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Tag Archives: Tops

Ship Owners Return to Yards for Dry Bulkers

It’s been a while, but ship owners seem to adopt a more bullish stance on the dry bulk market’s future prospects, at least when considering the latest flurry of newbuilding orders placed. In its latest weekly report, shipbroker Allied Shipbroking noted that “a big surprise was witnessed this past week in the dry bulk newbuilding market, with activity increasing considerably after several weeks of almost complete lack of new orders coming through. Despite the fact that earnings continue to drop, owners this past week seem to have shown a more ...

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Sailing towards a carbon-neutral future

To mitigate the environmental impact of this increase, the International Maritime Organization (IMO) recently adopted a new strategy aimed at reducing greenhouse gases (GHG) from shipping by 50% by 2050 compared to 2008 levels. This comes on top of the previously established NOx and SOx caps that should be in place by 2020. The shipping industry needs to quickly explore new solutions to cut emissions. The challenge is that there is no panacea yet that will create such a zero-emissions shipping ecosystem. Instead, available opportunities and acknowledged trends include large ...

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Satellite tracking shows how ships affect clouds, climate and sulphur emissions

By matching the movement of ships to the changes in clouds caused by their emissions, researchers have shown how strongly the two are connected. When ships burn fossil fuels, they release airborne particles containing various naturally occurring chemicals, including sulphur. These particles are known to modify certain types of clouds, which can affect climate. Better knowledge of how these particles, and particularly the sulphur components, affect clouds could help scientists to create more accurate climate models, and shipping’s regulators to potentially monitor the sulphur content in emissions from ships. In ...

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IMO 2020 Having an Impact on S&P Deals as Well

Ship owners have been rather active in the S&P market this year, but as we are closing down towards 2020, deals which are for ships to be delivered next year need to take into account the bunker factor. In its latest weekly report, shipbroker Intermodal said that “during the past few weeks we have witnessed the shipping industry focusing primarily on the wet sector, which is absolutely normal as after many years we saw freight rates on tankers, especially on big tonnage vessels, reaching astonishing levels with some cases like ...

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Enforceability of LOIs – a practical guide

In the normal course of trade, situations may arise whereby shipowners are subjected to commercial pressure to take certain actions – involving additional risks – in return for receiving a Letter of Indemnity (LOI) from their charterers, shippers or other third parties. Such letters in effect promise the shipowner that if they do what the issuer asks – specifically something that they are not obliged to do – then the issuer will ensure that they do not suffer any loss as a consequence. Shipowners may be asked to accept an ...

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Steel production dip

Global crude steel production posted its first drop in more than three years in September, reflecting a global economic slowdown. The World Steel Association counted 151.5m tonnes of production for the 64 countries that report to it last month, a 0.3% decrease compared with September 2018. Those trading on steel fortunes now need to wait another month to see whether this is a blip or truly the start of a wider downturn. So far, 2019 has been a strong year for global steel with production at 1.391bn tonnes in the ...

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Tankers: The Nigerian Factor

The operation of the new Dangote refinery in Nigeria is bound to affect the West African tanker market. At this point, it’s only a matter of when, not if. In its latest weekly report, shipbroker Gibson said that “a few months ago it was reported that the construction of the 650,000 b/d Dangote refinery in Nigeria will not be completed until the end of 2020, a year later from the original plans due to problems importing steel and other equipment needed for the refinery. The plant, located at the Lekki ...

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Dry Bulk Market: Capesize Market Slightly Higher

Capesize The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, the Capesize market closed the week down at $24,637. The Atlantic Basin saw stronger gains initially as many saw an improving fundamentals position. However, subsequent declines have put a dampener on the situation. The West Australian market maintained its range bound levels, opening at $9.268 to close the week out at $9.032. Trading activity was concentrated on the second half of the week, as Monday was a public ...

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EU ban on palm-based biodiesel to negatively impact Europe-Asia vegoil trade

The EU’s demand for palm-based biodiesel is expected to decrease in the long term due to the region’s ban on the use of palm oil in biofuels. The overall volume of biodiesel carried by chemical tankers grew at a CAGR of 7.9% during 2013-18 and is forecast to expand 1.8% in 2019. The tonne-mile demand went up by a high 38% in 2018, reflecting strong growth in long-haul trades with the EU being the key market for plant-based biodiesel, where consumption is surging. Europe is in fact the largest biodiesel ...

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“Healthy” Shipping Market Means “Unhealthy” Ships’ Recycling Market

With freight rates firming up in most shipping markets, ship owners have been less inclined to sell their older and – let’s not forget, debt-free ships for recycling. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “there still remains a clear lack of stability across the market and even apathy, with end Buyers still not fully developing a healthy appetite to acquire tonnage. This is despite the small flutter of sales, as evidenced below and last week, which many industry players felt would restart the market after ...

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Resale VLCCs Break $100m for First Time in 3 Years

For the first time since January 2016, the VV value of a resale VLCC has gone above $100m ($101.36m as of GMT 0936 1st Nov 2019). The last time we saw these levels was between May 2014 –and Oct 2015. Before this it was during the super cycle of 2007/2008. One of the major drivers of this change is the charter rates, which have increased over 1000% since 15th September 2019, peaking just above USD 200,000 per day on the 11th October, levels that have not been seen in over ...

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The contribution of salvage companies to the marine environment and the shipping industry

The salvage industry faces numerous challenges nowadays. Salvage cases tend to be more complicated technically and expensive. This is, in large measure, due to the increased size of vessels, increased values of their cargo and external influences such as demanding requirements from governmental organisations and the shore-based authorities.  There are fewer cases for salvors and yet society’s expectations about protection of the environment have increased. It is clear that the salvage industry has much to contemplate. However, salvors are problem solvers, they will continue to stand ready to assist casualties ...

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In Shipping Markets, Rollercoaster Rides Are the Main Theme

Turbulence, volatility and extreme highs and lows are the “name of the game” these days, when it comes to the shipping markets. In its latest weekly report, shipbroker Allied Shipbroking said that “taking a focused look at the dry bulk and tanker sectors, characterizing the chain of events that have transpired during 2019 as “bizarre” would be a polite term to say the least. Even though we still have two months to go before the close of the year and from experience being yet too early to say whether we ...

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Predicting compatibility of VLSFO fuels

Overview Compatibility of residual bunker fuels has always been relevant. Mixing fuels onboard is often considered bad practice, however it is generally unavoidable. Instances of HSFO incompatibility have been relatively rare in the past, given the mostly similar nature of different HSFO streams. This is not going to be the case with VLSFO. With varying nature and quality parameters, these fuels are particularly sensitive to mixing, which will likely result in more instances of incompatibility, affecting fuel suppliers and owners alike. VLSFO’s sensitivity to mixing will likely result in more ...

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Shipping number of the week: 82% drop in US soya bean exports to China

US soya bean exports to China are 82.8% lower in the first seven weeks of the 2019/2020 marketing season compared to the same period of the 2017/2018 marketing year, before the trade war started affecting this trade, according to BIMCO’s market analysis team. So far, only 1.1 million tonnes of US soya beans have been exported to China, higher than the 0.2 million tonnes shipped in the first seven weeks of the 2018/2019 marketing year, but considerably below the 6.4 million tonnes at the start of the 2017/2018 marketing year. ...

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