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Tag Archives: Tops

South Africa Iron Ore Exports to the EU Retreat, While China Imports More So Far in 2022

The South African iron ore trade has had a mixed year so far. During the nine-month period of 2022, the third largest iron ore exporter has increased its shipments to China, while those towards the EU have been lowered. In its latest weekly report, shipbroker Banchero Costa said that “so far in 2022, iron ore trade softened again, primarily due to weaker demand from China and supply issues in Brazil. In January-September 2022, global iron ore loadings declined by -3.0% y-o-y to 1,124.7 mln tonnes, from 1,058.9 mln t in ...

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Capesize values for older vessels rise in October

Capesize values for older vessels rose in October with prices for 15 year old tonnage up 9.55% since the start of Q4 to USD 22.23 mil. Of the sale and purchase transactions recorded last month, the average age was 19 years. Values for this sector moved up following a bounce back in earnings in early October, with a peak of 21,175 USD/Day for the Capesize 54-TCA after falling to a two year low of 2,505 USD/Day in August. Since then, rates have been in freefall and have now dropped back ...

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Realities of LOI liabilities

The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] EWHC 2234 (Comm) gave rise to various issues under the letters of indemnity (LOIs) that had been given in order to secure delivery of the cargo without presentation of the original bills of lading. In earlier judgments, the Court gave useful guidance on the International Group of P&I Club LOI wordings. It also clarified the security obligations of intermediate parties in a charterparty chain under back-to-back LOIs. In the latest judgment, the ...

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Tankers: Full Effect of Ban on Russian Oil To be Felt From 2023 Onwards

The tanker market’s structural shift is still not complete. In its latest weekly report, shipbroker Allied said that “with the recently announced crude oil production output cuts from OPEC+ now ready to take effect, the markets seem set for a major bracing point. Yet prices showed a breather just before the onset of the cuts, as crude oil prices slid today mainly on news of weaker-than-expected factory activity data out of China, along with wider concerns of further curtailed demand expectations as part of China’s widening COVID-19 restrictions. At the ...

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Rules on ship carbon intensity and rating system enter into force

Amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL) Annex VI enter into force on 1 November 2022. Developed under the framework of the Initial IMO Strategy on Reduction of GHG Emissions from Ships agreed in 2018, these technical and operational amendments require ships to improve their energy efficiency in the short term and thereby reduce their greenhouse gas emissions. From 1 January 2023 it will be mandatory for all ships to calculate their attained Energy Efficiency Existing Ship Index (EEXI) to measure their energy efficiency ...

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Containers: Continued downwards trend

The past month was, in essence, a continuation of the developments which had already been underway for several months. Rates in the spot markets continued to decline sharply, most severely in the Asia to US West Coast market where the levels are now rapidly approaching pre-pandemic levels. Asia to US East Coast is also declining, but at a slightly slower pace, and therefore the spread between the two is increasing. There are two fundamental reasons driving this development. One is the continuing congestion problems in major ports on the US ...

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Ship Owners Refrain From More Newbuilding Orders Despite Improving Market Sentiment

Ship owners have distanced themselves from contracting more newbuildings, despite the fact that sentiment for a number of segments, like tankers for example, is quite positive. In its latest weekly report, shipbroker Allied Shipbroking said that “the sluggish momentum noted in the newbuilding market as of late was intensified somehow during the past week, with the flow of fresh projects holding at very limited numbers. In the separate sectors and starting from that of the dry bulk, the periodical volatility in terms of volume came hardly as a surprise, given ...

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Efficiency analysis – how do your ships stand up?

Technology is expected to play a significant part in the emissions reduction transition as was highlighted by this year’s World Maritime Day theme of ‘New technologies for greener shipping’, chosen by IMO. And it’s proving to be the case for two new International Maritime Organization regulations – the Carbon Intensity Indicator (CII), which is concerned with the emissions a ship produces during operations, and Energy Efficiency Existing Ship Index (EEXI) that analyses its design. Hempel data shows that around 80 per cent of global tonnage has either taken or will ...

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Fewer seafarers, higher inflation – where are ship operating costs heading?

Demand for seafarers is still on the rise, while increase in supply is expected to be weaker in the future. At the same time, consumer price index growth remains elevated. Based on these driving factors, Drewry forecasts a steady increase in wages which will feed into ship operating costs. The global economy went through an amazing boom in 2021, mainly based on record levels of product consumption in the US and accommodating central bank policies. The side effects have become widely apparent since then. Supply chain bottlenecks plus consumer price ...

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Ship Recycling: Lack of Tonnage a Major Issue

A lack of available tonnage has continued to hinder demolition activity across the Southeast Asia region. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with Diwali celebrations in full swing this week, observants in the industry were taking this period to spend time with their families without the interruption of tonnage circulation. It was an especially poignant one this year with the UK announcing yet another Prime Minister (its 3rd one this year alone), with Rishi Sunak being the first Asian leader of the house of commons, ...

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How the shipping industry is sailing towards zero-emission targets

The shipping industry contributes to almost 3% of global greenhouse gas emissions annually. If it were a country, it would be considered the sixth largest emitter. This form of transport, however, is central to the movement of goods, with about 90% of global trade being carried on ships, and private and public stakeholders are working to understand how to make it more sustainable. For the shipping industry to meet a 1.5 degrees Celsius target in line with the Paris Agreement, the sector must meet its 2030 breakthrough goal of having ...

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Cop 27 Q&A: how the shipping sector can help us restore our oceans

Ahead of the next United Nations Climate Conference, known as COP 27, the UN Foundation’s Senior Advisor and Senior Director for Ocean and Climate, Susan Ruffo unpacks what’s at stake for the world’s ocean – and explains why it is the source of some of the most powerful climate solutions. Question: What is the role of the ocean in addressing climate change? Susan Ruffo: A lot of people don’t realize this, but the ocean is just as important as the atmosphere in terms of climate change. The ocean absorbs about ...

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Grain Trade Could Provide Additional Support to the Dry Bulk Market

Despite the latest developments regarding Russia’s pulling out from the UN grain deal, it seems that the seaborne grain trade’s fundamentals are favorable for ship owners. In its latest weekly report, shipbroker Intermodal said that “global grain trade is extremely tight, facing headwinds from the ongoing war in Ukraine, US river woes, parched fields in Argentina, an unfolding world food crisis, and fears over a global recession. However, considering the current snapshot of the grain market, one should not ignore that although the outlook is rather gloomy, there are some ...

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Xeneta Container Rates Alert: Stubborn Long-Term Rates Refuse To Follow In Footsteps Of Huge Spot Declines, But Change Is Coming

With dramatic spot rate falls, a non-existent peak season, and easing port congestion freeing up capacity, the scene was set in October for a significant decline in long-term ocean freight rates. However, the latest data from the Xeneta Shipping Index (XSI®) reveals global contracted rates fell by only 0.6% this month, following on from September’s 1.1% decline (the first falls since January 2022). That said, the signs of softening fundamentals are, according to Xeneta, “there for all to see.” Calm before the storm? “Eyebrows will be raised amongst industry observers ...

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Latest Seafarers Happiness Index shows sustained recovery in seafarer satisfaction

The Mission to Seafarers today publishes the findings of its Q3 2022 Seafarers Happiness Index report, undertaken with the support of the Standard Club and Idwal. Seafarer happiness levels reached 7.3/10, up from 7.21 last quarter, which follows a sustained increase in seafarer satisfaction, after a record low of 5.85 recorded in Q1 of this year. The results of the survey show seafarers are much happier with their access to shore leave and more certain about crew changes, with both factors contributing to the overall increase in satisfaction. However, this ...

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