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Tag Archives: Tops

Newbuilding Market Draws More Investment

More newbuilding ordering activity was notable this past week. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a positive week for the newbuilding market took place, with the LNG sector seemingly being the main driver right now and most attractive option for placing of a new order. This does not come as a surprise, taking into consideration the promising market perspective of the LNG sector both on the short-term or long-term. An other interesting highlight is that we observe for yet another week some slight signs ...

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Global pool of shipping containers to decline for the first time in 14 years

The ongoing war in Ukraine, sharp rises in global energy and food prices and spiralling rates of inflation continue to have a negative impact on the container shipping industry with the trading outlook for 2023 deteriorating further. Moreover, with supply chain congestion easing, the surplus amount of equipment that has built up in the fleet over the past two years is being removed. As a result, the fleet of container equipment in service is forecast to decline by 3% in 2023, according to Drewry’s recently published Container Equipment Forecaster. Container ...

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Decarbonisation developments and challenges: Plugging the gap with bridging fuels

IMO 2030 and IMO 2050 Under IMO’s initial strategy, the shipping industry needs to reduce carbon intensity (CO2 emissions per transport work) by at least 40% by 2030. This figure almost doubles to 70% by 2050 and targets a complete phasing out by the end of the century. IMO-2050 sets out a reduction in total annual GHG emissions of at least 50% by 2050 and eventual phasing out. However, a strategy review planned for 2023 may move these goalposts – potentially bringing forward the net-zero requirement to 2050. For more ...

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Ship Recycling: Tonnage Availability Improves, But Few Takers on Hand

After a series of weeks with minimal to none activity, tonnage availability has finally began to filter through to the ship recycling market. However, not many scrapyards are willing takers. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “this week has shown how volatile the Recycling industry truly can be. We have finally seen some signs of tonnage availability with several Owners testing the water and seeking indications, however, unfortunately a significant fall in rates met with some stubborn resistance from the recyclers who are not prepared, ...

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Governments urged not to miss the boat on green fuel shipping

New research from the Tyndall Centre at The University of Manchester highlights an urgent global need for investment in green fuels this decade to meet the Paris Climate goals. A new report published today from the Tyndall Centre at The University of Manchester has highlighted the major role the shipping sector will play in transporting the green fuels necessary to meet global climate goals. But it found a yawning gap between announced government led projects and what is required, calling for the creation of far stronger national policies on low-carbon ...

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LNG – The just transition calls for sustainable use of alternative fuels

It is undisputable that we need to drive a lower carbon future. But how can we best achieve this with the resources we have at hand? In this article Kenneth Tveter, Head of Clarksons Green Transition team provides his views. There are plenty of opinions about future fuels and the righteous path for our industry. The fuel discussion has similar characteristics to that of religion where you take a view and defended it with everything you have. With the Clarksons Green Transition team we have an agnostic approach based on ...

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Tankers “Race” to Secure More Energy Supplies for the EU

The European region is looking to import as much LNG as it can, with tankers facing an uphill “battle” against time and other clients from other regions, to cater to this demand. In its latest weekly report, shipbroker Intermodal said that “as we are heading towards the winter season in the northern hemisphere with uninterrupted natural gas price highs sighted in the past months and present volatility, markets brace themselves for an upcoming period of supply uncertainty as energy security has become a precedence issue in Europe and other importing ...

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The GENCON 2022 Charterparty

BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the drafting committee. She highlights the changes and the reasons behind them. One of the critical questions in publishing a new contract is the extent to which the shipping industry, which tends to see itself as conservative, will embrace it. When the GENCON 2022 drafting Committee first started working on the contract in 2018, the world looked very different. If the events of the last few years have proved nothing else, ...

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SAFEMATE showing the way for autonomous shipping

“While autonomous technology is available, the biggest challenge is building trust in automated systems that can function safely in many different maritime situations without human intervention,” explains DNV’s SAFEMATE Project Manager Grunde Løvoll. Decision support system for safe navigation “Automated bridge systems are increasingly taking navigational functions out of the hands of the crew and therefore we need to find ways of ensuring these systems make the correct decisions.” SAFEMATE is therefore focused on evolving a decision support system for safe navigation that can detect obstacles and threats in the ...

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Positive Sentiment in the VLCC Tanker Market Should Remain, Even if Some Turbulence Could be Expected

The VLCC tanker market should retain its positive momentum as the year draws to a close and even more so in 2023. In its latest weekly report, shipbroker Gibson said that “VLCC earnings have been remarkably strong over the past few months despite the prospect of OPEC+ production cuts which are largely focused on the Middle East. With cuts planned, next year will also coincide with increases in regional refining runs, the fundamentals suggest earnings will ease into 2023. However, shifting trade flows and fleet developments make this outcome far ...

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Dry Bulk Market: Pessimism Still the Norm

Capesize Activity in the Capesize market had the 5TC pushing in value over a few days in midweek. However, pessimism prevailed as the rates dropped down to close the week -895, settling at $12,807. Some chatter in the market expects an improvement in rates to end the year, although this is yet to eventuate. Charterers out of Brazil and the Atlantic were constantly seen to lower past last done, while market cargoes are said to be dwindling in the region. The Transatlantic C8 commands a premium over the Transpacific C10 ...

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Carriers pivot on the fly as Asia-US spot rates plummet

Ocean carriers on the Asia to West Coast trade are fast approaching the point where they will lose money on every container they haul as plummeting spot rates sink near pre-pandemic levels and bump up against a new break-even level driven by falling volumes and today’s much higher operating costs. Spot rates from Asia to the West Coast have fallen rapidly over the past month and are expected to approach the pre-pandemic level of $2,000 per FEU soon, according to forwarders. Industry sources are speculating that if rates drop below ...

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USA LPG Exports to Europe Have Grown By 54.8% This Year

The LPG shipping market has experienced considerable growth this year, with global exports growing by 3.8% from January to October. In its latest weekly report, shipbroker Banchero Costa said that “global LPG (liquified petroleum gas) trade was very disappointing in 2021, owing to the economic impact from COVID-19. Total seaborne exports of LPG in 2021 declined by -4.5% year-on-year to 135.6 mln tonnes (excluding cabotage), according to vessel tracking data from Refinitiv. In the first 10 month of 2022, things turned around pretty strongly. In the period of January to ...

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Shipping in COP27’s sights

As world leaders gathered in Sharm el-Sheikh, Egypt, for COP27 on November 7-8, emissions from shipping remained a key focus. While shipping is not covered by the Paris Climate Accord – the main thrust of COP27 – the decarbonisation of the sector is undeniably a priority. An early announcement from COP27 reinstated a commitment to roll out end-to-end decarbonised shipping routes, building on the UK-led Clydebank Declaration on green shipping corridors set at the previous COP. The US, UK, Norway and the Netherlands have pledged at COP27 to make green ...

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VesselsValue: Container sales slow

2022 to date has seen a total of 292 Container sales, with the majority of these transactions taking place in the in the first half of the year. In October there were just nine Container sales reported, compared to 47 in January, a decrease of 81%. Of the sales recorded, four went to Greek buyer Contships, and four went to Swiss owner MSC, including the Panamax Zim Genova (4,253 TEU, April 2007, Dalian) that sold for USD 45 mil, VV value USD 48.78 mil. Values for modern Container vessels have ...

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