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Tag Archives: Tops

Demolition Market Has Caught the “Virus”

With the effects of the pandemic of the Coronavirus being felt around the world more and more by the day, the ships’ demolition market couldn’t be left unscathed. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “with the Coronavirus being closely monitored worldwide by Governments and now stretching to almost a pandemic level affecting global travel, Indian authorities this week held a ‘level A’ meeting internally with various Government departments and shipping agents to discuss the outbreak and the effect on crew arrivals at Alang anchorage. It ...

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Top 4 accounting considerations after the implementation of IMO 2020

To install or not to install? Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shipowners are still evaluating their positioning on whether to install scrubbers or not. Some shipping companies have already made an initial assessment, have weighed the risks and have taken the decision not to install scrubbers just yet, advocating a “wait and see” approach in an effort to avoid speculation of bunker spreads. They also keep the option (put/call) to install a scrubber later in the future, in ...

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BIMCO: Round Table looks at industry challenges

Overview The Chairpersons of the Round Table of international shipping associations (RT) met in Rome in February to discuss current issues and coordinate efforts going into the new decade, widely billed to become one of the most important in shipping’s history. “Whilst mitigating the dangers of Coronavirus disease 2019 (COVID-19) to our crews and staff are first and foremost on our minds, the impacts of precautionary restrictions on the shipping industry are becoming increasingly visible, even to the general public,” said Paolo d’Amico, who chaired the meeting. “For shipping, as ...

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Tanker Tonnage in Demand

Demand for both secondhand and newbuilding tankers has increased over the course of the past week, in what could perhaps be a sign of things to come. In its latest weekly report, shipbroker Banchero Costa noted that in the S&P market, “considering the limited number of available candidates, during the week was evidenced appetite for modern tanker tonnage. Was reported a VLCC resale hull 5476 (Owner: Sinokor) scrubber and BWTS fitted taken over by Euronav, Belgium at $93 mln with delivery 2021. A 2014 VLCC ‘Miltiades Junior’ owned in Greece ...

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Sparkling Growth In The Ore Carrier Fleet

Many new ore carriers have joined the world fleet in recent years, extending a rising trend in this bulk carrier category. Fleet expansion has been especially notable in the top segment of the ore carrier size range. During 2020 and next year numerous newbuildings are scheduled for delivery. The fleet probably will continue expanding but scrapping of older, uneconomic ships is likely to moderate growth. Ore carriers are absorbing an enlarging share of iron ore trade, their main employment. Global seaborne iron ore trade grew by under a tenth in ...

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Capesize Remains Submerged In The Depths Of Despair

While the Capesize segment has been massively impacted by the coronavirus, the smaller dry bulk segments are starting to recover towards profitable territory, partly on the back of seasonally higher grain exports from South America. While the Capesize segment has been massively impacted by the coronavirus, the smaller dry bulk segments are starting to recover towards profitable territory, partly on the back of seasonally higher grain exports from South America. Nonetheless, as the coronavirus continues to spread, the risks are skewed towards the downside. Capesize remains extremely unprofitable, but what ...

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Shipping “Sweats” as Coronavirus “Fever” Spreads Globally

Havoc is what best describes the effect of the Coronavirus to the world’s trade, economy and of course the shipping industry. It seems that every single estimate and projection regarding the course of global trade, demand for raw materials and subsequently freight rates must be thrown out of the window and start from scratch again, based on a variery of scenarios. In its latest weekly report, shipbroker Intermodal said that “as it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak ...

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The importance of being joint assured

Ship managers should ensure they are named as joint-assureds on their owners’ hull and P&I policies. This is because (apart from in a handful of jurisdictions), the ship manager is always considered to be the operator of the vessel under the ISM code and so faces the same exposure as the ship owner. Therefore, it is vital for them to have the same protection as the owner. Being named as a joint-assured doesn’t place any greater obligation on the insurer, the ship manager is only taking advantage of the cover ...

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Watson, Farley & Williams: Plan your passage carefully

In a significant decision published yesterday, the English Court of Appeal has upheld the decision of the lower court that an inadequate passage plan that caused a vessel’s grounding rendered the vessel unseaworthy. The decision in The CMA CGM Libra[1], which was given by an experienced maritime bench made up of Lord Justices Flaux, Haddon-Cave and Males, emphasises the importance of ensuring that ship passage plans are fit for purpose. Permission to appeal to the Supreme Court has been sought, although it remains to be seen whether such permission will ...

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Tankers: Edible Oil Trades Even More Important in Today’s Market

Being willing and able to switch between petroleum and edible oil trades will become an ever more prudent business strategy among tanker owners said Gibson in its latest weekly report, pointing out that a flexible strategy could go a long way, towards securing a company’s profitability. According to Gibson, “trade in edible oils forms a small part of the demand puzzle for MR product carriers and for this reason is often overlooked from a demand side perspective. However, whilst, only contributing around 2% of total MR cargo volumes, it remains ...

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Dry Bulk Market: Capesizes Still Suffer from Low Rate Environment

Capesize Little changed for the Capesize market over this past week as fixing levels continue to provide meagre earnings for owners across all routes. Vessel demand continues to be grim and this has led many to sit idle in strategic locations, awaiting direction. Bunker prices have continued to soften yet this has only led to new lows on voyage rates. The North Atlantic Basin has shown signs of tightening, as the Puerto Bolivar to Rotterdam C7 ticked up from $6.03 to close the week at $6.35. Although this is thought ...

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IMO 2020’s new sulphur emissions cap introduced

As the vast majority of the shipping community will already be aware, on 1 January 2020 the new sulphur content limits in Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) came into effect. These new limits require the sulphur content of fuel oil burnt by commercial ships trading outside sulphur emission control areas to be 0.5% m/m or less, apart from those ships using equivalent compliance mechanisms (eg, using exhaust gas cleaning systems, also known as scrubbers or liquefied natural gas – see Regulation ...

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Tanker Sailings to China Down by Double Digits

With China’s oil demand being the main concern for the tanker market these days, it’s worth taking a look at how one of the biggest markets for the tanker industry, shaped demand during 2019, but also during the first couple of months of 2020. In its latest weekly report, shipbroker Banchero Costa noted that “the COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is starting to show also in the trade figures. In the first ...

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Open Simulation Platform – the next generation of digital twins

The Open Simulation Platform Joint Industry Project (OSP), founded in 2018, addresses the challenge of testing new and advanced vessel systems before they are installed on board. The project was initiated by DNV GL, Kongsberg Maritime, the Norwegian University of Science and Technology (NTNU) and SINTEF Ocean and has also brought together 20 further industry partners in what promises to be a game-changing effort to maximize the benefits of digital twin technology. Co-simulation of multiple models The goal for the OSP is to establish a standard for models and simulations ...

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Supercalorfragilisticexpealishale Oil

Looking from the outside, it has not been a week for rejoicing in US oil market. Or stock markets. Or freight. Or anything really. We have come back slightly from the terrible lows of last week, but it’s still more of a grimaced smile like pretending to enjoy your Gran’s cooking, rather than an exuberant grin looking at your Big Mac at the end of a night out. A spoonful of production cuts makes the medicine go down. Or at least they hope it will. With the OPEC technical meeting ...

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