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The tanker market improved considerably, during the month of October, OPEC said in its latest monthly report. Very Large Crude Carrier (VLCC) rates continued moving higher in October, with gains seen on all major routes. Spot VLCC rates on the…

After a series of weeks with minimal to none activity, tonnage availability has finally began to filter through to the ship recycling market. However, not many scrapyards are willing takers. In its latest weekly report, shipbroker Clarkson Platou Hellas commented…

IMO 2030 and IMO 2050 Under IMO’s initial strategy, the shipping industry needs to reduce carbon intensity (CO2 emissions per transport work) by at least 40% by 2030. This figure almost doubles to 70% by 2050 and targets a complete…

The ongoing war in Ukraine, sharp rises in global energy and food prices and spiralling rates of inflation continue to have a negative impact on the container shipping industry with the trading outlook for 2023 deteriorating further. Moreover, with supply…

More newbuilding ordering activity was notable this past week. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a positive week for the newbuilding market took place, with the LNG sector seemingly being the main driver right…

Contracting of bulk carriers spiked in 2021 and reached 48.4 million DWT, driven by a positive congestion driven cycle which brought an opportunity for investment. However, in the first ten months of 2022 only 11.7 million DWT were contracted as…

Values for five year old VLCCs are currently at the highest levels since 2009. For example, 320,000 DWT, 5YO are currently valued at USD 95.74 mil, up 33.12% from the start of the year from USD 71.92 mil in January.…

The demise of the Chinese real estate market has caused a ripple effect in the dry bulk shipping market. In its latest weekly report, shipbroker Allied Shipbroking said that “the dry bulk shipping market has been on an overall downward…

What was quite a unidirectional market through October was suddenly bucked on as we move over into November. The theme of the month has been the mix of a rapid drop in demand for capacity, and aggressive rescheduling of sailings…

Vessel operating cost inflation has accelerated in 2022 on mounting worldwide macroeconomic price pressures, despite some receding of Covid-19 related costs, according to the latest Ship Operating Costs Annual Review and Forecast 2022/23 report published by global shipping consultancy Drewry…