hellenicshippingnews... - 25/07/2021

VLCC Owners Stand to Gain from OPEC’s Decision to Raise Crude Oil Production

Owners of the largest crude oil tankers stand to gain from the recent OPEC’s decision to increase production. In its latest weekly report, shipbroker Gibson said that ‘so, after several weeks of behind the scenes talks and political wrangling, the OPEC+ alliance has once again found a way forward in

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hellenicshippingnews... - 25/07/2021

Dry Bulk: Market Lacks Strong Upward Momentum

Capesize The market drifted sideways lacking a strong directional lead most of the week, with gains towards the end the 5TC average settling at $32,469 to close the week, up almost $4,000. Looking closer at the regional feel the Transpacific C10 fortunes were on the rise this week lifting over $11,3

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hellenicshippingnews... - 25/07/2021

A Smart judgment for owners: An owner can demand payment of freight under a Bill of Lading even if head charterers have paid hire in full

In a recent judgment of the English Commercial Court, The M/V Smart¹, which will be welcomed by owners, Mr Justice Butcher held that a shipowner could demand direct payment of freight under a bill of lading even though the bill of lading stated that the freight was payable “as per charterparty” and

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hellenicshippingnews... - 23/07/2021

US LNG Exports Took a Backseat During 2020: Will the Trend Reverse This Year?

Seaborne LNG exports from the US grew marginally during 2020, as opposed to a more robust overall rise. In its latest weekly report, shipbroker Banchero Costa said that “the USA are currently the third largest seaborne exporter of LNG in the world after Qatar and Australia, accounting for 18% of the

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hellenicshippingnews... - 23/07/2021

Decarbonisation and shipping: alternative fuels

As shipping pivots towards greener operations, and opportunities to increase ship efficiency decrease (as they inevitably must), a major issue the industry must get to grips with is fuel transition. Shipping is heavily reliant on fossil fuels, and the huge majority of ships globally are powered toda

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hellenicshippingnews... - 23/07/2021

‘Clean’ commodity supercycle risks

A commodities super cycle is looming, but don’t pop the champagne corks just yet, says Wood Mackenzie’s Simon Morris. While the transition from hydrocarbons to the metals necessary for green growth is already underway, there are potential risks to how this supercycle evolves. Morris, WoodMac’s vice

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hellenicshippingnews... - 22/07/2021

Dry Bulk Carriers Reach Record Levels of S&P So Far in 2021

The dry bulk market’s rebound has prompted a surge in dealings for bulkers as well. In its latest weekly report, shipbroker Intermodal said that “dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interest has b

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hellenicshippingnews... - 22/07/2021

The Shipping Summer Of Chaos

Earlier this year, the shipping industry faced chaos as the Ever Given came to a halt in the middle of the Suez Canal. Four months on, and the focus has shifted towards who to blame, as legal battles continue over compensation. During this time, many have assumed the shipping industry has recovered,

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hellenicshippingnews... - 22/07/2021

Bill of Lading can still carry surprises

While the bill of lading is ostensibly widely understood, its role as evidence of the contract of carriage holds some hidden surprises to watch out for. Ian Short, Director, Campbell Johnston Clark, explains. The basic functions of a bill of lading (B/L) are widely understood as offering: acknowledg

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hellenicshippingnews... - 21/07/2021

Newbuilding Orders Picked Up as Summer Holidays Approach

As a traditional summer lull is on its way, ship owners are firming up their interest for newbuildings. In its latest weekly report, shipbroker Allied Shipbroking said that it was “an interesting week for the newbuilding market, with several fresh deals taking place during this past week. In the dry

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hellenicshippingnews... - 21/07/2021

Containers continue to triumph

The Container market continues to impress with record breaking rates and ordering never seen before. Olivia Watkins, Head Cargo Analyst takes us through what has been happening with orders, transactions, values, rates and trade for the first half of 2021 and how these sky-high figures compare to pre

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hellenicshippingnews... - 21/07/2021

Preferred stock in the shipping sector

There has been an increasing trend for private equity investments in the shipping sector to take the form of preferred stock in either publicly listed or private companies, rather than through a more traditional method of establishing a joint venture with an established shipowner. Broadly speaking,

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hellenicshippingnews... - 20/07/2021

Ship Recycling Market Devoid of Tonnage

Ship owners are keeping their older ships in service, on the back of high dry bulk and container rates. As a result, tonnage availability in the demolition market is scarce and rates offered are through the roof, with some market observers reporting prices of up to $600/LDT. In its latest weekly rep

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hellenicshippingnews... - 20/07/2021

Shipping: Does location matter anymore?

For centuries the great port cities analysed in the recent Xinhua-Baltic International Shipping Centre Development Index report were built on the confluence of trade, people and ideas. Centred around ships and the presence of their owners, managers and charterers, maritime clusters steadily grew acr

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hellenicshippingnews... - 20/07/2021

Do carbon credits have a place in shipping’s future?

With over 194 states (representing 97% of global greenhouse gas emissions) having ratified or acceded to the Paris Agreement and an ever increasing number of countries and entities making net zero their 2050 target, anyone not preparing for significant changes in carbon emissions regulation risks mi

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hellenicshippingnews... - 19/07/2021

Container Ships In High Demand as Rates Skyrocket

The container ship segment has exploded over the past couple of months and along with it, so has demand for container carriers. According to Intermodal’s latest weekly report, “in its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 ye

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hellenicshippingnews... - 19/07/2021

Carbon Recycled Methane Can Be Recognized As Zero Emission Ship Fuel

The “Ship Carbon Recycling Working Group(WG)” of Japan’s Carbon Capture & Reuse (CCR) Study Group has confirmed that carbon recycled methane produced by methanation technology (Note 1) can be recognized as zero emission ship fuel. A technical paper describing the details of the calculation procedure

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hellenicshippingnews... - 19/07/2021

New BIMCO clause clarifies contractual position on AIS switch-off

BIMCO has published a new charter party clause to help tackle potential abuse by sanctions busters of the Automatic Identification System (AIS) which is mandatory for all ships to use under regulations for the Safety of Life at Sea (SOLAS). One way of “busting” sanctions prohibiting trade with certa

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hellenicshippingnews... - 18/07/2021

VLCC Spot Market Posts Lowest First Half Earnings in Two Decades

VLCCs of lower spec have endured the worst spot market of the past two decades, during the first half of 2021. In its latest weekly report, shipbroker Gibson said that “VLCC spot earnings averaged just $500/day on the benchmark TD3C trade during the 1st half of this year on slow steaming, non scrubb

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