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Tag Archives: Tops

Dry Dockings To Reach Peak Season Pretty Soon

The ship repair segment is about to witness one of its most frenzied periods in recent memory, ahead of a flurry of conversions and retrofits, as a result of the looming IMO 2020 rule. In a recent report, shipbroker Intermodal said that “the ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwide having already reached close to their maximum capacity as we are heading towards the end of the first half of the year. It goes ...

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Xeneta reveals jump in contracted freight rates for containership segment as new contracts are finalised

Oslo-based Xeneta, the leading ocean freight rate benchmarking and market analytics platform, has revealed a jump in long-term contracted rates for containership operators during the month of May, as 2018 rates expire and new contracts push the index upwards. According to the latest XSI® Public Indices report – based on crowd-sourced data covering over 160,000 port-to-port pairings, with 110 million data points – global rates leapt by 11.5% across the month, with US rates for imports climbing by close to 20%. The increase follows on from a dire April for ...

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MARPOL ANNEX VI – Sulphur Cap 2020 – Demystifying the FONAR

Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MARPOL Annex VI, it is not an exemption but rather a self-declaration by owners that a breach has or is about to occur. IMO’s Marine Environment Protection Committee (“MEPC”) 74 published its resolutions on 20 May 2019 and specifically Section 5 deals with the ramifications of the aforementioned report. The concerns over non-availability of globally compliant bunkers of 0.5% bear identical hallmarks of the implementation of the ECA zones and availability ...

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Dry Bulk Market: Uncertainty Dent the S&P Market

While not much can be said at this point about the supply-demand equation of the dry bulk market, shipbrokers are looking at other factors, which are having an impact in freight rates, trying to gauge its future direction. In its latest weekly report, shipbroker Allied Shipbroking said that “every time the market is in turmoil, the main focus amongst most practitioners in the market tends to shift towards core fundamentals (supply-demand dynamic) and macroeconomic factors, in order to better evaluate their options moving forward and act accordingly. However, given that ...

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Final countdown to 2020: How one BCO handled the IMO 2020 rule change

In a little over 6 months the new IMO low-sulphur rule will come into effect. Few contest the change will have anything other than far-reaching consequences for the global container shipping industry and its users, but many BCOs remain uncertain about the full impact of the new regulation on fuel costs, contracts and transit times. In recent months Drewry has been working with dozens of global shippers helping them prepare for the new regime by better understanding the full cost impact of the changes and preparing their carrier contracts. Transpacific ...

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Trade now more fluid in North America

On 17 May 2019, the US announced that it had reached agreements with Canada and Mexico to remove the US tariffs imposed on steel and aluminium products from those countries pursuant to Section 232 of the Trade Expansion Act of 1962, as well as the retaliatory tariffs that Canada and Mexico have imposed on US goods. The US now has published the final text of the two bilateral agreements, and all three countries have taken the actions required thereunder to terminate the Section 232 tariffs and retaliatory measures as of ...

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Product Tankers: Will the Market Rally During the Second Half of 2019?

Many question marks still linger regarding the expected rebound of the product tanker freight rate market as we approach the second half of the year, when many ship owners are predicting a rally on the back of the IMO 2020 rules. In its latest weekly report, shipbroker Intermodal said that “reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarter of last year. However, the strong start of the year has been followed by a seasonal softening. ...

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Splashing the cash: Norway’s biggest spenders over the last year

Norway 2019 is a very different place compared to a few years ago. However, many of the nation’s shipping and offshore industries have achieved sustained growth through some of the most turbulent times ever faced. Since the last Nor-Shipping in 2017, the number of Norwegian companies owning vessels has increased from 205 to 238. The Norwegian owned fleet has grown by 119 vessels, standing at 2,055 ships, and in turn the gross tonnage of the fleet has increased to 47.74 million GT. These new vessels have boosted the total fleet ...

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‘Going dark’ is a red flag – AIS tracking and sanctions compliance

The Automated Identification System (AIS) was developed to counter the safety limitations of visual/VHF/Radar that were traditionally relied on for safe navigation in busy waterways. Regulation 19 of SOLAS Chapter V requires AIS is to be fitted on all ships of 300 gross tonnes and upwards engaged in international service, cargo ships of 500 gross tonnes and upwards not engaged on international voyages, and all passenger ships irrespective of size. Because vessels with AIS can ’see’ each other’s course and speed in real time, AIS is a critical collision avoidance ...

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Dry Bulk Newbuildings the “Weapon of Choice” Among Shipowners

Shipowners’ “appetite” for dry bulk newbuildings hasn’t waned at all during 2019. In its latest weekly report, shipbroker Allied Shipbroking noted that “a stable flow of new orders for dry bulk vessels has been witnessed from the beginning of the year, with another 4 vessels being ordered during this past week. These figures of course are not remarkable but of note when we consider the recent freight rate slump. As to the tanker market, newbuilding activity has also held at steady levels, with orders for 3 new Suezmax and 1 ...

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How realistic are today’s long-term sea trade forecasts?

Predictions for world seaborne trade growth have gained greater significance and attention in the context of the shipping industry’s greenhouse gas emissions. Increasing trade volumes, resulting in expanding fleet carrying capacity, could boost emissions. To enable the extent of this problem to be estimated, it is useful to have forecasts of world cargo movements and ship demand which are credible and likely to prove reliable. A number of long-term trade forecasts emerging recently suggest relatively brisk growth in global seaborne trade volumes, at least through the 2020s, if not beyond ...

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FONAR discussions at MEPC 74 show divergent views

What happens with any non-compliant fuel oil remaining onboard a ship when arriving at the next port of call after submitting a Fuel Oil Non-Availability Report (FONAR)? The first option is debunkering, but what if that’s not possible at the ship’s first, second or even third port of call? The answer to this question is not very clear-cut and largely leaves that decision to the discretion of the port State where the ship has arrived. If that port State isn’t able to facilitate debunkering, it has to find another acceptable ...

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Dry Bulk Market: 2019 Freight Rates Losses of Up to 35.7% Cloud Market’s Recovery

The first four months of 2019 have put a huge dent in the long-term recovery of the dry bulk market. In a recent analysis, shipbroker Banchero Costa said that “2018 was a reasonably positive year for the dry bulk sector, with the Baltic Capesize, Panamax, Supramax and Handysize TC indices averaging respectively 16,536 usd/day, 11,648 usd/day, 11,487 usd/day and 8,700 usd/day. However, the first 4 months of 2019 were disappointing, with the Baltic Capesize, Panamax, Supramax and Handysize TC indices averaging respectively 8,137 usd/day, 7,429 usd/day, 7,967 usd/day and 6,012 ...

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Owners’ remedies – contractual rights vs reality

The chartering of ships, like any other business, comes with risks that the business counterparts do not honour their obligations to pay. Some owners (including head owners and disponent owners) believe that their position should be relatively secure given the various rights and remedies written in the charterparties in the event of non-payment by charterers, such as the right to hold on to the cargo. It is important to note however that there is a gap between owners’ rights as written in the contract, and how and where they can ...

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BIMCO And ASBA Join Forces To Develop Gas Tanker Voyage Charter Party

ASBATANKVOY, one of the most widely used tanker charter parties in the world, will form the basis when BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) begin to jointly develop a charter party specifically for use in the gas tanker trade. BIMCO’s Documentary Committee endorsed that work should be undertaken jointly with ASBA to develop the standard gas voyage charter party at its meeting on 14 May in Athens. The charter party will be codenamed ASBAGASVOY. Earlier this year, ASBA’s Board gave its full support to ...

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