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Tag Archives: Tops

Dry Bulk: Seasonality or Something Deeper Behind the Dry Bulk Market’s Downfall?

The dry bulk market entered 2019 in a dire state, out of which it seems unable to recover. In its latest weekly report, shipbroker Allied Shipbroking said that “the dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any positive signs to be had. All this seems to have its roots partly in the correction noted back in November of 2018, while the actual damage was not so much that made to realized earnings but rather the steep shift ...

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Hellenic Fleet Value up by $5 Billion in 2018, at $105.2 Billion

#1 Greece The Greek fleet has increased its total value by over USD 5 billion in one year. This is the second biggest increase in value for any of the top 10 shipping nations. The total asset value of the Greek owned fleet has topped USD 100 billion, a significant milestone. The increased fortune comes from growth in LNG ordering and a Tanker value uptick. Greece has moved into pole position as owning the highest valued LNG fleet in the world, up from USD 13 billion at the start of ...

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Commissioning a scrubber system by 31 December 2019 is not sufficient to comply with the upcoming sulphur cap

Ship owners, ship operators and ship managers who are busy preparing for the upcoming high sulphur fuel oil (“HSFO”) ban which enters into force on 1 January 2020 will be familiar with the option to install Exhaust Gas Cleaning Systems (EGCSs) otherwise known as “scrubbers” as one route to compliance. There appears to be some confusion within certain parts of industry as to whether it is sufficient to merely commission and not necessarily install or use a scrubber by 31 December 2019 in order to meet the new sulphur content ...

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New Regulations To Trigger Huge Business for Ship Repair Yards

The entry into force of the Ballast Water Treatment Convention and the upcoming 2020 IMO Regulations for the use of low-sulphur fuels by the existing fleet, are expected to trigger a mass influx of clients for ship repair yards. However, this increased business of retrofits hasn’t started to materialize yet, which could lead to fewer available yard spots for late-comers. In any case, retrofits of ballast water systems and scrubbers are about to take over the ship repair market until, at least, the end of 2019. In a recent report, ...

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More stringent marine sulfur limits mean changes for U.S. refiners and ocean vessels

The implementation of new regulations affecting marine fuel specifications will have implications for crude oil and petroleum product markets over the coming decade. Previous Today in Energy articles described these regulations and the short-term implications for refining margins through 2020. Today’s article discusses the longer-term implications of the market changes projected in EIA’s recently released Annual Energy Outlook 2019, as the response to these regulations will likely involve changes to ships, marine fuels, refining, and some infrastructure in the next six to eight years. The International Marine Organization’s (IMO) new ...

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Reefer Ships Now an “Endagered Species” Ahead of IMO 2020 Rules and a Diminishing Market Share

– Will the new IMO sulphur regulation lead to long queues of elderly reefers at the beaches of India, Pakistan or Bangladesh? – Conventional reefer shipping is shrinking, but there is still money to be made, said Dynamar BV in its latest report. Last year, seaborne transport of fresh produce carried in both conventional reefer ships and refrigerated containers is estimated to have grown by around 5% to 116 million tons. This volume equates to 9,450 laden conventional reefer ships of 500,000 cft average, or just over 3.9 million full ...

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Will 2019 be the Year of the VLCC for Libyan Oil Trade?

VLCCs could start their trips back into Libya, should current plans set in motion be actually implemented. In its latest weekly report, shipbroker Gibson said that “in 2010 Libyan oil production topped 1.6 million b/d, 9 years on and crude output since has struggled to come close to sustaining anywhere near that. In 2018, it seemed like progress had been made and looked promising with production averaging almost 1 million b/d, showing signs of a potential road to recovery. With the country effectively split in two and rebel groups holding ...

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Reaching tipping point

Thanks to our now committed relationships to our smartphones, more of our routine tasks have been reshaped with a digital solution. From how we manage our finances to how we travel, our ability to access information in real-time, and to quickly communicate our desired actions, has fundamentally changed how we live, work and play. It is because of our smartphones that – most of us – have come to expect the seamless integration of our many tools, applications and tasks without having to give it a second thought. For the ...

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Capesize Market on the Retreat as Tonnage Remains Tight

Capesize The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of production prompted a panic among some owners and operators who chased rates down. Vale did fix a ship on the key run from Tubarao to Qingdao at $13.75 mid-week and as the week closed out the rate was hovering around the mid $13.00s. The North Atlantic still saw limited tonnage availability but fronthaul rates dipped closer to $20,000 and a well described 180,000dwt vessel fixed a transatlantic ...

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2020 Sulphur Cap to Determine Product Tanker Market Outlook

The future outlook of the product tanker market will be determined by the upcoming 2020 sulphur cap, as per the IMO guidelines. In a recent report, shipbroker Banchero Costa said that “the product tanker sector recorded a terrible 2017 and also most of 2018 maintained the same trend, except for newbuilding and secondhand prices that turned around. The persistence of a low market was mostly caused by the large numbers of new vessels still delivered in 2017, around 138 units, that worsened a market that already was oversupplied. However, the ...

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Fall in the BDI- is this more than a seasonal lull? Should we fear for a bad year?

As the BDI falls to its lowest levels in almost two years, is this merely a seasonal lull or is this the sign of things to come for 2019 in the dry bulk markets? Whilst this time of year is traditionally slow for dry bulk markets as the far east prepares for Chinese New Year, in the short term the sentiment has been further amplified by news of the tragic dam break at Vale’s Corrego do Feijao iron ore mine in south eastern Brazil which has sparked concerns that this ...

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Facts and fears in the open loop scrubber debate

Scrubbers are a recognised solution to dealing with air pollution under MARPOL Annex VI but recent local bans on washwater discharges from open loop systems have increased a widespread misconception that there are no safeguards against their environmental impact. The recent bans and negative sentiment expressed in the press has created uncertainty about the viability of this particular solution to reducing sulphur emissions from ships at a time when the market is already under a lot of stress about how to cope with the 0.50% sulphur limit taking effect at ...

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Will China’s Apparent Slowdown Hurt Shipping?

For almost two decades now, China’s emergence as an economic powerhouse, with vast needs for raw materials imports to feed this growth, has immensely benefitted the shipping industry. However, while the country is still the most important market for global transit shipping, the apparent economical slowdown, triggered by the trade war of the past year, is starting to put strain to the maritime industry as well. In its latest weekly report, shipbroker Allied Shipbroking said that “China has been the top driver of global growth for nearly two decades now, ...

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Chinese dry bulk imports showed signs of distress in 2018

Total imports of iron ore and soya beans were lower in 2018 than in 2017, down 1% and 7.9% respectively, and although imports of coal grew by 3.7% in 2018, this was slower than the growth in 2017. Chinese bulk imports have become increasingly important as the world’s second largest economy has grown at a high rate. However, with more and more indicators pointing to a different Chinese growth going forward and increasing trade tensions with the world’s largest economy, things may be changing. China is not isolated in facing ...

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Brumadinho disaster will hurt Capesize demand

The collapse of the upstream dam in Brumadinho will hurt Vale’s iron ore production from Minas Gerais in Brazil if the Brazilian government does not allow Vale to compensate the loss by increasing production at its other mines. Potentially35-40 Capesize vessels might lose employment in 2019. Another disaster in a little over three years has brought Brazil’s iron ore mining sector under the lens with severe crisis and criticism. An upstream dam collapsed on 25 January 2019 at the Feijao mine in Brumadinho, the Brazilian municipality located in Minas Gerais. ...

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