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Tag Archives: Tops

Shipping: Navigating the EU ETS Market Challenge

The shipping industry inclusion in the EU ETS market is a game changer for its operations moving forward. In its latest weekly report, shipbroker Intermodal said that “throughout 2023, the EU ETS market navigated through a year of remarkable volatility, observing both record highs and extended lows against the backdrop of evolving energy strategies, policy reforms, and global economic shifts. The average EU carbon price stood at €85.27/mt, momentarily peaking over €100/mt in February to set an unprecedented high. Although prices receded from these heights, they remained notably stable for ...

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Charting the course: How the shipping industry is adapting to tensions in the Red Sea

The Red Sea has emerged as a key focal point of geopolitical tension. Houthi militants in Yemen are employing sophisticated weaponry, including hijacks, ballistic missiles, anti-cruise missiles and drones to target international shipping routes. These attacks, ostensibly in support of Hamas against Israel, began on 19 November 2023, with the hijacking of the Galaxy Leader cargo vessel by Houthi forces. This act of piracy redirected the vessel to Hodeidah port in Yemen, leading to the ongoing detainment of its crew. Since the initial incident, reports from the UK Maritime Trade ...

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Technology Qualification: Facilitating maritime innovation

Technological innovation drives the maritime industry forward, improving safety and propelling decarbonization. However, many new technologies face challenges in aligning with existing regulations. DNV’s Technology Qualification process bridges this gap, as demonstrated by the Candela P-12 ferry. Several completely novel technologies have emerged in shipping in recent years, increasing the energy efficiency of vessels or facilitating the use of alternative fuels. However, due to their novelty, many of these innovations operate beyond the confines of established regulatory frameworks. This creates uncertainty that can negatively impact the innovation process. “Many shipowners ...

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Tankers: The Next Growth Cycle Can Be Fueled By India

The tanker market could be headed for a significant leg of growth in the coming years, as a result of India’s gradual emergence, as a major player in the global economy, which in turn is fueling its oil and refining needs. In its latest weekly report, shipbroker Gibson said that “whilst there is significant debate as to the strength of long-term oil demand growth, there is little debate as to where much of that growth will come from; India. The world’s most populous country sits far behind China in terms ...

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Dry Bulk Market: Capesize Rates Strengthen

Capesize Throughout the week, the capes witnessed a notable increase in activity after a slow start. This uptick is evidenced by the BCI 5TC, which commenced at $20,378 on Monday, experienced a slight dip on Tuesday, and rose to $26,079 by Friday’s close. Early in the week there were reports in the Pacific of weather factors that could potentially cause delays. Strong winds and dense fog forced the closure of several ports in China. Additionally, attention was drawn to a tropical cyclone expected to move west across the Kimberley region ...

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Reefer shipping rates rise to be temporary as excess capacity plugs gaps

The recent rise in reefer shipping rates is expected to prove short lived, as the trade adjusts to the rerouting of vessels and excess containership capacity is deployed to support longer transit times. While the subsequent re-routing of cargoes continues to add some delays and complexity in repositioning reefer equipment, this is not expected to have a long-term effect on freight rates. Drewry’s Global Reefer Container Freight Rate Index, a weighted average of freight rates across reefer intensive trade lanes, declined 37% in 4Q23 to a reading of $4,065 per ...

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Tankers Market: India a Major Player for Seaborne Crude Oil Tanker Trade

The crude tanker market has been reshaped as a result of India’s emergence as a major destination for Russian crude. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +5.7% y-o-y to 2167.2 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the 2050.9 mln tonnes in Jan-Dec 2022 and the 1886.3 ...

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Urgent need for newbuild tanker orders

High freight rates and robust global demand for oil and its derivatives are putting tanker owners in a great mood and consequently, after a notable uptick in 2023, the surge in tanker newbuild activity shows no signs of abating in 2024. A confluence of factors has led to this buoyant and profitable market for tanker owners over the past couple of years, a trend expected to persist in the foreseeable future, according to a report from DNV. In its January 2024 Monthly Oil Market outlook, OPEC said the global oil ...

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Unprecedented shipping disruptions raise risk to global trade, UNCTAD warns

Recent attacks on commercial vessels in the Red Sea have severely affected shipping through the Suez Canal, adding to existing geopolitical and climate-related challenges facing global trade and supply chains, UNCTAD says in a new report released on 22 February. The Red Sea crisis compounds the ongoing disruptions in the Black Sea due to the war in Ukraine, which have resulted in shifts in oil and grain trade routes and altered established patterns. Additionally, the Panama Canal, a critical artery linking the Atlantic and Pacific oceans, is confronting a separate ...

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Bulkers’ Second Hand Vessel Prices on the Rise

With Capesizes leading the way, prices for second-hand bulkers have been rising steadily over the past few months. In its latest weekly report, shipbroker Xclusiv said that “since early October 2023, dry bulk second hand prices have gained momentum. The high S&P activity in many sectors, as well as the increased newbuilding prices, have driven the second-hand prices north”. According to Xclusiv’s analysis, “the Capesize sector is experiencing a remarkable surge, with both prices and sales activity at high levels compared to recent years. Notably, 5-year-old, 10-year-old, and 15-year-old vessels ...

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Suezmax dirty tonne days from AG to Med/UK Continent

In the final days of February, the VLCC MEG-China route attracted market attention as rates appeared to peak suddenly in mid-February before subsequently retracting to weaker levels. It remains uncertain whether the month’s end will bring about a sustained rebound, given the ongoing decrease in tonne days for the VLCC segment. On the supply side, the latest figures show an unexpected increase for VLCC Ras Tanura, defying expectations of levels below the annual average. The volatility between lows and highs recorded from week to week creates instability, making it challenging ...

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Russian coal shipments fall 14% as sanctions bite

During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistical challenges started to emerge. Two years after the start of the war in Ukraine, sanctions on Russia are limiting the country’s ability to export coal. A significant portion of Russian coal is sourced from Siberia and transported to Russian ports by rail. Since the start of the war in Ukraine, railways in Russia have been under pressure as sanctions pushed Russia’s coal exports eastwards. In 2023, China ...

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Deals for Newbuildings and Second Hand Vessels Picking Up

Shipbrokers’ reports this week have been flooded with more deals in both the newbuilding and S&P markets. In its latest weekly report, shipbroker Allied Shipbroking said that “this week brings fewer fresh orders than we have seen recently but still contains several substantial orders. In the tanker sector, we see continued momentum for VLCC contracting, with another dwt 320k duo being added to the size segment’s orderbook. The contracts come with an option for the vessels to be LNG DF, continuing the pattern seen this year for alternatively fuelled vessels ...

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Australian coal flows to Asia hover above last year’s volume tonnes

In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large vessel size categories where rates remained close to the highs reached in the third week, notably on the Capesize Brazil to North China route and Panamax Continent to Far East route. However, there remains cause for concern regarding the recent market momentum, as the weekly growth rates in demand tonne days continue to decline significantly compared to the peaks observed at the end of last year. The ...

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Global container equipment fleet growth picks up pace

Growth in the global pool of shipping containers is picking up pace on rising trade prospects and slowing box productivity, as disruption in the Red Sea and Panama Canal lengthen voyage transit times, according to the latest analysis from Drewry’s recently published Container Equipment Forecaster report. Drewry estimates that the global box fleet rose 1% last year to 51.4 mteu, as a pickup in newbuild output in the final months of the year boosted inventories that had hitherto registered declines. And for 2024 it has upgraded its fleet projection with ...

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