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Tag Archives: Tops

Inside the shipping team-up that helped manage the shift to very low sulphur fuel oil (VLSFO)

We are heading into a more complex world for shipping, where operators worldwide are navigating an evolving landscape of regulations and technological advancements. As a result, collaboration is increasingly proving to be the key to innovation and developing solutions that can help shipping players meet the speed of the industry. It was a joint effort that made it much easier for shipping operators to manage the shift to very low sulphur fuel oil (VLSFO). Marcus Schaerer, General Manager Services and Technical at Shell Marine, explains how their team worked closely ...

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Dry bulk sailing distances jump 31% for routes using the Panama Canal

“The limits in daily transits in the Panama Canal have significantly affected the dry bulk market, with transits down 74% y/y between January and April 2024. During this period, sailing distances for completed voyages in the affected routes rose 31% y/y, while the cargo volume dropped 25% y/y. Overall, tonne mile demand for these routes fell 1% y/y,” says Filipe Gouveia, Shipping Analyst at BIMCO. Low water levels in lake Gatun have caused restrictions in the number of transits through the Panama Canal at a maximum draught level of 13.4 ...

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Confirmation on use of standard terms

The decision handed down in Maersk Guinea-Bissau, SARL & Anor -v- Almar-Hum Bubacar Balde SARL (Raquel S) [2024] EWHC 993 (Comm) provides useful guidance on incorporation of standard form contractual terms, in this case a Himalaya clause and exclusive jurisdiction agreement into a contract of carriage. It confirms that these typical terms found on the reverse of a bill of lading are neither onerous nor unusual and that there is no obligation on the carrier to draw the shipper’s attention specifically to such terms prior to the carriage. The dispute ...

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Oil Price Dynamics in Favor of Spot Tanker Demand

Spot tanker demand is expected to benefit from the latest oil market price dynamics. In its latest weekly report, shipbroker Intermodal said that “the turbulent dynamics witnessed in oil markets during the five months of 2024 have had a direct impact on crude freight demand fundamentals. Volatile crude prices, coupled with fluctuating supply and shifting trade flow patterns, dictate the volume of shipments and corresponding tonne-mile requirements for crude tanker operators. As we head into the second half of the year, several key factors are emerging that will influence the ...

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The indispensability of the Greek-owned fleet: international and cross-trading

Greek shipowners control more than 20% of the global merchant fleet, in terms of deadweight tonnes – dwt (Figure 1), making Greece the world’s largest shipowning nation. The Greek-controlled merchant fleet is not only the largest in the world, but it is also dynamic, exhibiting steady growth. Over the past decade, the total capacity of the Greek merchant fleet, comprising of 5,543 ships, has seen a 53.5% increase. In fact, the Greek-owned fleet is the largest crosstrader in the world, moving cargoes between third countries with over 98% of its ...

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Greek shipping getting to grips with EU ETS compliance issues amid mounting emissions costs, says OceanScore

Validation of voyage emissions data and contractual arrangements for allocation of EU ETS costs remain key challenges for Greek shipowners as they face an estimated total €335m bill this year, potentially rising to €1bn once the regulation is fully implemented, according to OceanScore. Some 2135 vessels owned or operated by around 400 Greek shipping companies are presently racking up liabilities under the EU Emissions Trading System (EU ETS) that will require them to surrender EU Allowances (EUAs) next year for GHG emissions incurred during 2024. Maritime data analytics firm OceanScore, ...

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Tankers: Oil Market Direction to Impact the Market Moving Forward

Tanker market participants will be closely watching OPEC’s upcoming meeting, in order to draw any conclusions for the future of the oil market’s dynamics. In its latest weekly report, shipbroker Gibson said that “oil markets once again are carefully watching for any comments from OPEC+ officials, with speculation building what the group will decide during their upcoming meeting on June 2nd. Will OPEC+ continue with their current production cuts or will they cut further, allowing non-OPEC members to grab an even larger market share? Alternatively, what are the chances of ...

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Dry Bulk Market: Capesize Ends Week on Positive Note

Capesize The Capesize Timecharter Average (C5TC) closed on a positive note on Friday before entering the last week of May, which will start with a public holiday in the UK next Monday. The C5TC at $21,674 is about $500 lower week-on-week but $5,000 higher year-on-year. West Australia to China trade hovered in the range from high $9s to mid $10s, with a public holiday in Singapore interrupting mid-week. Good weather was finally reported from Brazil, followed by more activity towards the second half of the week, eventually settling at $24.765. ...

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Canada’s TMX pipeline expansion to boost Asian crude oil trade

Canada’s Trans Mountain pipeline expansion (TMX) commenced partial operations on 1 May, a milestone in the global energy market. The pipeline will ship 590 kbpd to Canada’s Pacific Coast from Alberta and will open up unparalleled access for Canadian crude oil to the booming Asian market. As a result, Aframax demand will be created amid this new trade route. Although new trade patterns, which emerged after the EU sanctions on Russia, will continue to support Aframax demand, there is little scope for a further alteration in trade patterns because of ...

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Sudan and South Sudan: A Tale of Two Oil Producers

Among the countries which are contributing to an unstable oil production flow into the global market are Sudan and South Sudan. In its latest weekly report, shipbroker Poten said that “domestic turmoil and regional tensions restrict oil exports Sudan and South Sudan are two countries in Northeast Africa. They were one country until 2011, when South Sudan seceded and became independent following a referendum. The political situation in the region is very unstable. Since April 2023, Sudan is engulfed in a civil war between the military government and the opposition ...

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Allianz Commercial: Shipping losses hit all-time low despite increasing risks for the whole sector

Given as much as 90% of international trade is transported across oceans, maritime safety is critical. Thirty years ago, the global shipping fleet lost around 200 large vessels a year. This total fell to a record low of 26 in 2023, a decline of more than one third year-on-year and by 70% over the past decade. However, the fact that shipping is increasingly subject to growing volatility and uncertainties from war and geopolitical events, the consequences of climate change, as well as ongoing risks resulting from the trend for larger ...

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Customer care you can rely on

Our innovative new Inmarsat Maritime customer care portfolio brings shipping companies and seafarers peace of mind, as they can be assured that their connectivity will operate effectively no matter where they are in the world. This article outlines the outstanding new levels of care that our updated customer support program offers. It details the offering which is offering reassurance to crew around the world by removing the burden of equipment maintenance and providing instant access to necessary information. We’re taking our customer care portfolio to the next level because we ...

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Dry Bulk Market: Colombia Coal Exports On the Rise During 2024

In its latest 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-Mar 2024 the positive trend continued, with global coal loadings increasing by +3.2% y-o-y to 329.0 mln t, from 318.6 mln t in the same period last year. In Jan-Mar 2024, exports from Indonesia increased ...

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Dry Weekly Market Monitor – Week 21.2024

Chart of the Week: Dry Bulk Flows – Coal from Australia to China This week’s update on the resilience of Chinese coal imports from Australia confirms a continued resurgence year to date echoing the trend observed before the end of March. In the third week of May, there are indications that the Capesize market segment is showing resistance, with rates in the Brazil to North China route seemingly holding firm and not expected to drop before the end of the month. However, there’s a growing number of ballasters in Southeast ...

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Peak in China’s coal demand in sight as renewables jump 12%

Between January and April 2024, China’s electricity generation from renewables surged 12% y/y, significantly outpacing the 6% growth in generation from fossil fuels. While steam coal shipments to China rose 29% y/y, they are starting to feel the pressure from stronger renewables. Between March and April, the shipments fell 7% y/y as electricity generation from fossil fuels only rose 1% y/y,” says Filipe Gouveia, Shipping Analyst at BIMCO. So far in 2024, electricity generated from renewables in China accounted for 25% of the country’s electricity production. That is a record ...

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