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Tag Archives: Tops

Demolition Activity Non-Existent for Bulkers or Tankers

The ships’ demolition market picked up this past week. However, according to various market reports, both from shipbrokers and cash buyers, the primary focus hasn’t been for tankers or bulkers, but for secondary market units. As a result, further pressure could be the case in freight rates. In its latest weekly report, Clarkson Platou Hellas said that “another ‘low-key’ week has been experienced and the mixed feelings within the industry are leaving Buyers unsure which direction the market is heading and how, or if, to offer for any available tonnage. ...

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MRV and DCS: On track for greener shipping

Just a few days before the landmark International Maritime Organization (IMO) London conference, the chances of an agreement to control shipping’s greenhouse gas (GHG) emissions looked unlikely. But then, ironically on Friday 13 April, the members of the Maritime Environment Protection Committee (MEPC) reached a consensus: by 2050 shipping would cut its GHG emissions by at least 50 per cent from 2008 levels. This was the first time emission targets were set for global ocean shipping. Commercial shipping is getting greener. Both the EU and the IMO are committed to ...

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Groupe Renault partners with NEOLINE, designer and operator of cargo sailing ships

During the Assises de la Mer maritime conference, Groupe Renault announced the signing of a 3-year partnership with Nantes start-up NEOLINE to develop a more sustainable maritime transport service powered by wind, and to contribute to the environmental management of its logistics chain while nearly 60% of the Group’s parts and vehicles are transported by sea. Jean-Philippe Hermine, Vice President, Strategic Environmental Planning Groupe Renault, stated: “Groupe Renault’s objective is to reduce the environmental impact of each vehicle throughout its entire life cycle, from parts transportation up to delivery and ...

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Chinese Oil Imports Could Offer Further Support to the Tanker Market Until the End of 2018

A resurgence is quietly underway in the crude tanker market, as a number of plays are helping alleviate oversupply issues. In its latest weekly report, shipbroker Banchero Costa noted that “in October, Chinese crude oil imports reached a new record of 40.8 million tonnes, an increase of 9.6 percent month-on-month and 31.5 percent year-on-year based on customs data. The increase has continued from the strength of previous months: In the first 10 months of 2018, imports increased 8.1 percent year-on-year to 377.3 million tonnes”. According to the shipbroker, “the country’s ...

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2018 was Indeed a Forgettable Year for Shipping. Is There More to It?

So far in 2018, the shipping freight markets have been proven uninspiring; current freight indices produced by the Baltic Exchange, the Shanghai Shipping Exchange and other data providers are comparable to year-old levels, give or take some “normal” volatility; and, it’s well known that shipping is capable of much more than “normal” volatility. Product tankers specifically, and tankers in general, seem to be the disappointment of the year in terms of freight – but still, as of late, crude tankers have managed a fair recovery on the back of OPEC ...

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Industry collaboration key to unlocking full advantages of technology in maritime

As with many other industries, key players in maritime are increasingly spurred on to accelerate innovation and adopt new technologies in a bid to stay ahead of the curve. Although the uptake of technologies and innovation has been relatively slow in the maritime industry due to the complex nature of traditional maritime operations, the industry has now evolved and is beginning to overhaul legacy systems to embrace modern approaches to shipping and port operations. The maritime industry in Singapore, in particular, has already seen rapid changes. Maritime leaders today are ...

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Product Tankers and the Rhine Low-Water Level Issue

The product tanker market in Europe in being affected by weather conditions over the past few months. In its latest weekly report, shipbroker Gibson said that “low water levels on the Rhine have remained a persistent problem for the European commodity markets since the summer, forcing many refineries and industrial plants to reduce production, and in some cases to declare force majeure. Whilst most industries would have expected and planned for such lows over the summer months, few would have expected these levels to persist, and indeed worsen as the ...

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Dry Bulk Market: Capesize Market Ends the Week on a High

Capesize It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk that one of the majors paid $7.00 for 7-9 December cargo on Friday, with rates gaining 85 cents in a few hours. Timecharter activity so far remained negligible, but rates are assessed now at five figures. Brazil/China trading was spasmodic, but rates fixed were over $15.00. However, brokers said some bids were up today and owners also increased their rate ideas with the bid-offer gap widening significantly. Further ...

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Reinventing Ultramax

In early 2017 Hugh Williams, Chairman and CEO of the Graig Shipping Group, and Andrew Westwood, Senior Vice President, Business Development Region South East Asia, Pacific & India at DNV GL – Maritime, met to brainstorm a new project. The two men were no strangers, having worked together on the development of the Diamond 53 bulk carrier design around the turn of the millennium, meeting the needs of the time for stronger, safer vessels. This had resulted in a highly successful project which shifted safety standards up and resulted in ...

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Tanker Owners Looking Forward To Increased Ton-Mile Voyages on Iranian Sanctions

Once again, the disappearance of Iranian oil from many markets, not to mention Iranian VLCCs, is shifting fortunes in the tanker market, with ship owners looking forward to “early Christmas presents”, as one analyst recently put it. In its latest weekly report, shipbroker Allied Shipbroking said that “current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil prices over the past couple of months. With Iranian oil out of the picture for many of the main importers, Saudi Arabia ...

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Shipping is in climate change’s firing line, a new report from the British Ministry of Defence argues

Back in 2006, the famous documentary film starring former US Vice President Al Gore described global warming as “an inconvenient truth”. More than a decade later, the maritime industry might soon find this climate development living up to its movie-assigned name, given that a new report from the UK’s Ministry of Defence forecasts disruption to shipping on the horizon as a result of it. Climate change’s maritime impact According to the Sixth Edition of Global Strategic Trends: The Future Starts Today, influence from humans on the climate system will have ...

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Asian LPG Market Softness Hurt StealthGas’ Third Quarter Performance

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced Friday its unaudited financial and operating results for the third quarter and nine months results ended September 30, 2018. OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational utilization of 96.1% in Q3 18’ (95.4% in Q3 17’) in spite of weak seasonal period combined with an unexpected slowdown of the Asian LPG market. Almost 15% reduction of commercial off hire days in Q3 18’ compared to Q3 17’. About 84% of fleet ...

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Christmas Arrived Early for Tankers: Will they last?

New data seems to suggest that the recent rally in tanker freight rates could be more than just a blip. In its latest weekly report, shipbroker Intermodal said that “halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on their asset values. The improvements on VLCC rates, which showed its first sparks with Chinese imports steering the wheel at the end of September, has now stabilized”. According to Intermodal’s, Tanker Chartering Broker, Dimitris Kourtesis, ...

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Ship operating costs reach inflection point as inflation returns

Average vessel operating costs rose modestly for the second year in succession following two years of marked declines, but cost inflation is set to accelerate on higher insurance premiums, according to the latest Ship Operating Costs Annual Review and Forecast 2018/19 report published by global shipping consultancy Drewry. Typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum. Opex costs are heavily linked to developments in the wider shipping market as some costs, such as insurance, are connected to ...

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Q&A: Shipping and the environment

UNCTAD’s Multi-year Expert Meeting on Transport, Trade Logistics and Trade Facilitation on 21–23 November comes just a few months after the International Maritime Organization (IMO) adopted an initial strategy on the reduction of greenhouse gas (GHG) emissions from ships. The IMO decarbonization strategy represents the first global framework for shipping and follows the commitments made by countries in the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change in 2015. With the health of the planetary atmosphere and marine ecosystems at the centre of these plans, we ...

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