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Tag Archives: Tops

Ships’ Demolition Market in “Wait-and-See” Mode

While it’s safe to say that 2018 has been a landmark for the ships’ demolition market, particularly in the beleguered tanker segment, the past few weeks have been less than ideal, in terms of further alleviating tonnage supply. In its latest weekly report, shipbroker Clarkson Platou Hellas admitted that “a somewhat muted position has been evident this week amongst the industry players with the market seemingly hanging in a precarious position, making it difficult to predict which side of the line the sentiment will turn. Generally, it would appear all ...

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Digital defence

Although the notion of a ship in the middle of the ocean being disabled by a software malfunction or by hackers was initially greeted with considerable scepticism and denial, a spate of incidents, including most notably an attack that disrupted operations at Cosco, has transformed attitudes. Today the maritime industry acknowledges the potential dangers and is taking steps to address cyber risk at various levels. Cyber security is a moving target. Threats continue to grow in reach and complexity, with new vulnerabilities discovered on a seemingly daily basis. In the ...

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Blockchain and Shipping

The shipping industry has been through many upheavals since the industrial revolution. Faster ships at the turn of the century meant that your goods could get to the end destination quicker and the standardization of containers in the 1960s helped usher in a more interconnected world. With that in mind, the shipping industry is also set to do it all again, and this time with Blockchain technology. Maersk and IBM have partnered to produce TradeLense, a product built on top of a custom Blockchain. In short, TradeLense allows transparent tracking ...

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Ships’ Sales Higher and Higher

As 2018 nears its end, more and more ship owners are taking a dip in the S&P market with activity strong across the board. Of course, this activity is also extended in the newbuilding sector as well. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a very interesting week for the newbuilding market, with plenty of fresh orders coming to light these past few days. At this point the dry bulk sector seems to have taken the lead in terms of activity despite the comparatively poor ...

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Dry Bulk Shipping: BDI weakness in Q4, as the trade war limits demand growth and demolitions stall

Demand drivers and freight rates This year – 2018 – has delivered as promised. The improved fundamental market conditions in the first three quarters of 2018 have seen the Baltic Dry Index (BDI) rise significantly – up by 24%, 25% and 41% in Q1, Q2 and Q3 respectively, when compared with the same time last year. Will Q4 go even higher? Unlikely. In October 2018, the BDI only improved by 4% compared with October 2017. The demand for Capesize is facing headwinds, with Chinese iron ore imports down by 0.5% ...

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CIMAC statement on 2018 marine fuel incidents

The CIMAC Fuels working group consists of experienced stakeholders representing refiners, suppliers, OEMs, ship operators, fuel testing labs, classification societies etc. as listed below. This statement has been made to update the marine industry on how we, as specialists, see the recent marine fuel incidents that occurred earlier this year. The Issue In March 2018, a number of ships experienced operational problems using residual fuels bunkered in Houston. The analysed fuels met the ISO 8217, Table 2 requirements. The main issue was sticking engine fuel pumps although some vessels also ...

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Iran and Now Venezuela Are Shaking Things Up in the Tanker Market

After the Iranian sanctions, another factor which could shake things up in the tanker market is the fall in Venezuela’s oil production. In its latest weekly report, shipbroker Gibson said that “to say its been tough for Venezuela in recent years would very much be an understatement. The economy has shrunk more than half since 2013, almost 10% of their 30 million population have fled and their oil output – which accounts for 90% of their exports – has plummeted to levels not seen since 1940’s. A chronic lack of ...

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Container Shipping: Slow growing demand is a constant challenge

Demand drivers and freight rates Some 13.7 million TEU were shipped globally in September, bringing the full year total up to 125.2 million TEU. While that is an improvement of 4% for both the month (year on year) and year to date, the growth rate has been slowing for the past six months (source: CTS). We have seen solid growth rate on the Far East to Europe trade lane during the peak season. Volumes reached an all-time high in Q3 – 6% higher than in Q2-2018, and 2.5% more than ...

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A Practical Overview of the IMO 2020 Sulphur Cap – Part 2

Sulphur Cap Series: Part 2 – Challenges Facing Compliance and Challenges to Enforcement Part 1 explored the scope of Regulation 14.1.3 of Annex VI of the MARPOL Convention (“Regulation 14.1.3”) and provided an analysis of the contractual, penal and coverage risks to which owners and charterers may become exposed, if they do not take steps to comply with the Regulation by 1 January 2020. Part 2 provides a summary of compliance challenges facing owners and charterers, in addition to an analysis of the challenges that the IMO faces in enforcing ...

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Dry Bulkers In High Demand as Market Prospects Improve

After a turbulent period, the dry bulk market’s prospects seem to be back on track. Shipbrokers are reporting higher availability of finance, key to more S&P deals being concluded, in a time when freight rates seem to have stabilized again. In its latest weekly report, shipbroker Intermodal said that “the shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing signs of stability with the BDI averaging from1,300 to 1,400 points. From the looks of it, ...

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Dry Bulk Market: Capesizes Find The Floor and Bounce Back

Capesize After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predicted a strong fourth quarter have, as yet, offered few reasons for the dramatic fall. The key trade from West Australia to China recovered to the low-mid $6.00s as the week closed out, up from the low of $5.30, but still adrift of $8.50 paid 10 days ago. Similarly, Brazil/China rates continued to take a hit, dropping to around $15.00. Vale, during the week, took upwards ...

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On Course Towards Carbon-neutral Shipping?

The issue If no drastic action is taken, CO2 emissions from international shipping could increase between 50% and 250% by 2050 Maritime transport emitted 938 tonnes of CO2 in 2012. This represented 2.6% of total global carbon emissions. By 2050, shipping CO2 emissions are projected to increase between 50% and 250% if no drastic action is taken. In order to reverse this trajectory, the 174 member states of the International Maritime Organisation (IMO) adopted an “Initial IMO Strategy on reduction of Greenhouse Gas emissions from ships” (or “Initial Strategy” for ...

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Tanker Market On a High Note

Fortunes have improved in the tanker market as of late, as per the latest monthly OPEC report. In October, tanker spot freight rates for dirty vessels increased considerably, with gains being registered across all classes trading on all major routes. As the market approaches the winter season, tanker market spot freight rates saw notable improvements following a year of accumulative losses. On average, dirty tanker spot rates rose by 28% in October from a month earlier. Rate developments in October showed Aframax spot freight rates achieved the strongest growth compared ...

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‘Bad bunkers’ – common challenges, recommended actions

Instances of damage to vessels’ machinery, including engine breakdowns, as a result of contaminated fuel have reached unprecedented levels. Since the first reports of this ‘bad bunker’ fuel appeared in Houston at the beginning of 2018, it is thought that hundreds of ships have been affected globally. Norwegian Hull Club has – as of October 2018 – received some 30 reports of incidents arising from bunkers in Singapore, the US, Colombo and Panama. Eighty per cent of these cases occurred on the US Gulf Coast. Consequences The consequences of this ...

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Liberia becomes first flag state to join the Maritime Anti-Corruption Network

Liberia has become the first ship registry to be admitted to the Maritime Anti-Corruption Network (MACN) as an associate member. Alfonso Castillero, CCO of the Liberian Registry, says, “We are greatly honoured to be the first ship registry admitted as an associate member of the MACN. The organization has done great work fighting corrupt practices in some of the most difficult regions in the industry. MACN’s model of government and local partner collaboration, and industry-led collective action, is considered global best-practice. It’s not often the shipping sector gets that sort ...

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