High prices and low rates haven’t been able to deter owners from booking more newbuilding orders. In its latest weekly report, shipbroker Allied said that “the market remains in a similar state to that seen over recent weeks, with a shift in contracting patterns perhaps more likely as the summer holiday period ends and everyone returns to business as usual. Prices remain high due to demand for high value vessels, inflation, and so on. In the case of bulkers in particular, this has driven something of a disconnect between NB ...

Global liquefied natural gas (LNG) import capacity is set to expand by 16%, or 23 billion cubic feet per day (Bcf/d), by the end of 2024 compared with 2022. Our estimate is based on trade press and data by the International Group of Liquefied Natural Gas Importers (GIIGNL). In the first seven months of 2023, three countries—Germany, the Philippines, and Vietnam—began importing LNG for the first time. By the end of next year, we expect Antigua, Australia, Cyprus, and Nicaragua to start importing LNG. Several more countries are in advanced ...

Northwest Europe HSFO availability in Rotterdam and in the wider ARA hub has improved, sources say. However, securing the grade for very prompt delivery dates (0-2 days) remains difficult. Lead times of 5-6 days are recommended for the grade, slightly down from 5-7 days last week. Meanwhile, prompt LSMGO availability has tightened in the ARA hub, two sources say. Some suppliers are hesitant to offer the grade for very prompt delivery dates, while those offering are quoting with steep prompt premiums, a trader says. Lead times of up to four ...

The ship recycling market is still facing complications. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as India celebrates the ‘Chandrayaan-3’ mission to the Moon, making space history being the first nation to land at the Moon’s South Pole, no such celebrations are paramount from the Alang recycling yards with local market sentiment remaining cautious. There is currently no serious demand of the finished products from the domestic rolling mills, hence the weaker price levels on offer. As such, one small step from Pakistan is evident, but ...

The Covid-19 pandemic and ensuing crew-change crisis – later exacerbated by the escalation of the war in Ukraine – disrupted supply chains and had a significant impact on crew welfare, leaving seafarers stranded at sea for months at a time facing acute emotional hardship. The situation did yield one positive outcome: its widespread media coverage helped to thrust shipping – and seafarers – into the public consciousness. The crew-change crisis highlighted to a mainstream audience the critical role shipping plays in the global economy, shining a light on the sacrifice ...

The private Dalrymple Bay Coal Terminal implements mooring rope requirements beyond class standards. Our author describes the requirements and discusses whether owners or charterers bear the costs. The Dalrymple Bay Coal Terminal (DBCT) in Queensland Australia is the export hub for the Bowan Basin coal fields. As of May 2023, the terminal has begun implementing various further mooring line and vetting requirements aimed at ensuring safer shipping operations. All vessels nominated to call at Dalrymple Bay must now meet the following requirements: Chafe protection, in good condition and not fabricated ...

The Panama Canal’s fight against climate change is well underway, in what appears to be an ongoing issue. In its latest weekly report, shipbroker Intermodal said that “as of the latest update, the Panama Canal continues to grapple with the effects of a historic drought, impacting shipping markets in the region. The drought has compelled the Panama Canal Authority to implement measures to conserve water, including reducing maximum ship weights and daily ship crossings. This situation has significant implications for the global shipping industry, as the Panama Canal is a ...

Over the past two decades, the MARPOL Convention and its Annexes have undergone amendments to impose stricter restrictions and prohibitions on waste discharges from ships at sea. These changes have necessitated greater adherence to environmental standards and fostered the adoption of innovative technologies and practices to minimise waste discharges. Download PDF The European Union (EU) has consistently prioritised safety and environmental protection, emphasising the importance of complying with international maritime conventions, codes, and resolutions as part of its maritime policy. The EU’s environmental initiatives and legislation aim to minimise the ...

The ‘clipboard, pen and paper’ approach to creating Statement of Facts (SoF) documents is costing the shipping industry millions of dollars a year and leading to errors and inefficiency, maritime solutions company Voyager warns. Every year, an estimated 120 million events are manually logged by captains, agents, terminals and surveyors all over the world. And apart from the laborious work involved and inevitable errors and inaccuracies, the shipping industry is missing out on tremendous opportunities to increase savings and optimise operations through automation and AI. A digitalised SoF, which logs ...

The long term demand for crude oil in the state of California, could be a sign of things to come for the tanker market, as the world, gradually, moves towards cleaner energy sources. In its latest weekly report, shipbroker Gibson said that “the state of California is a unique case in the US energy market, particularly when it comes to crude oil. Thanks to local environmental laws, around 75% of the state’s oil demand has to be met with overseas barrels due to a lack of interstate pipelines connected to ...

Capesize In the Pacific, the week began with promising involvements from all three majors, yet this enthusiasm did not translate into substantial market gains, yielding a relatively stagnant atmosphere. As the week unfolded, Pacific trading maintained a decent cargo volume, although the presence of surplus tonnage limited potential gains and led to a relatively stable market. In the Atlantic, a pattern emerged where increasing offers were noted, particularly from South Brazil and West Africa to the Far East, despite relatively thin enquiry in the North Atlantic. However, as the week ...

90% of world trade – from bulk raw commodities to breakbulk and finished goods – is moved on approximately 60,000 trading ships, crewed by about 1.5 million seafarers. To most traders, the potential risks associated with any one of these vessels is an unknown. How can you ensure that the ships you’re evaluating for supply chain activity are at an acceptable standard? How can you mitigate the potential risks associated with ocean-bound vessels? Overview of risks in shipping At a macro level, shipping is at an inflection point where circumstances ...

The tanker market has benefited from the fact that the EU is now established as the single largest importer of crude oil by sea. In its latest weekly report, shipbroker Banchero Costa said that “2023 so far has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Jul 2023, global crude oil loadings went up +8.2% y-o-y to 1,262.3 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the 1,166.4 mln tonnes ...

The Swedish Club highlights an often-overlooked challenge faced by shipowners when it comes to cargo damage – shortage claims. The Club’s new publication, Bulker Focus: Carriage of Grains and Soya Beans, examines the complexities of transporting these commodities, highlighting the prevalence of cargo shortage claims. These claims account for 63% of all claims recorded. Such a significant figure should prompt shipowners to pay keen attention to this issue, said the Club. Johan Kahlmeter, director of claims at The Swedish Club, explained: “In Argentina and many North African countries, it is ...

Navigating a ship has always involved risks, but it is near the shore and in ports where the danger is greatest. A new analysis based on Gard claims data reveals where vessels are most likely to be involved in groundings or collisions. Human error is usually listed as the root cause of most collisions and groundings but claims data from Gard clearly shows that other factors also play a key role. Back in 2021, Gard in collaboration with Windward and Lloyd’s List Intelligence mapped the global incident hot spots and ...