The ship recycling activity has been facing a lack of tonnage of late, while prices are being rising as was expected, offering more financial incentive to owners in order to sell their older ships. Meanwhile, recent Holidays and the pandemic surge in the Southeast Asia region, are have further impac
The closure of the Colonial pipeline which runs from the US Gulf to the US East Coast, has caused a spike in oil product tanker rates on trades to and from the region. Earnings on the Rotterdam to New York trade for a Handysize tanker capable of carrying about 280,000 barrels of oil, jumped from ...
Decarbonising shipping will require forward-thinking companies to take commercial decisions based on robust analysis of climate-related risks and opportunities driven by rapidly evolving ESG criteria. ‘Climate risk is investment risk’ is a truth now universally acknowledged. First coined by Blackroc
Low sulphur bunker fuels are still in good availability across European and African ports. HSFO can be tight for prompt dates with suppliers in the Canary Islands and South Africa. Supply is ample across grades in ARA and the Gibraltar Strait ports. Rising refinery margins across Europe have spurred
In its latest weekly report, shipbroker Allied Shipbroking said that “these past two weeks we saw 4 kamsarmaxes and 1 handysize being added in the global dry bulk orderbook. The encouraging freight market performance during the last few months has overall boosted interest for newbuilding projects. H
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is
Lead times for low sulphur fuel stems are steady on the week in Singapore, Zhoushan and Tokyo, while prompt supply has improved in Fujairah. Singapore’s fuel oil inventories surged 11% higher to 27.23 million bbls last week – their highest level since March 2017, Enterprise Singapore data shows. The
By investing in quality of service, a critical element to win over the ever demanding Greek ship owning community and led by capable and maritime-savvy professionals like Mr. Dimitri Tsiftsis, the Bahamas Maritime Authority has managed to gain a significant foothold of the Greek market. As a result,
In our fourth tech talk in this series, Rune Knott, General Manager, Sales & Marketing, talks to four industry experts about gas solutions for LNG carriers. Lasse Bergerud-Wichstrøm, Sales Manager for re-liquefaction solutions at Wärtsilä, Terje Steingrimsen, Sales Manager for inert gas systems at W
The ‘International Convention on Oil Pollution Preparedness, Response and Co-Operation 1990 (OPRC 1990)’ and the ‘Protocol on Preparedness, Response and Co-Operation to Pollution Incidents by Hazardous and Noxious Substances (OPRC-HNS 2000), are two international legal instruments drawn by the Inter
Product tankers operating in Europe could receive a welcome increase in demand, as a result of the “Green” revolution underway in the continent. In its latest weekly report, shipbroker Gibson said that “there is no doubt that the green revolution is underway and arguably Europe is its epicentre. The
Capesize The Capesize market has been trading strongly at lofty levels this past week. The 5TC opened the week at $40,608, peaked at $44,817 mid-week before finally retracing to take a breather at $41,514. The market has been hiking higher since the beginning of April to reach levels not seen in the
Shipping companies have faced many challenges since the onset of the pandemic, including having to adapt to new ways of working. Lockdowns and restrictions forced many businesses to close offices and move their workforce to home working. Those with cloud technology could access data and information
The tanker market is still rather undewhelming, as demand hasn’t yet rebounded to a level, sufficient to generate positive momentum. Examining North-West Europe crude oil export trade, shipbroker Banchero Costa said in a recent report that “2020 was overall a very negative year for crude oil trade,
Time charter rates The Container market has seen an unprecedented increase in rates since the end of 2020. Container 1 year TC rates have surged to extraordinarily new highs with 8,500 TEU values rising to a record 54,000 USD/day for April. This is an increase of 350% since June 2020. Throughout 202
Global steel demand is expected to grow by 5.8% this year, and by a further 2.7% next year, more than offsetting the 0.2% decline in demand in 2020. In real terms this means an extra 102 million tonnes will be needed this year, with a further 50.6 million tonnes anticipated in 2022, according to the
With rates steadily on a high, in both the container and dry bulk market, it seems that owners are rather active to “fish out” the best deals available in both the newbuilding and S&P markets. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the major news this month is CSSC
It has been 15 months since the pandemic initially shut down China and since then the container shipping industry has been constantly impacted by a barrage of disruptions. The initial wave of blank sailings prolonging the Chinese New Year capacity reductions. Then the rapid downturn in early spring
Bunker fuels are readily available for deliveries across key bunkering ports in the US, supported by steady inventory levels. US fuel oil stocks have stood at roughly at the same position in the past two months, averaging 31.72 million bbls in April and 31.63 million bbls in March, data from the US
With 19% of the market share in Greece in terms of million GT and over 28% of the newbuilding orderbook, DNV – Greece is further consolidating its leading position in the largest ship owning nation. In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Mr. I
