The dry bulk market has been filled with S&P deals over the course of the past few weeks, despite a series of holidays around the world. In its latest weekly report, shipbroker Intermodal commented that “almost through half of the year, the overall shipping market continues to show signs of healthi
Elpi Petraki, Operations, Chartering and Business Development Manager at ENEA Management, and President of WISTA Hellas, says it is vital that the industry works together to empower women working in shipping and eliminate gender inequality. Much has changed in the maritime industry over the last dec
New data released today has revealed how the global shipping industry will require the equivalent of the world’s entire current renewable energy demand in order to replace fossil fuel use. ‘Fuelling the Fourth Propulsion Revolution’, authored by Professor Dr. Stefan Ulreich from Germany’s University
A discrepancy between actual and benchmark VLCC earnings is starting to take shape, perhaps even explaining the low rhythm of tanker scrappings. In its latest weekly report, shipbroker Gibson said that “spot VLCC earnings were in the negative territory for most of last year, with TD3C averaging minu
Capesize The Capesize market had the wind in its sails as rates jumped in all regions. The 5TC ended the week at $32,733, a rise of 8731 week on week. While the Shanghai Covid situation continues to hamper vessel movements across all sectors, the Capesize market appears able to push as good tonnage
If you’ve never lived near a port or worked in one, you may be unaware of the vital role they play in our lives. Most of the products we consume daily travel through ports, making them a key link in the global production and supply chains we rely on. “Our livelihoods – food, jobs, energy ... The pos
Suezmax and Aframax rates in April continued to outperform those in the VLCC class, with gains of 61% and 28%, respectively. Suezmax was supported by a strong market in the Atlantic Basin, while Aframax was supported by both the East and West markets, OPEC said in its latest monthly report. After a
In a notice released on 5 May 2022, India’s Ministry of Power instructed all power plants to increase their imports of coal. Specifically, the Ministry demands that power plants designed to run on domestic coal start importing at least 10% of their requirements. “As of 9 May, inventories at 105 Indi
Long asset lifespans, high energy dependency and limited viable alternatives make shipping one of the harder-to-abate sectors to decarbonise, according to Fitch Ratings. In a special report on long-term climate vulnerability, Fitch said that low margins mean there is a reluctance in shipping to heav
How cohesively has the dry bulk sector responded to the new market regime? It seems like a vague question at a first glance. There are many different ways you can interpret and analyze different indicators and market concepts, while you also have to take into account that one may hold different assu
The LNG market is experiencing a ‘perfect storm’ right now, a situation that has evolved through a sequence of events, each worse than the one before. Things may soon be getting out of hand. The pressure of the energy transition has set back investment in hydrocarbons by years, ESG considerations se
Over the past five weeks, carriers have continued to blank sailings in response to lower demand on the three largest trade lanes out of the Far East bound for North Europe, North American East Coast and North American West Coast. Out of the three trade lanes, the Far East to US West Coast trade had
Ship owners appear to be turning to the secondhand market with increasing appetite, as higher costs and longer delivery times are deterring factors from placing a newbuilding order. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, overall SnP activity remai
Consolidation has long been predicted in the mutual P&I sector, but the proposed merger of marine insurance majors North P&I and the Standard Club has still taken many by surprise. Both mutuals have laid out a timetable to combine forces, with members of each club scheduled to vote on the proposed m
Charterer’s obligation to provide bunkers in compliance with charterparty specification Time charterers supplying vessels with bunker fuel oil need to ensure that they meet the contractual specifications set out in the charterparty. This may include a general obligation to provide bunkers fit for pu
The ship recycling market has slowed down considerably over the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the various global holidays that transpired this week have set the tone for a slower week in relation to activity and negotiations. Various holidays in
Record pool claims and the unprecedented impact of unforeseen events such as the Covid-19 pandemic have forced P&I Clubs to further harden their rates over the recent 2022/23 renewal round, following sharp rises last year. And Drewry anticipates more hardening in P&I premiums over the near term, whi
The first delivery in a series of LNG dual-fuel multipurpose dry cargo vessels (MPV) marks a turning point in European short-sea shipping: Lady Marie Christine shows how state-of-the-art design features can ensure that long-term emission targets will be met. Delivered on 24 January 2022 from Wuhu Sh
Performing scheduled maintenance or ship repairs is proving to be yet another challenge these days, in the aftermath of the war in Ukraine. In its latest weekly report, shipbroker Intermodal said that “while observing the ship repair market since the beginning of the year, uncertainty remains part o
Over the next months, the European Union (EU) is introducing a range of policy and regulatory proposals related to the shipping industry as part of the ‘Fit for 55’ package. The package is aimed at achieving the decarbonization goals set out in the European Green Deal. The newly published Getting to
