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Tag Archives: Tops

Dirty & Clean Tonne Days

This week’s data underscores a noticeable decline in the growth of tonne days across both the dirty and clean tanker segments. Particularly noteworthy is the VLCC tonne days’ growth rate for July, which is currently maintaining a weaker weekly pace compared to a year ago. Meanwhile, the clean tanker segment has reached one of its lowest points not only for this year but also for the past two years. Today’s demand outlook is challenging the performance of the VLCC freight market. In the previous week, Ras Tanura recorded an increase ...

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Second Hand Market Still Very Busy

The second hand S&P market has kept its bullish momentum for yet another week. In its latest weekly report, shipbroker Banchero Costa said that it was “a busy week in the second hand market: in the dry segment, activity was reported for every size. Starting from Capesize, the OCEAN COURTESY 178,000 dwt 2008 SWS was reported sold to Jinhui at $24 mln. It is worth to note that at the beginning of the year a 2006 built sistership HIGHLAND PARK was sold in the low $15s mln. The modern PostPanamax ...

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Iron Ore Flows & Capesize Tonne Days

This week’s chart illustrates the increase in the monthly volume of Brazilian iron ore during the second quarter of this year (left chart), alongside the growth in Capesize tonne days from Brazil to China since the end of May. While this growth indicates potential for the market, its impact on the performance of the Baltic Capesize Index within July remains uncertain. The decline in available ballasters may lead to tighter supply conditions, potentially driving rates higher, but the exact effect on the Baltic Capesize Index will depend on various factors, ...

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Record-breaking demand for ocean container shipping adds to perfect storm in market

Global demand for ocean freight container shipping hit an all-time record in May amid soaring spot rates and severe port congestion. The 15.94m TEU (20-foot equivalent container) transported by ocean in May beats the previous record of 15.72 TEU set in May 2021, according to data released by Xeneta and Container Trades Statistics. The record levels of demand in May brings year-to-date volumes to just under 74m TEU, which is an increase of 7.5% compared to the first five months of 2023. Emily Stausbøll, Xeneta Senior Shipping Analyst, said: “More ...

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Ship Recycling Market Remains Stagnant

The ship recycling market has remained stagnant over the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in India, the market remains stable, with the situation expected to persist until early September, aligning with the end of the monsoon season. The availability of various scrap options is putting pressure on the demand for ship steel scrap. In Bangladesh, the market continues to decline due to the monsoon season and low local demand, with recyclers awaiting further stabilization before making offers. ...

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EU Emission Trading System – smooth sailing a half year into 2024?

Introduction For the 2024 calendar year any shipping company having cargo or passenger ships of 5,000 gross tonnage (GT) or above calling a port located in the EEA (European Economic Area[1]) for commercial purposes must cover 40% of the total CO2 emissions reported for 2024 with EU emission allowances (“EUAs”) irrespective of the vessel’s flag or her owner’s nationality. One EUA covers the emission of one metric ton of CO2. The number of EUAs due must cover all CO2 emissions produced for the whole 2024 calendar year for the “fleet” ...

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FBX Index July 2024: Looking forward

With container market spot prices jumping on the back of a pre-tariff cargo surge, the compounding impact of slower sailing speeds, rising port congestion in Asia and persistent risks with transit through the Red Sea, container FFA prices have leapt ahead, driven by aggressive hedging. The vast majority of trading interest has been on FBX11 China/East Asia to North Europe. Kicking off on the Singapore Exchange (SGX) in late May, front month contracts have consistently been bid up through June, July and August. June initially traded through Braemar at $6,650/FEU ...

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Global Newbuilding Orderbook Keeps Growing

Despite rising prices, the global newbuilding orderbook has kept growing. In a recent weekly analysis, shipbroker Xclusiv said that “despite increasing prices, the orderbook for the four main vessel categories (bulk carriers, tankers, containers & gas carriers above 10,000 DWT) continues to grow, mainly driven by the strong cashflows of owners and the need for fleet renewal. Even in the container sector, the recent surge in freight rates has driven many companies and owners to restart their fleet renewal programs and place new orders with shipyards. Notably, some of the ...

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MGCs retain their status as ‘true workhorses’ due to high yields and increased orders

Following the surge in VLAC ordering during 2023-24, the trend seems to be shifting to the relatively small MGCs, as 20 orders were placed in 1H24. With the rising interest of shipowners, we believe 2024 will be a historic high for MGC orders. As per Drewry’s financial analysis, MGCs offer a high ROI compared to VLGCs in the current market situation, considering the same utilisation levels and growth rates. The current LPG fleet has 137 MGCs, which comprise 8% of the total fleet in numbers and 11% of capacity. Apart ...

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Reshaping the ship finance landscape

The shipping industry is in the throes of significant change, driven by global events, supply chain disruptions, and an evolving market dynamic. In the midst of this transformation, Chinese and Japanese leasing companies have emerged as major players in ship finance, a trend that shows no signs of abating. In an Insight article, Rajveer Sehmi, a commercial lawyer in Hill Dickinson’s London Marine team, noted that Chinese and Japanese lessors stepped in when traditional Western banks, primarily European institutions, began withdrawing from the shipping market over the past decade. “They ...

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Limited Tanker Scrapping and Supply Boosts Rates During First Half of 2024

Trade disruptions have had a significant impact on tanker rates this year, limiting supply, boosting rates and thus leading to a handful of ships being scrapped. In its latest weekly report, shipbroker Gibson said that “the onset of the EU’s Emission Trading System and fresh OPEC+ supply cuts were expected to be the big news stories at the start of this year. However, Houthi attacks on commercial shipping stole the show, leading to large-scale re-routing from the Suez Canal to the Cape of Good Hope, marking the start to another ...

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Dry Bulk Market: Capesize Market Ends Week in Correcting Mode

Capesize This week began on a positive note, with the BCI 5TC increasing significantly by $2,881 to reach $31,438. Early in the week, the Pacific market saw significant activity, with increased participation from all of the miners and rising rates. However, the latter part of the week experienced a downturn due to increased tonnage availability and reduced coal demand, leading to a significant drop in the C5 index to $10.28 on Friday. The Atlantic market, previously buoyant with strong bids for end July loaders from south Brazil and west Africa ...

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Shipping’s readiness to adopt nuclear is advancing as new technology progresses and stakeholder momentum builds

New nuclear technologies are increasingly being considered and developed for shipping as defence and civil offshore applications underpin the case for their adoption. In its most recent expert-led assessment of nuclear solutions in the Zero-Carbon Fuel Monitor, the Lloyd’s Register Maritime Decarbonisation Hub, a joint initiative between Lloyd’s Register and Lloyd’s Register Foundation, points to improvements in nuclear-power technology readiness levels with offshore applications increasingly being proven. To reflect growing maritime industry focus, the Monitor now evaluates five nuclear technology categories up from three in 2023 with high temperature gas ...

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Dry Bulk Market: Australian-China Trade Route Recovering

The Capesize market has benefited from the resumption of Australian coal exports to China after a period of tension between the two countries. In a recent weekly report, shipbroker Banchero Costa said that “global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Dec 2023, global seaborne coal loadings increased by +5.8% yo-y to 1,339.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. In Jan-May 2024 the positive trend continued, with global coal loadings increasing by ...

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VLCCs might play spoilsport in the LR market

Skyrocketing freight rates in the product tanker market, especially in the LR segment, are luring some charterers to use VLCCs for the CPP trade after tank cleaning. As most LRs carrying Middle Eastern diesel to Europe are passing through the Cape of Good Hope, the stretched voyages have not only increased the cost of transportation but also tightened tonnage supply, underpinning LR rates. While LR rates are soaring due to tight supply, VLCC earnings are low amid subdued Chinese demand and production cuts by Middle Eastern producers. In June, the ...

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