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Tag Archives: Tops

Tanker Owners Could Have a New Market Soon

The market for ship tankers could soon welcome a new member in Guyana. In its latest weekly report, shipbroker Gibson said that “there may be few new frontiers left in the oil market, with most regions having been tested, even if deemed to be uneconomical in the current oil era. However, from next year there will be a new kid on the block – Guyana. Throughout history, Guyana has hardly made it onto the tanker map. Despite sharing a boarder with Venezuela to the north and Brazil to the south, ...

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Dry Bulk Market: Capesize Rates Dragged Down By Chinese Port Closures

Capesize With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. In addition to this, the national holiday in Singapore gave a weaker trend to the rates, which all lost value during most of the week before bouncing back up a bit on Friday. By week’s end, the West Australia to China route was being rated around the $9.25 level, as rumours flowed this level had been fixed for end August dates. Brazil to China ...

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Flat batteries may erase your MARPOL data

According to IMO guidelines, the 15 ppm Bilge Alarm should record date, time and alarm status, and operating status of the 15 ppm Bilge Separator. The recording device should also store data for at least eighteen months and should be able to display or print a protocol for official inspections as required. In the event the 15 ppm Bilge Alarm is replaced, means should be provided to ensure the data recorded remains available on board for 18 months. During recent Port State inspections, US Coast Guard inspectors found MARPOL deficiencies ...

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Dry Bulk Ships’ Demolition Rate at Lowest Level of the Past Five Years

While the dry bulk market has managed to recover over the past couple of months and net fleet growth remains moderate, ship owners will have to be wary ahead of a trade war, which means that more demolitions could be in order, in order to alleviate tonnage supply. In its latest weekly report, shipbroker Allied Shipbroking said that “demolition activity in the dry bulk sector had seen considerable increases since 2016, allowing us to even see a peak of as many as 60 units being recycled in a single month. ...

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The Vicious Cycle

The shipping markets are classically cyclical, but with extreme volatility. In fact, bulkers and tankers probably have the highest volatility of any major hard asset. The reason for this volatility is due to two main elements: the behaviour of shipowners and investors, and the relatively long build times and working lives of vessels. Effectively, what happens to cause the cycle is: 1. Vessel earnings (charter rates) are low, probably below OPEX and CAPEX because there are too many ships and not enough cargoes. 2. Owners start to send their old ...

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Goodbye globalisation, hello ‘slowbalisation’

Is globalisation on the way out? Researchers at American investment bank and financial services firm Morgan Stanley argue that it might be as a mix of geopolitical shifts and secular trends are “conspiring” to slow down or reverse globalisation. However, trade tensions form only part of the story. Globalisation has been the dominant trend since the late 1900s and few doubted its continuation. Yet, while tariffs may be the most visible barrier, other trade blocks, like new foreign investment review in the US, are weakening the business incentive to globalise ...

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Tanker Charters a Very Complex Affair

On the back of the past couple of months’ turmoil in the Gulf Arab region, fixing a tanker on a charter basis is no easy task. In its latest weekly report, shipbroker Intermodal commented that “on the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of Norway. A month later a second attack took place, involving 2 tankers passing near the straits of Hormuz. The above incidents were followed by the detention of an Iranian VLCC ...

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Panamax owners rejoice as India’s coal imports surge

The recent firmness in India’s coal imports, which has been the main reason for increased rates in the Panamax market, is likely to continue as the Indian government’s plan to invest heavily in infrastructure will underpin domestic coal demand. Panamax rates have skyrocketed in 2019 and are likely to rise in the coming quarters supported by strong demand for coal imports in India. The demand for electricity in India is expected to expand at an increasing pace over the next five years. Even though the share of renewables and gas-fired ...

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Perfect combination

“It’s all about doing things faster and more efficiently, but still doing them well,” says Stener Olav Stenersen, Head of Services at the DNV GL Maritime Operational Centre in Høvik. Sending a surveyor to a vessel site costs time and money, and waiting time impacts the vessel’s operational availability. With travel time eliminated and waiting times reduced, remote surveys can conclude faster than traditional surveys, and the results can be shared immediately through DNV GL’s electronic certificate and documentation system. The right expertise at the right time Another advantage of ...

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Ship Recycling Market on Further Downward Slump

The demolition market has remained on a downward path this week, with recyclers offers declining and ship owners refraining from more deals. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the mood in the market slipped further this week as the depressive state continued with domestic price levels in the Indian sub. Continent showing no signs of a reversal. There appears to be a total lack of confidence from the actual recyclers with the appetite from India remaining relatively damp, and Bangladesh showing no willingness to offer ...

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Dorian LPG: “Older VLGC Tonnage to Exit the Market, On High Cost of Retrofitting”

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), yesterday reported its financial results for the three months ended June 30, 2019. Highlights for the First Quarter Fiscal Year 2020 • Revenues of $61.2 million and Daily Time Charter Equivalent (“TCE”)(1) rate for our fleet of $29,671 for the three months ended June 30, 2019, compared to revenues of $27.6 million and TCE rate of $16,553 for the three months ended June 30, 2018. • Net income of $6.1 million, or $0.11 earnings per ...

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Container ports: the fastest, the busiest, and the best connected

Known as the “humble heroes” of globalization, containers are handled in hundreds of millions at container ports worldwide annually. Efficient and well-connected container ports enabled by frequent and regular shipping services are key to minimizing trade costs, including transport costs, linking supply chains and supporting international trade. Thus, port performance is a critical factor that can shape countries’ trade competitiveness. Every hour of port time saved by ships translates into savings in port infrastructure expenditure for ports, ship capital costs for carriers, and inventory holding outlays for shippers. Recognizing the ...

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Sudden Pick Up in Newbuilding Orders

Despite the expected summer lull, newbuilding ordering activity picked up over the course of the past week. In its latest weekly report, shipbroker Allied Shipbroking said that “rather surprisingly, we saw a considerable boost in the volume of new order placed on a w-o-w basis. The main driver behind this was the tanker sector, with plenty of fresh orders coming to light, mainly for the MR sector and generally for smaller size units. On the other hand, things were fairly quiet for the dry bulk sector, rather attuned at this ...

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Greek Shipping And Economy 2019: The Strategic and Economic Role of Greek Shipping

The global economy started in 2018 on a positive note but, as industrial production decelerated, trade slowed and business confidence fell, the momentum lost steam. Global growth, which peaked at close to 4% in 2017, moderated to 3.6% in 2018 and is projected to decline further to 3.3% in 2019. With improvements expected in the second half of 2019, global economic growth in 2020 is projected to return to 3.6%. Global trade growth decreased over the course of 2018 in volume terms, from 5.3% in 2017 to 3.8%. One reason ...

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Temporary Agreement for Strait of Hormuz issued by Warlike Operations Area Committee

Further to the club’s web alerts on 17 June and 22 July and news article on 19 July, the Warlike Operations Area Committee (WOAC) has temporarily designated the Strait of Hormuz as a high-risk area from 2 August. This follows the UK Government advice to UK-flagged ships to give it notice of any intention to pass through the Strait of Hormuz and to avoid the area unless accompanied by British naval support. The WOAC, comprised of the trade unions Nautilus International and RMT, and the UK Chamber of Shipping, decided ...

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