulphur controlled distillates or residual fuel oils; alternative fuel types that meet the ...

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A foggy outlook for container shipping, but a brighter tomorrow still likely

The container shipping industry is facing an exceptionally high level of uncertainty, ranging from the extra cost associated with IMO 2020 and how much carriers will recover from shippers, to the possibility of a trade recession and unknown future engagement by shipowners in large vessel building programmes, according to the recently published Container Forecaster from global shipping consultancy Drewry. “The degree of uncertainty is probably the highest it has been in a decade,” said Simon Heaney, senior manager, container research at Drewry and editor of the Container Forecaster. “There are ...

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Shipbrokers Expect More Newbuilding Orders in the Product Tanker Segment

The slump of newbuilding orders during the first quarter of 2019 is expected to hold firm in the months to come, with a few exceptions, like for instance LNG carriers and possibly product tankers as well, on the back of improving market conditions. In its latest weekly report, Allied Shipbroking said that “activity in the newbuilding market remained subdued for another week. The dry bulk market was seeing the effects of the recent freight market developments having heavily weighted in a negative way against the interest of owners for new ...

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BIMCO to open Athens office

BIMCO will open an office in Athens in the early summer of 2019. The objective is to have a stronger and closer dialogue with BIMCO’s Greek membership and to recruit more Greek members. The Greek shipowners are already the biggest group of BIMCO members measured by fleet size. “Opening an office in Athens is an important step to make BIMCO even more member-focused,” says BIMCO President, Anastasios Papagiannopoulos, Principal of Common Progress. “There is a lot of regulation coming and being a BIMCO member will help Greek shipowners get the ...

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Oversupply Still Major Challenge Warns ICS

Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and unsustainably low freight rates is still a major challenge ten years after the massive downturn of 2008. Mr Bennett said: “In that time shipping companies needed to show restraint when ordering new ships, to prevent stifling recovery. Yet the dark clouds of protectionism and slowing growth in key economies mean that the avoidance of overordering is now more important than ever.” Addressing an audience of shipowners and operators at the ...

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