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Tag Archives: Tops

Dry Bulk Market Weakening is a Seasonal Normal After Recent Rally

The rise in dry bulk freight rates during January was far from normal. The current slowdown though, is typical for this time of year. In its latest weekly report, shipbroker Allied Shipbroking said that “the dry bulk market has begun 2024 on a strong footing, and it makes for a stark comparison with January 2023, when earnings were charting a downward path towards a February low when the BDI hit just 530. As a bellwether for the sector, we consider the 2023 Capesize earnings which recovered from a February low ...

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Tankers: A significant spike in tonne days growth and TCE from the lows at the start of January

In the second week of February, the sentiment surrounding crude oil freight rates remained unstable. VLCC MEG-China rates showed signs of gathering strength, indicating a firmer momentum. Conversely, in the clean segment, LR2 MEG-Japan rates displayed initial indications of a downward correction. Nevertheless, LR2 (75kdwt) TCE earnings for the Middle East Gulf to Japan continued to achieve notable highs compared to the lows witnessed at the beginning of the year. This is attributed to a robust evolution in demand tonne days, with earnings more than doubling to exceed $70k/day. Meanwhile, ...

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Houthi attacks on Red Sea shipping: Charterparty implications

The shipping community is still coming to terms with the disruption following attacks by Houthi rebels on merchant vessels transiting the Red Sea, in particular when passing the Bab al-Mandab Strait, one of the most frequently used sea passages and a “chokepoint” for international trade. We consider below some of the important charterparty implications arising out of the unrest in the area for vessels transiting the Red Sea and provide some practical guidance both to owners and charterers. What route must the vessel take? The starting point is the charterparty ...

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Shipping and the Macroeconomic Environment: What to Expect?

The global economy is heading towards monetary easing, expected to arrive in the following months. This could trigger a rebound in trade growth dynamics and demand across the board. In its latest weekly report, shipbroker Xclusiv said that “despite record high interest rates, the ECB, Fed, and BoE all left their key rates unchanged. While none forecast further increases, lowering rates soon remains unlikely due to ongoing inflation concerns. However, the IMF offers a brighter outlook, raising its global growth forecast for 2024 to 3.1% on signs of easing inflation. ...

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LR supported by Greek shipping leaders launches Maritime Emissions Reduction Centre in Athens

The Lloyd’s Register (LR) Maritime Decarbonisation Hub is collaborating with five leading shipowners as Founding Members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Centre (M-ERC) that will focus on optimising the efficiency of the existing fleet. LR and The Founding Members believe that this is a significant initiative, which underlines the importance of Athens as an international maritime centre. The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the Green House Gas (GHG) ...

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FBX Index February 2024: Looking forward

In January 2024, the FBX container futures market was subject to geopolitical events, volatile indices, and forward curve movements, dramatically shifting the landscape for traders and hedgers. The month unfolded against a backdrop of heightened political tensions in the Middle East and Red Sea, notably impacting all routes, particularly the FBX11 and FBX13. The extraordinary jump in FBX11 from 1590 on the last print of 2023 to 4042 for the first print of 2024 was sustained and indeed strengthened, with it standing at 5340 on 29 January. FBX13 showed similar ...

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Ammonia/LPG Carriers Remain Newbuilding Favorites

Ship owners keep focusing on new fuel technologies, when it comes to newbuilding orders, with ammonia being among the preferred options at this stage. In its latest weekly report, shipbroker Allied Shipbroking said that “as the first month of 2024 concludes, we can see the continua tion of some of last year’s themes. In particular, contracting of ammonia/LPG carriers has remained strong and already we have seen around 20 such vessels reported as ordered, totalling more than 1.6m cbm. HD KSOE has been the main beneficiary of this trend, and ...

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A significant drop in the number of steel and energy cargoes crossing Suez from the Far East to Mediterranean

The second week of February began with a rebound in the Baltic Capesize Index, surpassing the 2,000 points mark, one of the highest points seen in the last two weeks. Meanwhile, smaller vessel size categories continued to trend downward. It remains to be seen whether there will be sustained firmness in the market just a few days before the start of the Chinese New Year. Notably, despite the high numbers of ballast ships for Capesize and Panamax vessels in Southeast Africa, demand growth is showing a decreasing pace. Additionally, the ...

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Container market grows a modest 0.2% y/y in 2023 as the fleet swells

“In 2023, the container market grew 0.2% year-on-year, ending at 173.8 million TEU. Compared to 2019, before the COVID pandemic hit, the market grew 1.5%. Container market growth has lagged behind overall economic development significantly, as the world economy has grown 10% since 2019,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. Highlighting the challenge for liner operators, the container fleet capacity in 2023 grew 21% vs 2019 and 8% vs 2022. The order book of new ships will add nearly 25% to the capacity during the next four and ...

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Ship Recycling Market Still Plagued By Lack of Available Tonnage

A lack of tonnage and sluggish activity throughout, has continued to be the norm in the ship recycling market over the past week, although there has been a slight shift of momentum in some markets. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the leading global cash buyers of ships, said that “this week, there has been a slight improvement in the ship recycling industry in India. However, the demand is still lacking, leading to a state of confusion and uncertainty about how long this situation will persist. ...

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EU ETS: Shipping companies now know who to deal with

Further to our previous articles on the EU’s Emission Trading System (ETS), shipping companies have now been informed which Administering Authority they will have to deal with when surrendering their EU emission allowances (EUAs). On 31 January 2024, a list was published showing which shipping companies have been allocated to which Member State’s Administering Authority within the EU ETS. Shipping companies can now find their allocated country by searching the list for their name or IMO identification number. The list will be updated by the EU every two years. Who’s ...

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Your Name’s Not Down, You’re Not Coming In? Publication Of Shipping Company List Kicks Off ETS Registration Process

In June 2023, rules for bringing the maritime sector into the EU’s Emissions Trading Scheme (the “EU ETS”) came into force. All Member States (except one) have failed to transpose this legislation by the December 2023 deadline, but the obligations on the maritime sector continue, nonetheless. The EU Emissions Trading Directive 2003/87/EC (amended by Directive (EU) 2023/958) (the “ETS Directive”) aims to strengthen the existing EU ETS rules and extend the ETS to the maritime sector.¹ Please refer to our previous article for our analysis of the implications of the ...

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LNG Shipping Rates Could Soften in the Years to Come

The LNG shipping market could be headed towards a softer era, in terms of the level of freight rates, as supply dynamics are expected to make an impact. In its latest weekly report, shipbroker Intermodal said that “the Biden administration’s decision to temporarily halt new LNG export approvals has injected new uncertainty into global gas markets. With America emerging as the top LNG exporter in 2023 ahead of Australia and Qatar, the policy shift clouds projections of future supply, demand and price dynamics. While currently operating US projects can continue ...

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FBX Index February 2024: Settling into a temporary new normal

January was clearly a volatile period, but by the end of the month it appears the developments are beginning to cool off. Asia to Europe trades, which are the ones most heavily impacted by the Red Sea crisis, saw spot rates level out and decline ever so slightly towards the end of January. This is not quite the case yet for the head haul Pacific rates. A reasonable interpretation of the developments includes two core parameters: Fear and Chinese New Year. Europe is especially hard hit by service disruptions, and ...

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The Evolving Role of P&I Clubs: Stability vs. Competition

In the ever-changing seas of the marine insurance industry, foresight and preparedness are the beacons that guide a ship through uncharted waters. Marine insurance, particularly Protection and Indemnity (P&I) clubs, is at a crossroads, facing challenges and opportunities alike. As risk managers and client-centric service providers, working to ensure competitive fairness, Marasco Marine Ltd offers a comprehensive analysis of the current landscape, helping shipowners and managers navigate these turbulent waters. At Marasco Marine Ltd, we understand that while no one can predict the future, being well-prepared and alert to emerging ...

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