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Tag Archives: Tops

Volatility Hits The Dry Bulk Market As Capesizes Are Still the Benchmark

The Capesize segment’s benckmark status in the dry bulk market has been magnified over the course of the past couple of weeks. In its latest weekly report, shipbroker Allied Shipbroking said that April was “a rather bizarre month for the Dry Bulk market, with plenty of volatility and sharp shifts in sentiment during a very short period, leaving most market participates with relatively perplexing views. At the onset of April the market was lingering in the doldrums, with the BDI having eased back to below the 1,000 basis points mark, ...

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Ship Financing Just Got Less Complicated

BIMCO has developed a new standard term sheet for syndicated ship financing (SHIPTERM S) – the first industry standard of its kind for syndicated loans. The term sheet was approved for publication at BIMCO’s biannual Documentary Committee meeting on May 2 in New York. “Big financial institutions have their own term sheets that aren’t specifically designed for shipping loans and are often very complex; while small to medium sized banks often don’t have a form to use at all. This makes it difficult and time consuming for shipowners to make ...

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“Invoicing and payment processes in global container shipping: ready for disruption?”

The container liner shipping industry carries about 60% of the goods (by value) that are moved internationally by sea. To do so, container shipping lines (carriers) deploy about 5,100 containerships worldwide and provide approximately 400 scheduled liner services, most of which sail weekly. Drewry estimates that the global container shipping industry generated transport revenues of $166 billion globally in 2017, managing the flows of 207 million twenty-foot equivalent units (teu) of ocean containers, and requiring about 1.26 billion freight invoices to be issued, verified, paid, and reconciled. In this white ...

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Shipping: Demolition Market on a High

Savvy shipowners could take advantage of a booming sentiment across scrapyards in Southeast Asia, after the news that Pakistan has reopened for tanker business. As shipbrokers report, this has already created an artificial premium for certain small units that have been committed. According to the latest weekly report from Clarkson Platou Hellas, “buyers believe prices will now show some improving signs, although breakers will remain cautious due to a mini budget on the 27th April, as well as the Pakistani rupee struggling against the US Dollar. Therefore any improvement is ...

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Far East-Europe Box Freight Rates: Mapping The Progress

Container freight rates on the key Far East-Europe route have seen significant volatility over recent years, and after improving in 2017 appear to have eased back again recently. Against this backdrop, comparing trends in cascading and deployed capacity on the trade lane with demand side developments can help to shine some light on the ongoing fluctuation in freight rates. Charting A Course The Far East-Europe sits at the top of the global trade route hierarchy, and is where most of the new very large boxships are initially deployed upon delivery. ...

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After UN deal on shipping emissions, it’s now up to Europe ‘to get things moving’

Sustained pressure on governments to regulate the shipping sector’s climate impact has finally resulted in a pledge to require international shipping to at least halve its greenhouse gas emissions by 2050. However, states meeting at the International Maritime Organisation last month made no progress on agreeing a roadmap to devise the measures needed to implement immediate emissions cuts. T&E said it’s now up to Europe and its climate allies to get things moving. The IMO meeting in London agreed to require the shipping sector to reduce its emissions by ‘at ...

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Newbuilding Activity Still Quite High Say Shipbrokers

Ship owners appear to be making a run to contract more newbuildings, in the expectation that prices will increase in the future, not to mention the added uncertainty over the new environmental rules. In its latest weekly report, shipbroker Allied Shipbroking said that “the flow of fresh deal continue to emerge, given further confidence amongst shipbuilders as buyers continue to shop around. On the Dry Bulk front, we were seeing fresh deals and interest continue to hold on the larger size segments, to not much surprise given the recent performance ...

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Chinese Shipbuilding: State Yards Still Working Out?

Following the onset of the global financial crisis, the number of active shipyards globally has declined rapidly, reaching 350 as of start April 2018. This trend is most notable in China, where although state interests support state-backed yards, many independent yards have increasingly struggled to win orders. This month’s Shipbuilding Focus takes a look at the impact this has had on Chinese shipbuilding. Trying To Stay Active Since the start of 2009, the number of ‘active’ yards (with at least one vessel 1,000+ GT on order) in China has fallen ...

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LNG: fuel of the future?

With less than two years before the sulphur cap comes into force, LNG is looking more plausible as the marine fuel of the 21st Century. Many shipowners are still weighing up the dilemma of how to comply with the stringent new rules on sulphur emissions, due to come into force in January 2020. The options have been widely publicised: scrap older tonnage, fit sulphur scrubbers, switch to low-sulphur marine gasoil (LSMGO) or install power plants capable of burning LNG. Scrubbers are increasingly seen as a messy answer. A scrubbing system ...

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High Tanker Demolition Activity Not Only Due to Market Demise, Says Analyst, While Newbuilding Ordering Activity is Picking Up Again

A series of reasons is behind the increased tanker demolition activity so far this year and it’s not just the market demise, or an aging fleet. In a recent note, Mcquilling Services LLC said that “the tanker demolition market has picked up the pace in 2018, following a period of below average deletions due to favorable market conditions and younger fleet profiles. From our analysis, one market factor does not drive tanker demolitions, but rather a confluence of factors such as an aging fleet, depressed freight rates, higher steel scrap ...

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New rules for MOUs – Classification for smarter operations

The traditional class and statutory survey regime consisting of annual and five-year cycles has been shown to be too rigid for mobile offshore units (MOUs). Leveraging advanced digital technology, DNV GL’s revised Offshore Rules published in January 2018 provide much more flexibility. The road towards digitalization in the offshore industry is long and many steps need to be taken to ensure safe and smart operations. Yet, there is an increasing need for new and alternative approaches to the cooperation between class and customer, especially with the aim of reducing “out-of-service” ...

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Lessors strengthen their grip on the container equipment market

The move towards container leasing and away from carrier ownership continues unabated and the leased fleet now has a clear majority over that owned by transport operators, according to the latest edition of the Container Census & Leasing and Equipment Insight published by global shipping consultancy Drewry. Leasing companies accounted for 55% of container purchases in 2017, which continues the trend seen for most of this decade. With the fleet of containers owned by transport operators growing by a mere 2.4%, the leased fleet added 6.7% and the share owned ...

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Tankers: Suezmax Market in the Clear?

In its latest weekly report, shipbroker Affinity Research wondered whether we are sailing into the calm after the storm for Suezmax markets? Rather unlikely. The end of second decade May inquiry is still outstanding, and whilst Singaporean ballasters are lining up for the 3rd decade, the willingness to fix westbound will be limited. More significantly, however, the East-West spread of Rotterdam-Singapore fuel prices is widening every day. Prices stand at USD 17.50 on IFO 380 and USD 28.75 on IFO 180 to date, with bunker prices at USD 33.00 & ...

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Wheels Within Wheels: Shipping And Oil Market Cycles

Shipping markets are by their nature cyclical, but anticipating the timing of market cycles is rarely easy in practice, not least because shipping’s cycles are so enmeshed with other economic cycles, notably in underlying commodity markets. For example, while some of the key shipping sectors appear to be moving into the next phase of the cycle, current oil market uncertainties are complicating matters elsewhere. Getting Into Gear Oil is one of the headline global commodities and no wonder: it meets around a third of all global energy needs. From a ...

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Capesize Market: Gap Between Charterers and Owners Remains Wide

Capesize Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25, in what appeared to be pre-holiday jitters, after climbing in excess of the mid-$7.00s before stalling. The Australian miners were taking ships, with Rio Tinto securing tonnage for 13 May onwards at the end of the week from Dampier to Qingdao at $7.25, but with improved drafts in Dampier, brokers said. Timecharter rates hovered around $16,000 to $17,000 daily for Australian round voyages. Brazil trading ...

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