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Tag Archives: Tops

Demand to Carry Dry Bulk Market Forward

The demand side of things could offer fresh upwards momentum in the dry bulk market as we head towards the last stretch of 2019. In its latest weekly report, shipbroker Allied Shipbroking noted that “despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Evidence of this can be seen to how the Baltic Time Charter Average earnings for all the different size segments is still holding above their respective levels noted during the same ...

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What is the one thing the maritime sector needs to do in order to improve efficiency?

The theme for this year’s World Maritime Day was ‘empowering women in the maritime community’ providing an opportunity to raise awareness of the importance of gender equality within the sector. In celebration of the theme and ATPI Marine & Energy’s centenary year, the female workforce within the organisation was asked to highlight their experiences and amplify issues that they believe are important to the sector today. Amongst these responses, Marjan van Vilet, global account manager, ATPi Marine & Energy, highlighted how the industry’s approach to efficiency has changed over the ...

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Defeat for shipping’s “most spectacular fraud”

War Risk underwriters have succeeded in rejecting a $77m claim on the basis that the constructive total loss of the Brillante Virtuoso was caused by the wilful misconduct of the Owner. On October 7, 2019, Mr Justice Teare handed down a 140 page judgment putting to bed the questions about what has been described as the “most spectacular fraud in shipping history”. The background facts – the “hijacking” The Brillante Virtuoso was carrying a cargo of fuel oil on a voyage from Ukraine to China. Shortly before midnight on July ...

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Demolition Market Comes Back to “Life”, Albeit in “Slow Motion”

Ships’ recycling activity has been the negative “star” of today’s shipping market, with tonnage sold for scrap failing to reach Southeast Asias’ shores. As a result, concerns are bound to be raised on the future balance of supply-demand in the maritime segment. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with what has been one of the quietest years on record to date, we finally saw a trickle of tonnage filter into the market this week which has started to resemble a functioning market once again. There ...

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Norway: New Study Confirms Scrubbers Would Aid Global CO2 Reduction

Using scrubbers while burning residual fuels would help reduce global CO2 levels, a new study published by Norwegian researchers confirmed. The continued use of heavy fuel oil with an exhaust gas cleaning system (EGCS) is the most environmentally beneficial means of meeting global greenhouse gas (GHG) emissions targets, Chief Scientist Dr. Elizabeth Lindstad concluded in a study published by Norway’s SINTEF. “Studies indicate that two-stroke engines with Exhaust Gas Recirculation (EGR) and scrubbers represent the most cost- and GHG-effective way of meeting both IMO Tier 3 NOx rules and the ...

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Shipping fuels, crude oil markets and the environment

The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engine emissions from 3.5% currently to 0.5% or less from 1st January 2020. It may seem an arcane rule change, but the ramifications ripple right across the oil value chain. Crude producers, traders, refiners and consumers will all be affected as well as the shipping industry. The story is complex. So I asked Alan Gelder, Head of Oils Analysis, to tell me what I need to know. Is IMO 2020 ...

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Ship Owners Return to the S&P Market

Normal service has been resumed, as ship owners have returned to the S&P market, lowering their “appetite” for newbuildings. In its latest weekly report, shipbroker Banchero Costa said that “two modern NewCastelmax, the Bulk Seoul and Bulk Shanghai, 208,000 dwt, built 2019 by New Times were reported sold to the Norwegian-based company Ocean Yield at $42mln each; the ships will go be BBB to the sellers for a period of 13 years. An old Panamax, the Oregon 74,000 dwt, built 2001 by Oshima was sold to Indonesian buyers at 7.9mln. ...

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New tanker generation calls for new rules

Amid intense competition in the tanker market, ship size and cargo flexibility are key differentiators. As a result, there is a trend among operators to prefer LR2-type tankers which, in contrast to the equally sized Aframax crude oil tankers, have coated tanks. This allows them to carry both “dirty” cargo, such as crude oil or heavy fuel oil, and “clean” cargoes, i.e. petrol (gasoline) or other clean petroleum products. Typically, cargo owners require carriage of an intermediate cargo, such as diesel oil, for three voyages after carrying crude oil or ...

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Climate change and the oceans: Navigating in troubled waters

Oceans and seas around the world are warming up and seeing increasing surface acidification; marine biodiversity stands threatened and marine heatwaves are intensifying; mean sea levels are rising due to ice loss in Greenland and the Antarctic. These are not scenes from the future, but a sneak peek into what global warming has already done to marine environments according to a long-anticipated report by the Intergovernmental Panel on Climate Change (IPCC). The Special Report on the Ocean and Cryosphere in a Changing Climate (SROCC), which was released on 25 September, ...

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Dry Bulk Market: The Case for Australian Iron Ore Exports

With the dry bulk market looking for a new balance, it’s intriguing to take a look at the current state of Australia’s iron ore exports, one of the most important sources for China. In a recent weekly report, shipbroker Banchero Costa said that “Australian iron ore exports are now expected to end the current year with roughly the same total volumes as in 2018, or perhaps with some luck just a marginal gain of +1% or +2% year-on-year. This is quite surprising, given how turbulent a year this has been ...

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Sampling of liquid cargoes

Chemical cargoes, petroleum products, vegetable oils and other fats are often carried as bulk cargoes on board chemical and product tankers. Quality problems with these cargoes have been an issue since the dawn of this trade, and even with modern techniques these quality issues are likely to continue. Liquid cargoes on tanker vessels may be exposed to influences such as temperature change, contact with air, light, pollutant, or other products. Other sources of contamination include failure in the production process and exposure to external substances from shore tanks and shore ...

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Fuel Lab the importance of fuel analysis and control

Nowadays, due to the climate changes that are affecting our planet and conjointly more recent regulation impositions, people are taking more seriously than ever the impact of fuel emissions and the concern of knowing what kind of fuel they are burning. The usage of fuel and oils Fossil fuels are used in a large part of the items we use on our daily basis. One major use of these products is fuel, for example, gasoline or diesel for cars, HFO is used in vessels´ main engines and for industrial applications, ...

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Tankers: Oil & Politics Once Again Impact the Market

Venezuela and Iran sanctions. Chinese ships leaving the market due to sanctions. Saudi oil production suffering losses due to drone attacks. It seems that the tanker market is having to adjust to multiple different parameters influencing freight rates, sometimes for better and sometimes for worse. In its latest weekly report, shipbroker Gibson said that “Donald Trump’s ‘shock’ decision to withdraw American troops from Syria last might not immediately appear to have implications for the oil markets. After all, Syria has effectively been excluded from the oil market since 2011. However, ...

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Dry Bulk Market: Capesizes on Stabilization Mode

Capesize The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence. Fixture activity was strong in both basins with trade executed generally on a voyage priced basis. The 5TC opened the week at $26,382 before closing on a slightly down note Friday at $25,117. The Brazil to China C3 was the big mover this past week opening at $23.782 to close down at $20.945. The Pacific C5 market continued to trade in a limited range opening at $9.227 to end ...

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LNG shipping rates soar as sanctions hit vessel availability

LNG shipping rates have surged to $130,000pd currently from around $80,000pd at the end of September due to tight vessel supply and seasonal firmness in demand. Furthermore, the upward momentum in rates is expected to be maintained in 4Q19 due to a reduction in the availability of vessels in the spot market, driven by several factors including– US sanctions on COSCO-linked LNG vessels, a rise in LNG demand, vessels being used for floating storage and typhoons causing delays in China and Japan. The LNG shipping market, which had been reeling ...

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