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Tag Archives: Tops

Tanker Rates Could Remain Elevated Even After 2030

The tanker market is expected to remain quite healthy and profitable not only in the short to medium term, but also in the long term as well, even after 2030. In its latest weekly report, shipbroker Xclusiv said that “based on the June’s IEA market report, the oil market is precariously balanced on a tightrope. On one side, the global oil supply is surging (rising by 520 kb/d in May to 102.5 mb/d), fuelled by a rise in non-OPEC+ production (plus 1.4 mb/d) that countered OPEC+ reduction (minus 880 kb/d). ...

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Dirty crude oil flows to China

This week’s data underscores the declining trend in VLCC ballast speeds during the summer season, coinciding with a weakening trend in AG-China freight market rates throughout June. Since mid-May, there has been a noticeable strategy among industry players to reduce ballast speeds in the Arabian Gulf, possibly in response to market conditions. As the summer season unfolds, a subdued sentiment grips the freight market, particularly evident in the VLCC MEG-China route. The number of vessels at Ras Tanura has increased approaching the end of June, yet the growth in dirty ...

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Transhipment ports challenged by changes in call patterns amid the Red Sea crisis

Key transhipment ports, such as Singapore, have witnessed a sharp rise in congestion due to the impact of Red Sea carrier service diversions, which have led to fewer vessel calls but larger average exchanges. This has added to yard congestion. Port productivity has also taken a hit in recent months. The time spent by ships waiting before berthing at high-volume ports tracked by Drewry increased 43% between 3Q23 and 2Q24 – to over 400,000 hours. Singapore is in a microcosm of transhipment ports around the world, where changes to carrier ...

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Newbuilding Orders Keep Piling Up

Newbuilding ordering activity remained elevated over the course of the past week. In its latest weekly report, shipbroker Banchero Costa said that “newbuilding business focus of the week is the activity in the tanker market which keeps on piling up. The orderbook for all type of ships is reaching a highest compared to the last decade and sensibly higher than the minimum registered during late 2020. Tanker contributes to be the main driver of growth in the global order book, both for the very healthy market combined with the high ...

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Dry Bulk Market Demand Dynamics – Panamax P6

This week’s chart (on the right) illustrates the correlation between the number of ballast vessels for Panamax-size ships in the ECSA region and the evolution of P6 $/mt freight rates. Meanwhile, the left chart examines the daily volume loaded (14-day moving average) in comparison to the current demand benchmark, which shows an increase above the benchmark. Additionally, there is a noticeable decline in the number of ballast vessels, coinciding with a strong upward trend in freight rates. In March, the trend indicated another decrease in the number of ballast vessels, ...

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Shore power for tankers has a significant potential to reduce in-port emissions

As part of a CEF Study project co-funded by the European Union, Port of Rotterdam, in collaboration with the municipality of Rotterdam and various partners in the port of Rotterdam, is conducting four feasibility studies for shore power. This takes place at four large terminals in the port of Rotterdam; the ECT (Amazonehaven), APMT2 (Amaliahaven), VOPAK (Vlaardingen) and the Cruise terminal (Wilhelminakade). The studies consist of different parts; detailed technical studies, environmental and social cost-benefit studies and preparing tendering and permitting procedures. Feasibility Study for Liquid Bulk is carried out ...

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Ship Recycling Markets a Mixed Bag

The ship recycling market has been a mixed bag over the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the ship recycling sector, different regions are grappling with their unique market conditions. India is currently in a downturn with reduced demand for ship steel scrap, but there’s optimism for a rebound post-Eid, in line with historical trends that often see a revival after major festivals. In Bangladesh, the market remains stagnant with a slight decrease in local steel prices, ...

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Should crude tanker owners start trimming spot exposure?

Crude tanker owners are enjoying a dream run in charter rates as stretched voyages due to the Russia-Ukraine War and the Red Sea crisis have tightened the market, especially the mid-size tanker segments. While spot rates are expected to remain firm until 2026 amid tight supply, many charterers are now looking for period charters to avoid any further surge in rates, as reflected in the recent increase in time charter rates. In the last six months, the one-year time charter rate for a non-eco Aframax vessel increased from $41,700 per ...

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FuelEU maritime regulation – Achieving compliance: banking, borrowing, pooling and paying

While the shipping industry is still coming to terms with the EU Emissions Trading Scheme (“EU ETS”) the next decarbonisation initiative, FuelEU Maritime (“FuelEU”), is rapidly sailing into view. FuelEU is part of the EU’s Fit for 55 Package and aims to support decarbonisation in the shipping industry by setting and gradually reducing, emission targets from journeys to/from EEA ports. The scheme targets the greenhouse gas intensity of energy used on a vessel. This is largely determined by the fuel used, with the Regulation rewarding cleaner fuels. FuelEU enters into ...

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Dry Bulk Second Hand Ships in High Demand

Demand for second hand bulkers has been quite strong since the start of 2024. In fact, according to the latest data, as reported by the latest weekly analysis from Intermodal, “the dry bulk sale and purchase activity has demonstrated remarkable strength this year, achieving the second-largest volume of transactions in the sector’s history, surpassed only by the record of 403 sales in 2021. Notably, in the first five months of 2024, 362 dry bulk sales (>20kdwt) were recorded, representing an increase of 87 transactions compared to the same period in ...

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Red Sea diversions and slower ports cause bigger-than-expected issues – will they last?

Since early May, shippers, forwarders/NVOs, ocean carriers and ports have experienced a return to capacity challenges, soaring spot freight rates, chronic port delays and a surge of traffic volumes. Some shippers are having issues securing capacity at agreed contract rates. The Drewry World Container Index, a weighted average of spot rates on 8 East-West routes, had declined steadily from $3,964/40ft container in January to $2,705 in late April, as carrier networks appeared to settle down after the start of Red Sea attacks. But spot rates then surged 74% between late ...

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FBX Index June 2024: Looking forward

In May, the FBX index exhibited a consistent upward trend. The index commenced at $2,409 and concluded at $3,508 by 31 May, marking a $1,099 increase per FEU. FBX01 – China/East Asia to North America West Coast – also experienced a significant rise throughout May. The spot price was $3,077/FEU on 1 May and reached $5,027 by the month’s end, representing a 63% increase. FBX02 – North America West Coast to China/East Asia – also saw a sharp rise. Initially steady at $357/FEU during the first week, the price spiked ...

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Tankers: Peak Demand is Coming, But Cargoes Will Still Be Plenty

A shift in overall demand patterns is expected to arrive to the tanker market, after the peak demand reference point arrives. Of course, some segments are expected to benefit more than others. In its latest weekly report, shipbroker Gibson said that “oil demand will peak this decade, that is the call by the International Energy Agency (IEA) who released their Oil 2024 report this week. The agency is now forecasting global oil demand growth to slow for the remainder of this decade, peaking in 2029 at 105.6 mbd from 103.2 ...

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Biofuels For Bunkering: What Lies Ahead?

Marine biofuel specialist FincoEnergies has been in the ARA market for several years and established itself as perhaps the world’s biggest supplier of biofuel blends to ships. Countless shipping firms have grabbed news headlines through trialling GoodFuels’ biofuels supplied by FincoEnergies to their ships. Various feedstocks have been tried and tested, with differences in performances and greenhouse gas (GHG) reduction potentials recorded. ENGINE spoke to FincoEnergies commercial director Johannes Schurmann to explore some of the more pressing questions and challenges around biofuels for bunkering. Have there been a lot of ...

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New age of ship management

In April, BIMCO published a revised ship management agreement, SHIPMAN 2024, following a two-year review process involving input from shipowners, managers, P&I clubs and insurance and legal experts. BIMCO has included a number of clauses in SHIPMAN 2024 relating to emission trading schemes, sanctions, cyber security and anti-corruption. The aim is to reflect current market ship management practices in order to reduce the need for parties to heavily amend standard form agreements and include rider clauses. This article focusses on the main differences between SHIPMAN 2024 and its predecessor SHIPMAN ...

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