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Tag Archives: Tops

Dry Bulk Second Hand Tonnage in High Demand

The recent rally of the dry bulk market has prompted more dry bulk tonnage enquiries, with deals being concluded left, right and center, during the past few weeks. In its latest weekly report, shipbroker Banchero Costa said that there was “a lot of activity in the dry sector, especially for Panamax with 5 units reported sold. YM Virtue 76,610 dwt, built 2003 by Imabari was reported sold to Chinese Buyers at $7.5 mln. Eternal Grace 76,585 dwt, built 2006 by Imabari (SS/DD due) was reported sold basis waiving inspection at ...

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201 Ships Scrapped During First Half of 2019

The first half of 2019 saw 201 cargo vessels sold for demolition (sum 2 million tonnes) 75% were scrapped at either Bangladesh or India, with Bangladesh receiving the majority share. Scrapping numbers were down c.18% compared to the first half of 2018. This is a knock on effect from the collapse of the Brumadinho dam in January, which has affected cargo supply and therefore charter rates. Demolition rates peaked later into the first half of this year, compared to last year, as tonnage supply became more scarce and yard availability ...

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Concentrated inspection campaign focusing on emergency systems and procedures

Further to our Alert of 17 July 2019, the Tokyo and the Paris MoUs issued a joint press release on 27 July 2019 outlining the focus areas for the upcoming concentrated inspection campaign starting on 1 September 2019 and released the questionnaire to be used by the port state control officers during inspections. The purpose of the CIC on emergency systems and procedures is to ensure that: • ships are capable of responding appropriately and promptly to emergency situations to preserve human lives, protect the marine environment and to minimize ...

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Asian Oil Imports and the Crude Tanker Market

With Iran’s oil exports under immense pressure, it’s worth taking a look at how Asian countries, like Japan and South Korea, are finding ways around the problem and how this is affecting the tanker market. In terms of Japan’s crude oil market, Banchero Costa said in a recent weekly analysis that “Japan is a global leading importer of crude oil because of its minimal domestic crude production. Japanese crude oil imports peaked around 202 million tonnes in 2008 before stabilizing just below 180 million tonnes in the following 5 years, ...

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Port state to focus on readiness of ship and crew in an emergency

The Tokyo and Paris MOUs will this year carry out a joint concentrated inspection campaign (CIC) on emergency systems and procedures. The CIC will run from 1 September to 30 November 2019 and, at the time of writing, it has been announced that the Black Sea, Indian Ocean, Mediterranean, Riyadh and Viña del Mar MOUs will also participate in the campaign. This year’s CIC aims to ensure compliance with the requirements for the preparation of emergency equipment and the crew’s ability to respond to emergency situations. Like previous years, the ...

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What do Saudi Arabia’s moves in maritime law mean?

In January 2019, the Kingdom of Saudi Arabia (the Kingdom) introduced, for the first time, a bespoke Commercial Maritime Law issued pursuant to Royal Decree no. M/33 dated 5 Rabi’ II 1440H and published it in the Official Gazette on Friday, 4 January 2019. The Maritime Law came into effect on 3 July 2019. The Maritime Law applies to all Saudi Arabian flagged vessels and foreign vessels that call at the Kingdom’s ports and territorial waters. The Maritime Law does not, however, apply to warships and public vessels which have ...

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Tensions in Gulf Region Haven’t Impacted Tanker Rates

Tensions in the Gulf region haven’t had any particular impact in the tanker market, at least until now. In its latest weekly report, shipbroker Gibson said that “during the first week of July, the well documented arrest of the 300,000 dwt ‘Grace 1’ by the British government caused tensions to spike between Iran and the West. Iranian retaliations to arrest a British flagged vessel,the Stena Impero, in the Straits of Hormuz have seen numerous statements calling for calm amidst the mayhem of political games. The current state of affairs has ...

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Ballast Water Management Systems: Time-Line For Compliance

De-harmonisation Initially, the IMO aligned the date for compliance with the BWMS requirements set out in Regulation D-2 with the renewal of the International Oil Pollution Prevention (the IOPP) certification. To extend the compliance deadline up to 2022, many owners chose to de-harmonise the renewal of IOPP certificates and carry out the IOPP renewal survey earlier (or as close to 8 September 2017 as possible). The practice did not prove useful when, at the 71st session of the IMO’s Marine Environment Protection Committee in July 2017, the deadline for the ...

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Dry Bulk Market: Capesizes Down on the Week

Capesize The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The 5TC opened the week at $32,765 and closed on Friday at $27,145. It became apparent on Monday that the market was sliding. Tuesday brought about a modest decline on all routes before the storm clouds gathered. Wednesday it dropped throughout the day, with most activity centred on C3 and C5 routes. Thursday erosion continued on all routes, but by the end of the trading day a ...

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Dry Bulk Market: Gloom Makes Way for Optimism After 300% Capesize Rally

A boom in the dry bulk market over the course of the past quarter has helped turn the tables around in terms of sentiment. As such, the gloom which had prevailed up to that point, gave way to a renewed optimism, regarding the market’s long-term prospects. In its latest weekly report, shipbroker Allied said that “it’s been an astonishing climb in the dry bulk market these past few weeks. With the help of a fast-paced increase in freight rates in the Capesize and Panamax markets, the BDI has reached a ...

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What consequences do growing tensions in the Strait of Hormuz have for the wider shipping industry?

Tensions continue to rise in an area described as the most important chokepoint in the oil transportation system globally. In July, the British-flagged chemical/oil products tanker Stena Impero was seized in the zone in question, the Strait of Hormuz, by the Islamic Revolutionary Guard Corps (part of the Iranian Armed Forces) after Iran accused it of “violating international maritime rules”. The move, described the UK Government as “unacceptable and highly escalatory”, occurred a fortnight after the UK’s Royal Marines aided with the seizure of the Panamanian-flagged crude oil tanker Grace ...

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Delay in compliance with nuclear security regulations to boost Japan’s LNG imports

Japan’s LNG imports are projected to recover in 2020 and 2021 as nuclear plants are unlikely to meet the deadlines of the new anti-terrorism nuclear regulations. Japan’s LNG demand is expected to revive from mid-2020 and increase until 2022 as the operators of the country’s nuclear reactors will fail to meet the deadline of the nuclear regulation authority’s new anti-terrorism regulations. This will force Japan to fall back on LNG and coal for electricity generation and dent the country’s long-term plan to increase the share of nuclear power to above ...

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Greek Ship Owners On the Market for Young Bulkers

With the dry bulk market heating up, Greek ship owners are actively looking to acquire modern dry bulk tonnage. In its latest weekly report, shipbroker Intermodal said that “tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising performance of Capes which, coming from a historical low, managed to reach a five and a half year high within a 3 month period, with the rest of the sizes following the same path, thus creating a ...

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McKinsey: 9 mtpa increase in use of LNG as LNG carrier bunker fuel on 1/1/2020

On January 1, 2020, the International Maritime Organization (IMO) will introduce increased limitations on sulphur emissions by ships. Set forth by MARPOL (see sidebar, “The adoption of MARPOL”), these global limitations will require operators to consider alternatives to the current widespread use of high-sulphur fuel oil (HSFO). Such alternatives include the installation of scrubber systems to remove sulphur from the gas stream or a switch to very-low sulphur fuel oil (VLSFO), marine gasoil (MGO), or liquefied natural gas (LNG). Limited desulphurization-refining capacity, as well as other logistical considerations, constrain the ...

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Flag and class: Forging a new digital partnership

“The first role of the flag is to be responsible for ships operating in a safe, secure and environmentally friendly manner,” states John Ramage, Chief Operating Officer of International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Maritime and Corporate Registries. “We have over 400 employees in 28 offices around the world who provide local service. The registry is growing, which means we have to look at how we can maintain good client relations, and digital services will ...

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