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Tag Archives: Tops

Dry Bulk Market: First Quarter Iron Ore Imports From China Were Down By 8.5%

China’s iron ore imports were down by 8.5% during the first quarter of 2022. In a recent report, shipbroker Banchero Costa said that “2021 proved fairly robust, but far from remarkable, in terms of global seaborne iron ore trade. Total global loadings in the full 12 months of 2021 were up +0.7% yearon-year to 1,555.3 million tonnes, according to vessels tracking data from Refinitiv. This was marginally higher than the 1,526.0 mln tonnes in the 12 months of 2019, a year which was affected by the Brumadinho dam disaster. It ...

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Global shipping outlook: rebalancing with reshaped routes

The global shipping sector rebounded strongly from the pandemic in container and dry bulk shipping. A lack of capacity to handle the unexpectedly strong wave of demand and Covid-related closings disbalanced global supply chains and led to spiking tariffs. In the first few months of 2022, the situation started to improve especially in clogged American ports, but the Russian invasion of Ukraine and the return of lockdowns in China has caused disruption to trade and global shipping. Consequently, supply chain problems are expected to drag on through 2022 and capacity ...

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IMO: It’s time we all deliver

Before starting my second maternity leave with a hectic schedule of supplying baby essentials, I wanted to share some personal hopes and reflections on the important year ahead for the IMO, the Albert Embankment UN institution in London where I have spent so many hours, and in a strange way have really missed. The past two years of pandemic have demonstrated the importance of human interaction in international venues such at the IMO, where fruitful negotiations are key to secure progress. In the new era of working and meeting remotely, ...

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Russian Crude on Tankers is the Highest on Record

In what seems like a paradox, amid the current environment, the volume of Urals crude currently held on tankers, is the highest level since records began in 2016”. In its latest weekly report shipbroker Gibson noted that “it has been almost two months since Russia invaded Ukraine. Over this period, we have seen several rounds of sanctions being placed by Western governments. Most notably for our sector, Russian crude/oil products trade into the US has been banned, the UK has pledged to eliminate Russian crude/oil product imports by the end ...

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BIMCO launches ship sale and purchase agreement

BIMCO has produced its own ship sale and purchase agreement – SHIPSALE 22 – with the aim of making the authoring, negotiation and execution process faster and simpler, and to provide the market with a modern and comprehensive alternative to existing sale and purchase forms. For the first time, BIMCO has produced its own ship sale and purchase agreement. The project has taken the standards organisation just over two years to complete, involving a drafting team of nine industry specialists who provided broking, legal and commercial expertise. The process has ...

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Dry Bulk Market: Capesizes Enter Positive Territory

Capesize After several weeks of relatively flat price movement, the Capesize 5TC market has started to show a little positive sentiment with levels pushed to $15,299. Fixture activity on the whole has not been very eventful, yet the Pacific C5 West Australia to Qingdao route was up +0.773 today to $10.741 and has steadily improved over the week. Meanwhile, the cargo to vessel ratio in the Atlantic is said to have tightened – especially for prompt positions. The transatlantic C8 has risen +2250 week on week, to settle now at ...

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Tanker Market Affected By Geopolitican Tensions

Tanker markets are being broadly impacted by uncertainties related to geopolitical developments. Aframax and Suezmax freight rates, the main vessels used to transport Black Sea flows, have been particularly affected, OPEC said in its latest monthly report. In monthly terms, Aframax spot freight rates around the Mediterranean are up by more than 70% in March from January levels, while spot Suezmax rates in the Atlantic basin are some 50% higher over the same period. The strength filtered up to VLCCs, improving overall sentiment. A host of spillover effects from events ...

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Port Congestion – A Q1 review of the number of Dry Bulk Vessels

The first quarter of the year comes with an overall upward trend in the number of vessels in waiting and operating status at worldwide ports. Although the last year seemed to be the year of record-high levels, we have seen even stronger figures each month in 2022. In the below screenshot from the Signal Ocean Platform, we view the number of vessels congested at worldwide ports and it is clear that even April comes with a higher trend than the same month last year. For the first quarter of this ...

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Long-term container rates plummet on key US to Far East routes

April has delivered a shock to the system for long-term ocean freight rates from the US to the Far East, with significant falls on both East Coast and West Coast routes. The surprise development, revealed by Oslo-based Xeneta’s weekly market update, shows long-term rates abruptly falling into line with spot rates, after months of gaping chasms between the two. Demand disparity “This is a very interesting shift,” notes Xeneta CEO Patrik Berglund. “I think it’s fair to say that the comparative weakness of US exports versus US imports from the ...

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Shipping Investments on Steady Pace for Both Newbuildings and Secondhand Vessels

Investments in the newbuilding and S&P markets have been largely steady over the course of the past week. In its latest weekly report, shipbroker Intermodal noted that “SnP activity remained strong for yet another week, with buyers in the tanker realm focusing mostly on the clean sector while firm interest was noticeable across all dry bulk sizes. In the tanker sector, we had sale of the “BANDA SEA” (105,576dwt-blt ‘07, Japan), which was sold to Greek buyers, for a price in the region of $21.0m. On the dry bulker side ...

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The Role of Maritime Trade in the Post-COVID Recovery – Europe Focus round-up

Shipping has a vital role to play in post pandemic recovery for the EU but must not be ignored in reforms to the bloc’s trade policy, said speakers at the latest Leadership Insights Live. Underscoring the importance of the EU to global maritime trade, Guy Platten, International Chamber of Shipping’s Secretary General, noted that EU ports handled 824m tonnes of goods in the first quarter of 2021, with maritime trade accounting for 81% of goods traded to and from the region by volume. However, protectionist measures are threatening to undermine ...

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BIMCO publishes updated greenhouse gas position statement

The Board of Directors of BIMCO has approved the organisation’s updated greenhouse gas (GHG) position statement, elaborating on who it believes should pay for carbon pricing and warning that excessive retroactive measures could have negative unintended consequences. Tackling the barriers to transition may be the single most important issue facing the shipping industry on its path to decarbonisation. To succeed, new commercial solutions and shared responsibilities between charterers and shipowners will be required. So will collaborative efforts and responsibilities by stakeholders from shipowners, shippers and charterers to energy suppliers, shipyards, ...

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Tanker and Dry Bulk Markets In Opposite Directions

The dry bulk and tanker market fortunes are locked in opposite directions. The tanker market seems to be in a positive momentum, while the trend in the dry bulk market seems to be downward. In its latest weekly report, shipbroker Allied Shipbroking said that “if you were to just look at the graphical interpretations of both the BDI and BDTI indices from Jan ’20 until today, it would be hard to detect any sort of correlated activity between them (or any similarities in terms of momentum) during this time frame. ...

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Has the rush to order LNG fuelled bulk carriers run its course?

The recent run of newbuilding Capesize bulk carrier orders featuring dual-fuel LNG propulsion may have peaked, according to research and forecasting company Maritime Strategies International. The fall-off in interest in LNG-fuelled ships represents concerns over their long term viability against tightening regulation and growth in availability of Ammonia and Methanol-ready dual fuel engines. Concern over the shape of future low carbon regulations are partly to blame for muted dry bulk newbuilding orders during 2021, despite bulkers registering the highest average annual earnings since 2007/08. Contracts declined sharply over the second ...

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1 in 5 container vessels globally is waiting outside a congested port -of which 27.7% in China

On April 5, 2022, Chinese authorities decided to expand a previously limited lockdown in Shanghai to put the entire city of 26 million residents into quarantine. Shanghai became the largest city to go into lockdown since the beginning of the COVID-19 outbreak. The city’s port is the largest in the world in terms of container throughput and the effects on global shipping were soon to follow. As data pulled from Windward’s Maritime AI platform clearly shows, lockdowns in China are heavily impacting the congestion outside the country’s ports, as the ...

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