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Volatility is evident in the newbuilding market (09 November 2017)

Market sentiment maybe in a better place over the course of the past few months, both in the dry bulk and in the wet markets, but newbuilding ordering activity is still showing large spikes week-in week-out. In its latest weekly report, shipbroker Allied Shipbroking said that “the fluctuation in activity in the Newbuilding market keeps the market on its toes, with the scene changing dramatically even on weekly basis. After building a strong trajectory over the past couple of weeks, indicating that we have entered in a firm final quarter, this past week showed us in turn that the healthy volume noted previously can’t be taken for granted. It is true that the slight downward correction in the Dry freight market, which troubled most as to its underlining meaning, has played its part in keeping the order placing to minimum levels. Taking into account also that the Tanker side, after a rather vivid week, returned to the indolent mode previously noted, the two main driving sectors were now lagging in interest, unable to boost the activity further. Given the volatility and the fact that a small turn in earning and/or the outlook can be of immediate impact in the investment planning of the market participants, it wouldn’t be to anyone’s surprise if activity in terms of new orders was on the rise once more”.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide


More Super Post-Panamax Cranes for Port Houston (24 October 2017)

Highlighting Port Houston's growth, three towering new ship-to-shore-cranes were delivered to the Barbours Cut Container Terminal today after a three-month journey from China, where they were manufactured. The state-of-the-art cranes entered the Houston Ship Channel with booms raised, making them 371 feet high aboard the M/V ZHEN HUA 13, a specialized heavy load carrier that brought them across the seas. The cranes, which will stand 270 feet high after they are installed, are expected to be operational during the first quarter of 2018. They are part of a $700 million modernization program underway at Barbours Cut to increase cargo-handling efficiency and capacity. Port Houston is the largest container port on the U.S. Gulf of Mexico, handling nearly 70 percent of all containers that move through the gulf.

Source: Port Houston


Sulphur 2020: Coming, ready or not (17 October 2017)

Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% sulphur will be imposed on marine fuel for vessels trading internationally. That was the headline finding of a new survey conducted by CE Delft on behalf of Exxonmobil. The survey suggests that only 500 ships have been equipped with scrubbers. There has been something of a backlash against scrubber technology, most notably from Maersk and Klaveness, who have said they see the technology as being expensive and immature. Lasse Kristoffersen, CEO at Torvald Klaveness, last year said scrubbers are a costly investment, costing between $2.0 and $4.0m, which can sometimes be greater than the value of the vessel itself. Other respondents to the ExxonMobil survey said they were concerned that shipping companies would cheat and falsify the sulphur content of their marine fuel. Could this be a tacit admission that port states do not intend to or will not be able to enforce the 0.5% cap in their own waters? Time is running out to solve these problems. A little over two years remains before the global cap is imposed and shipping companies have few options with which to comply with the new regulation. Maersk has favoured using alternative fuels to installing scrubbers. It is likely that, rather than investing in abatement technologies, carriers will instead make an en-masse switch to 0.5% gasoil (or 0.5% fuel oil) come 2020. The International Energy Agency in 2015 estimated that around 2.2m bpd in maritime fuel demand would switch overnight to 0.5% gasoil. Separately, the International Bunker Industry Association (IBIA) has estimated the figure at 4.0m bpd.

Source: Alibra Shipping


Seagull’s Guide to Ballast Water Management (26 September 2017)

On the 8th September 2017 the International Convention of the Control and Management of Ship’s Ballast Water and Sediments (BWM Convention) entered into force. With a few exceptions, it will apply to all ships in international trade beginning in 2017 and fully implemented in 2024. Complex in parts, there are a number of conditions that officers must meet in order to avoid problems in relation to topics such as Port State inspections. In essence, existing ships MUST comply with the convention. This means that the ballast water must be exchanged on the journey if a treatment system is not installed. Vessels must also be equipped with a International Ballast Water Management Certificate (or statement of compliance) and an approved ship-specific Ballast Water Management Plan. The first edition of Seagull Maritime’s onboard course “Ballast Water Management” was created back in 2004 and has been updated several times. It was last updated in 2017 to reflect the latest amendments to the BWM Convention before it entered into force. The objective of Seagull’s course is to familiarize the crew with the new rules, so that they can fully understand their obligations and actively comply with the training requirements. Training crewmembers engaged in ballast water treatment and exchange will enable them to meet the ultimate goal of eliminating risks to the environment, human health, property and resources arising from a ship’s ballast water and sediments. It is important to remember that the ship’s Ballast Water Management Plan must always include training on BWM practices, systems and procedures. Officers should also be familiar with different local requirements, such as the American special rules. Other essential requirements are that Masters and crews should be aware of the implementation and requirements of the convention with specific emphasis to the ship they serve on.

Source: International Shipping News


Maersk Line Is Profitable Again (16 August 2017)

Danish container shipping major Maersk Line returned to profit, CEO of A.P. Møller – Mærsk A/S, Søren Skou, said announcing the group’s results for the second quarter of 2017. “Maersk Line is again profitable delivering in line with guidance, with revenue growing by USD 1bn year-on-year in the second quarter. The profit was USD 490 million higher than the same quarter last year, based on higher rates,” Skou said. The company reported a profit of USD 339 million for the second quarter of 2017, against a loss of USD 151 million in the second quarter of 2016 with a positive ROIC of 6.7%, which bounced back from negative RIOC of 3.0%. The underlying result was a profit of USD 327 million, also a major return from a loss of USD 139 million booked in the corresponding period a year ago. Improved results were ascribed to a recovery of market fundamentals during the quarter as demand growth of 4% outgrew nominal supply growth of 1.4%. Maersk said that the improvement has led to 22 % higher freight rates compared to Q2 2016 and 7.6% compared to Q1 2017. Specifically, freight rates rose by 36% on East-West trades and 17% on NorthSouth trades.

Source: World Maritime News


Firm demand will continue to support dry bulk shipping  (2 August 2017)

Drewry expects that dry bulk shipping charter rates will continue to recover with firm demand and controlled fleet growth, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry. Drewry has revised its charter rates forecast in the short term as the date to implement ballast water management systems (BWMS) has been postponed by two years, bringing down the forecast for demolitions that will eventually support fleet growth. Despite the increased fleet supply, charter rates will strengthen because demand will grow faster. The recovery in rates will become more prominent in 2019 and 2020, when the IMO regulations will be implemented. Drewry believes increased iron ore exports from India will provide additional employment opportunities to Supramax and Panamax fleets, and marginally to the Capesize fleet. “Many Indian ports have been dredged further to accommodate Capesizes, but a large part of the ore will still be carried on smaller vessels,

Source: Drewry, Hellenic Shipping News Worldwide.



New marine fuel requirements boost newbuilding ordering activity (26 July 2017)

Things are heating up again in the newbuilding ordering market, despite the relative slowdown over the course of the past few weeks, which was deemed as a mainstay, at least until the end of August. In its latest weekly report, Allied Shipbroking noted that “despite being well into the summer period which notes a typical slow down in new ordering and despite the fact that we had seen a fair softening in activity over the past couple of weeks, things seemed to have sparked back into life this past week, with a fair amount of deals emerging. A number seemed to be still on the LOA stage though it is clear that in their majority potential buyers are seeking to secure any TIER II slots that they came looking to take advantage of the lower price being offered against what is being offered for the newer TIER III designs. Beyond this, it has become ever clearer that appetite has re-emerged amongst owners, though hopefully it is still under a fair amount of conservatism and that the volume of orders that will be amounted during the remainder of 2017 will still be limited in number compared to what we had seen in previous years. The demand/supply balance in the freight market is still relatively fragile and it is vital that the future orderbook does not become once again an overshadowing burden for the market”, the shipbroker said.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide


Chinese Shipyards: Amid struggle, wave of variety in vessels rises (18 July 2017)

With Chinese shipyards’ key customers of the global oil industries struggling to raise prices due to pressure from greener energy such as wind power, natural gas and green vehicles like those made by Tesla, the former are looking to stay afloat by building more offshore facilities and specialized vessels than low-end oil rigs.China Shipbuilding Industry Corp, one of the country’s major State-owned shipyards by revenue, plans to become more proficient in building floating offshore platforms, ocean farming facilities, asphalt tankers, dredgers, derrick pipe-laying, cement vessels and heavy lift vessels, which will allow it to diversify its product portfolio and broaden customer base. It is common for shipyards to finance a project in advance after receiving an order in the current market setting. However, affected by falling demand, many shipowners now delay delivery and payment, and sometimes even abandon their orders. “It surely makes matters worse that prepayments have also dropped from 80 percent of the total cost to between 30 percent and 20 percent in shipyards in recent years, not only in China but in South Korea, Singapore and Germany,” said Jin.“Many ship-owners from Europe, the United States and South America come up with many different excuses to delay payment, such as a change of design or implementing stricter quality checks. They know they have no work for the ships or oil rigs, so they would rather not take delivery.”

Source: China Daily, Hellenic Shipping News Worldwide.


Baltic index pressured by lower rates for larger vessels (1 July 2017)

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for the second straight session on Friday on weak rates for larger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 19 points, or 2.07 percent, to 901 points. The capesize index was down 60 points, or 5.24 percent, at 1,086 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $463 at $8,923. The panamax index was off 28 points, or 2.5 percent, at 1,091 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slipped $221 to $8,746. “A rather quiet close to the week with rates overall seeing some pressure across the segments,” Clarksons Platou Securities analysts said in a note. Among smaller vessels, the supramax index fell 4 points to 754 points, while the handysize index rose 3 points to 467 points.

Source: Reuters, Hellenic Shipping News Worldwide.



Newbuilding activity keeps going from strength to strength (14 June 2017)

Even excluding major newbuilding deals, the market seems to be strengthening over the past couple of months, something evidenced even by the growing numbers which are being report from S. Korean shipyards lately. In its latest weekly report, shipbroker Allied Shipbroking said that “we still seem to have a market mainly driven by major deals, with this week, information emerging regarding Trafigura’s large tanker order as part of a leasing deal with China’s Bank of Communications Financial Leasing. Overall however and even when one excludes these large enbloc deals, activity has been strengthening somewhat over the past couple of weeks. We are still seeing evidence of this on the pricing front as well, with quoted prices seemingly on the rise as demand starts to gain further traction. There is still a considerable amount of uncertainty overshowdowing all of the main shiptype freight markets, which does in turn keep things under check. However with asset prices having shown an improvement and with China’s financial houses making a more prominent push into the shipping finance market, we are likely to see the ordering spell improve even further in the second half of 2017”.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide


Shipwreck Casts Shadow Over Fleet of Vale Iron-Ore Carriers (31 May 2017)

A second vessel contracted to haul iron ore for Brazilian miner Vale SA was delayed for repairs following the loss of a similar ship that mysteriously sank en route to China leaving 22 people presumed dead. The Stellar Queen departed Vale’s port terminal in northeastern Brazil on May 7 carrying almost 300,000 metric tons of ore, according to the Rio de Janeiro-based company’s website. However, the ship then stayed anchored in a nearby bay for nearly three weeks after the commandant discovered cracking on the main deck and decided to delay the voyage until repairs could be made, the Maranhao state port authority said last week by email. The port authority finally authorized the ship’s departure on May 26. Korean Register, the agency responsible for regularly surveying the Stellar Queen, said last week the ship underwent a survey and was being repaired in Brazil at the request of the owner. Vale declined to comment on the delays. A third vessel carrying Vale iron ore, the Stellar Unicorn, was also forced to have repairs after a crack was discovered on the outer hull of a tank in April, its owner said at the time. That vessel was surveyed before moving on to China for discharge, according to Korean Register. All three vessels are more than 20-year-old dry-bulk carriers owned and operated by Polaris Shipping Co. and all were converted from crude-oil tankers. Seoul-based Polaris didn’t respond to requests for comment. Very Large The Stellar Daisy went missing about 1,700 miles (2,700 kilometers) off the coast of Uruguay while carrying 260,000 tons of Vale iron ore, Polaris said in a statement in April. All but two members of the crew are presumed dead. Polaris hasn’t officially said what caused the accident. The Stellar ships are so-called Very Large Ore Carriers, or VLOCs, that were converted from crude-oil carriers. Polaris, which calls itself the largest VLOC company, said in April it had initiated an internal inspection of all 18 VLOC vessels in its fleet, and would subject each to an independent inspection.

Source: Bloomberg, Hellenic Shipping News Worldwide.


Dry Bulk Market Fortunes Still Reliant on Chinese Imports, but Tonnage Supply is Crucial as Well (18 May 2017)

Sometimes numbers are hard to resist, as they more often than not, tell the truth. In the case of dry bulk shipping, the undeniable truth is that, demand-wise, Chinese imports remain the most important determining factor behind the freight market’s fortunes. In its latest weekly report, shipbroker Intermodal noted that “according to the latese economic data, Chinese imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b – whilst in April they failed reaching market estimates which were at 18% rise and remained at 12% rise year-on-year to USD 142b. Maybe this explains the softening in the freight markets experienced over the past month”. The shipbroker noted that “the main main drivers are coal and lignite, iron ore, and soybeans for the dry and crude and refined oil for the wet sector. So, being one of the biggest consumers of commodities in the world, it’s quite evident that Chinese imports are a barometer for vessel utilization and any surges thereof are very closely correlated with the freight market. For the record, the imports reached their five year low in Q1 2016 – well below US$100b – and before that in Q3 2014, just like the Baltic Dry Index”.

Source: Roussanoglou, Hellenic Shipping News Worldwide.



Ship Scrapping: Prices On Downward Path  (27 April 2017)

As ship owners are actively pursuing more trading opportunities, the demolition market appears to be slowing down again. In its latest weekly report, the world’s leading cash buyer, GMS, said that “as the tables turned on the rapid momentum that the Indian sub-continent recycling markets witnessed over the recent past, further declines and disappointments came forth as prices continued their downward spiral for yet another week. Given the current trend, a week (perhaps two) of a stable market will be needed before end buyer confidence returns to the point they are willing to offer with any aggression, as local steel plate prices have been fluctuating wildly and by as much as USD 10/LDT nearly everyday”.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide.



Dry Bulk Ships’ Prices Heat Up on Increased Demand  (10 April 2017)

A lack of availability, as a result of a reduced life-cycle as well, has prompted dry bulk ships’ price increases as of late. According to a recent report from shipbroker Intermodal, “the dry bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal in earnings that showed its first signs during the end of last year has today become a reality that has led asset prices into an impressive rally during the first quarter of 2017. It is no wonder that a big number of shipping companies are steadily differentiating from more reserved strategies followed during the historical lows of 2016 and currently revisit the idea of investing in the secondhand market with additional vessels or to renew their fleet altogether”.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide


Baltic index continues gaining streak, hits new 2-year high (29 March 2017)

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its gaining streak on Tuesday with a fresh more-than-two-year high, driven by strong demand for large iron ore vessels. The overall index, which factors in rates for Capesize, Panamax, Supramax and Handysize shipping vessels, was up 51 points, or 4 percent, at 1,333 points, its highest level since November 11, 2014. The Capesize index climbed 145 points, or 5.5 percent, to 2,765 points, its best since November 25, 2014. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,391 at $20,657, the best day in more than two years. “The Chinese steel market is the most important driver of the dry bulk shipping market… Over the past year, steel market demand has improved significantly,” Morgan Stanley analysts said in a client note on Monday. Iron ore stockpiles at major ports in China, the world’s No. 1 steelmaker, rose for a second week, topping 132 million tonnes last week, the highest since at least 2004, according to SteelHome consultancy. An increase in iron ore and coal shipments to China, owing to the curbs on production by the country in addition to ramping up of output in Australia and Brazil have helped average spot rates and thereby the Baltic index, analysts said. Iron ore shipments account for around a third of seaborne volumes on the larger capesizes and iron ore price developments are a key factor for dry freight. Chinese steel rebar prices rose on Tuesday, snapping a week-long rout, as renewed optimism about capacity cuts in the world’s top steel producer offset lingering worries about high inventory levels and waning demand growth. The panamax index was up 53 points, or 4.23 percent, at 1,306 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $421 to $10,487. Among smaller vessels, the supramax index fell 2 points to 893 points, while the handysize index rose 5 points to 535 points.

Source: Reuters, Hellenic Shipping News Worldwide.


Dry Bulk: Higher Than Expected Demand is Pushing Freight Rates Higher, But Supply is Also Not Falling Fast Enough for a Sustained Recovery (20 March 2017)

Dry bulk ship owners must avoid getting “caught up in the moment”, as market rates have improved significantly over the past couple of months, warns BIMCO’s Chief Shipping Analyst, Mr. Peter Sand, in an exclusive interview with Hellenic Shipping News Worldwide ( After all, the market is still not profitable for most owners and with demolition levels already below 2016 levels, it’s the demand side that’s most likely to drive freight rates forward. The dry bulk market has improved immensely over the past month. Today at 1,196 – up by some margin from the expected devastating level in early February 2017. Almost every commodity has been in higher demand, than the norm of any Q1. Chinese coal imports have been particularly strong – both thermal and coking. In spite of the suspension of the 276-day policy – unleashing more domestically produced coal – demand has been very strong – keeping imports high. US exports of soybean into China – a very long haul has been particularly good for Supramax and Panamax.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide.



Baltic index up for ninth straight session (14 March 2017)

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a ninth straight session on Monday, helped by stronger capesize rates. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 13 points or 1.2 percent at 1,099 points. The capesize index gained 54 points, or 3.02 percent, to close at 1,843 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $412 to $13,643. The panamax index fell by four points, or 0.33 percent, to end at 1,207 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $31 to $9,697. Among smaller vessels, the supramax index rose one point to finish at 875 points, while the handysize index climbed four points to end at 499 points.

Source: Reuters, Hellenic Shipping News Worldwide.



Higher capesize, panamax rates lift Baltic Index (4 March 2017)

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third straight session on Friday, buoyed by stronger capesize and panamax vessel rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 35 points, or 3.87 percent, to 939 points. The index, which touched its highest level since Jan. 19, was up for the third straight week.“Activity in both the Atlantic and Pacific markets remains firm,” Clarksons Platou analysts said in a client note.“The dry bulk market continues to push higher across the segment with Capesize rates leading the run, as global Capesize earnings have bumped up to around $9,400 per day.”The capesize index increased 130 points, or 11.85 percent, to 1,227 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was up $854 at $9,425, their highest since Jan. 25.The panamax index rose for the eighth straight day, gaining 34 points, or 3.14 percent, at 1,118 points.Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $271 to $8,982, levels last seen in mid-December.Among smaller vessels, the supramax index rose 6 points to 846 points, and the handysize index rose 5 points to 462 points

Source: Reuters, Hellenic Shipping News Worldwide.


Golden Ocean Looks to Dry Bulk Market’s Second Quarter Recovery In Order to Lower Debt (28 February 2017)

Golden Ocean Group Limited, a leading dry bulk shipping company, today announced its results for the quarter ended December 31, 2016. Highlights.Reports net income of $6.5 million and earnings per share of $0.06 for the fourth quarter of 2016, an improvement of $33.2 million compared with a net loss of $26.7 million and a loss per share of $0.25 for the third quarter of 2016. Adjusted EBITDA in the fourth quarter was $24.2 million compared with $8.6 million in the third quarter of 2016. Reports net loss of $127.7 million and a loss per share of $1.34 for the full year 2016 compared with a net loss of $220.8 million and a loss per share of $7.3 in 2015.Took delivery of the Capesize newbuilding Front Mediterranean and immediately sold and delivered the vessel to its new owner, resulting in net positive cash flow of $12.7 million in the fourth quarter. Reached agreement with shipyards to defer delivery of ten newbuildings and achieved aggregate price reductions of $15.3 million.Took delivery of two Ultramax newbuildings, Golden Virgo and Golden Libra and two Capesize newbuildings, Golden Surabaya and Golden Savanna subsequent to the end of the fourth quarter. Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, added. “As earnings have strengthened and are now above the levels anticipated in our first quarter 2016 restructuring, we expect that a cash sweep will be triggered in the second quarter of 2017. Given our significant leverage to an improving market, any sustained period of market strength will allow us to begin to deleverage the Company’s balance sheet.”

Source: Golden Ocean, Hellenic Shipping News Worldwide. 



Vessel queue at Newcastle PWCS coal terminal hits 5-week low at 3 ships..(14 February 2017)

he vessel queue at the Port Waratah Coal Services terminal at Newcastle port in Australia stood at three ships Sunday, down from six the week before and the shortest in five weeks, the logistics coordinator for the Hunter Valley coal chain said Monday. Over the past seven weeks, the Hunter Valley Coal Chain Coordinator has only once reported a queue of more than 10 vessels in its weekly report, and that was 11. In December, the average vessel queue was 23 ships. The queue is expected to lengthen again in the coming weeks, with HVCCC forecasting it will reach 14 by the end of the month. Inbound receivals to PWCS totaled 3.02 million mt of coal for the week ended Sunday, down from 3.26 million mt the week before, HVCCC said. Port Waratah coal stocks finished the week at 1.09 million mt, down 371,000 mt from the week betfore, it added. There was 100,000 mt of coal loaded at Port Kembla Coal Terminal in the past week, for a month to date total of 112,350 mt, the operator said Monday. That compares with a total of 430,904 mt loaded in January. There was one ship assembled and one queueing at PKCT Sunday, unchanged from a week earlier, while stocks at the port at 440,085 mt were up from 373,329 mt the week before. There were 18 ships at anchor and two loading at Dalrymple Bay Coal Terminal Monday, compared with 23 at anchor and two loading a week earlier, DBCT Management said. The RG Tanna Coal Terminal at Gladstone port had one ship at berth and seven at anchor Monday, compared to two at berth and five at anchor the week before, Gladstone Ports Corporation said.

Source:Blatts,Hellenic Shipping News Worldwide.


Dry bulk: Atlantic Supramax freight rates hit by sluggish pet coke demand (11 February 2017)

The Atlantic Supramax market is feeling the sting of scarce pet coke inquiry from India, adding to mounting pressure from tonnage accumulating in the region. The Houston to Krishnapatnam, east coast India, pet coke route, basis 50,000 mt slid 25 cents on Thursday to $27.75/mt. According to shipping sources, while there was an uptick of interest for pet coke from India for the second half of February and early March, it has not materialized as firm spot cargoes yet.“There is no urgency to buy [pet coke],” a south India-based trader said, adding that buyers had preferred to hold off purchases as prices were expected to drop further, while a West India-based end-user said that the market is extremely sluggish with very limited demand, and that most of the big cement companies are covered. He added: “Sales are down. The market has taken a hit due to demonetization. The first quarter of the year used to be one of our best quarters. Now it’s our worst.”With pet coke out of the game for now, the next few weeks may prove to be fairly challenging as the market finds itself in an uncomfortable position, with slowing grain traffic from the US Gulf Coast and East Coast South America’s soybean exports not yet at full speed. At the same time, Turkey is not rushing to stockpile scrap. As a result, unemployed tonnage is gradually accumulating in the Atlantic, which may hinder a recovery in freight rates even if both grains and minerals demand rises come March.

Source:Blatts,Hellenic Shipping News Worldwide.


Newbuilding Activity Picks Up as Low Prices Become Inticing for Some Shipowners (25 January 2017)

Some cash-rich ship owners are starting to become enticed by aggressive pricing for newbuilding contracting. As such, “on the back of softer prices being quoted for tanker vessels, we were seeing an improved inflow of fresh activity this week. The product tankers have started to gain some traction with a number of buyers picking up slots for both MR and smaller product/Chemical units. We were also seeing a continuation in activity for more specialized units, with major S. Korean yards reportedly managing to secure contracts for high spec FSRU units from Norway’s HOEGH LNG, something that will surely help significantly the cash flow and operations situation for both these shipbuilders. Beyond these deals however it still continues to be a fairly inactive month, while it still looks like an unlikely scenario that we will see a return back to high volume activity in the first quarter of this year”, said Allied Shipbroking in its latest weekly report.

Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide.




















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