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Tag Archives: Tops

Demolition Market Stalling

The demolition market has started to diminish during the past couple of weeks. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the World has been further gripped by the Covid-19 virus this week as the World Health Organisation officially recognised it as a pandemic, and the situation globally has escalated. This has led to a further loss of confidence, with stock and commodity markets suffering dramatic losses to what can only described as a bloodbath. Subsequently, the ship recycling industry has suffered tremendously too with the currency ...

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Coronavirus poses major challenges for seafarers on merchant ships from increasing restrictions imposed by port states

The coronavirus (COVID-19) has already caused the loss of thousands of human lives and the imposition by authorities of travel restrictions and lockdown of cities, provinces and countries across the world. Communities across most continents and economies are currently subjected to this serious threat and resulting turmoil. During this very difficult pandemic, our Association wishes to remind societies and nations that without merchant ships and seafarers, cargoes cannot be transported between continents. Dry bulk carriers remain the workhorses of international shipping, which transports approximately 90% of world trade, serving essential ...

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Cybersecurity looks to the cloud to protect data at sea

Until relatively recently, topics relating to cybersecurity have been the domain of the IT department. Today, however, securing Operational Technology (OT) is becoming critical for business. In the marine industry in particular, ships are becoming more reliant on smart, cutting-edge tech. The IMO has recognised the need to make sure these systems are secure with its requirement that all maritime administrators appropriately address the cyber risk of their Safety Management Systems by January 2021. Operators who use Wärtsilä solutions are already ahead of the game, however. In December 2019, Wärtsilä’s ...

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Market for Ships In Flux

Ship owners have been reluctant to push ahead with more deals in the S&P market, as the levels of uncertainty are quite high at the moment, while sellers of second hand tonnage are also adopting a “wait-and-see” approach. In its latest weekly report, shipbroker Intermodal noted that “on the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recorded year-high levels that week with the daily average for Capesize reaching $38,014, for Panamax 76k $ ...

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Star Bulk – Higher risk, higher upside – time to bottom fish?

On 30 January 2020, the Baltic Capesize Index (BCI) closed the trading session at a record low of just 1 point. The index had closed CY19 at 1,950 points, thus wiping out 99.95% of its value in less than a month, after the seasonally weak fourth quarter had wiped out 56% of the index value. BCI has had a little reprieve since then as the index descended into the negative territory, consistently declining to close at negative 347 points on 10 March 2020. However, BCI has been an outlier among ...

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Rethinking maritime businesses for the digital age: the evolving role of ship agents

Traditionally, a ship agent (as a representative of the owner, the charterer -or both- of a visiting ship), ensures that the essential requirements for a ship visit are arranged and met. Therefore, they have an important monitoring role, before and during a port call, taking the necessary actions to avoid or minimize disruptions. Ship agents also guarantee that involved port actors are paid at the right level of compensation. Enhanced digitization and collaboration in the maritime transportation sector, through implementation of digital data sharing, is an inevitable and unavoidable change ...

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Tankers: So Where to Next?

To claim that the oil and tanker markets had a week to remember, would be an understatement. So, where to from here? In its latest weekly report, shipbroker Gibson said that “with the collapse of the OPEC talks last week, the spiraling down of the crude prices and the ever-developing coronavirus pandemic you could you say ‘Life is like a box of chocolates. You never know what you’re gonna get….’ This is certainly the case for anyone who has an interest within the tanker sector, you never know what each ...

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Capesizes: Iron Ore Flows To China, Bunkers Down

Capesize The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything other than fallout from Coronavirus. While this was a relatively simple assessment to make, it was without comfort. The magnitude of the fallout to come hammered business markets and civil society around the world, causing widespread fear. As previously mentioned, if the Capesize market wasn’t at precipitously low levels already, it would be on the speed boat there now. The Capesize 5TC opened the week at $2,542 ...

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Asia-Oceania container trade sees blanked sailings begin to dwindle

The Asia-Oceania container trade continues to deal with challenges from the COVID-19 coronavirus, although blanked sailings on the trade are starting to dwindle back down. It appears China has reached its peak with new COVID-19 cases, while cases in Australia and New Zealand, which make up the vast majority of the Oceania trade region, remain low, suggesting supply chain disruption between the two regions has also reached its peak. As of March 13, Australia, the largest economy in Oceania by a long shot, had recorded a total of 156 confirmed ...

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Unexpected Conditions Undermined The Tanker Market’s Recovery During February

Dirty tanker spot freight rates were buffeted by unexpected developments in February, undermining the optimistic outlook that began the year, OPEC said in its latest monthly report. Disruptions caused by measures to stem the accelerating outbreak of the Covid-19 in China led to a sharp drop in economic activity, including refinery runs, which weighed on crude import demand and freight rates. At the same time, tanker availability further increased by the unexpected lifting of sanctions on a subsidiary of China’s Cosco at the end of January, which dampened dirty tanker ...

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The sting in Covid-19’s tail

With no end in sight to the Covid-19-related disruption to world trade, the UN Conference on Trade and Development (UNCTAD) has published a sobering preliminary economic downside scenario. It expects a $2 trillion shortfall in global income with a $220 billion hit to developing countries (excluding China). Those hardest hit include oil-exporting countries, as well as other commodity exporters, and those with strong trade linkages to the “initially shocked economies”. These are expected to see a full percentage point wiped off their growth. Growth decelerations of between 0.7% and 0.9% ...

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How to decarbonize shipping without spending billions

• The maritime shipping industry must make some big changes if it is to meet its target of a 50% reduction in emissions by 2050. • Zero-emission ships are one avenue – but they require huge investment. • By increasing efficiency in the sector with digital technology, emission reductions can be achieved at a much lower cost. Have you recently purchased a limited edition luxury sedan that is only available from selected dealers in Germany? Did it seem very convenient to have the car delivered to your nearest dealer in ...

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Blue Growth is Real in Cyprus

Cyprus has undertaken a major endeavor to establish and develop a maritime cluster of companies and services, enabling Blue Growth to be part of a cohesive and flourishing set of initiatives and programmes. In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Natasa Pilides, Cyprus Shipping Deputy Minister, Petros Achtypis, Founder of Prevention at Sea; and Zacharias Siokouros, CEO of CMMI, provide the details which have transformed the island into a destination for all things relating to shipping and the maritime industry. Hellenic Shipping News Worldwide (HSNW): Blue growth ...

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Shipping number of the week: Oil prices suddenly drop 24% – a boon to the oil tanker shipping industry?

Earnings will go up as fuel costs go down. Will we also see an evaporation of slow steaming and higher freight rates as Saudi Arabia starts to produce oil at maximum capacity? As BIMCO often highlights, the oil tanker shipping market is at the mercy of geopolitics. This includes sanctions, elevated tensions in major oil producing regions of the world and the OPEC+ production alliance. The breakdown of the latter on Friday last week, wreaked havoc in the oil market and may significantly affect the oil tanker shipping industry. Saudi ...

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Changing Lanes

There have been some dramatic changes in China’s automotive industry in the past few years. Demand has soared in emerging markets. The industry is consolidating. Supply chains have become far more complex and internationalised. It’s a fast-moving, dynamic business that presents special challenges to the logistics providers it relies on. The country’s government sees the automotive sector as a key pillar of economic growth, and that political imperative is helping to drive progress and output. Electric vehicles present an important opportunity, both domestically and internationally with domestic sales already relatively ...

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