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Industry News
The tanker market has been in a constant state of flux, with cargoes destined to derive from various locations, not so active in the past and vice versa. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “oil markets were very busy during the previous week. Oil prices have been rising to levels not seen since November due to expectations of tight supplies. WTI crude futures rebounded to over USD 87/barrel, when back on 24th August 2023, the price was about USD 78 and Brent crude futures are at USD 90.8/barrel, about 10% higher than 24th of August. Saudi…
Ship owners have been quite active in the newbuilding and S&P markets this past week. In its latest weekly report, shipbroker Allied Shipbroking said that “a substantial number of newbuilding orders have come to light over the past week, with bulk carrier orders at the fore, with 11 orders across the Handysize, Panamax and Capesize size segments. Chinese yards continue to lead the number bulker contracts, holding in excess of 75% of the number of vessels contracted this year, although dry bulk contracting over all remains below the pace of 2022, with a little over 300 vessels ordered to date…
The ship recycling market seems to be “waking up” once again. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “there seems to be two mindsets from recyclers in Alang, India this week. Some recyclers appear to be increasing their interest to procure tonnage and we have seen improved rates by some USD 15-20 per ldt this week. However, some with inventories on their yards, are reportedly adopting a wait and see approach with a less than optimistic sentiment about the future market conditions. Fundamentally, these improvements could be short-lived as ingot prices have increased, but demand for…
The tanker market could be set for a significant boost, should Iran’s oil exports return to the global market. In its latest weekly report, shipbroker Intermodal said that “pitching up from Spring, oil prices have been under considerable pressure due to sluggish market fundamentals, or at least the perception of such, individual nations, headed by Saudi Arabia and Russia, have significantly increased their efforts over the past two months with OPEC+ having announced cuts. Zooming in, weekly price fluctuations illustrate the current state of the oil complex, as refined products continue to outplay crudes with some flair. While WTI ended…
The crude and clean tanker market in the North American region will see its trade shift, from 2024 onwards, as a result of the operation of the new Olmeca (former Dos Bocas) 340,000 b/d refinery in Mexico. In its latest weekly report, shipbroker Gibson said that “despite being a major crude exporter and home to significant refining capacity, Mexico has relied for many years on imports to meet its domestic fuel demand. Back in 2018, President Obrador came to power with the promise that he would end Mexico’s import reliance and to do this commissioned the 340,000 b/d Dos Bocas…
Australia is among the top three exporters of LNG globally, taking the “crown” during 2022. So far this year, the country has seen increased exports of 1.3%, placing the country in second place, ahead of Qatar, but behind the USA. In its latest weekly report, shipbroker Banchero Costa said that “global seaborne LNG trade has continued to surge last year, helped also by the events in Ukraine which forced Europe to diversify away from Russian pipeline gas. In the full 12 months of 2022, global shipments of LNG increased by +4.9% y-o-y to 404.1 mln t, based on Refinitiv vessel…
Even though newbuilding activity has increased over the past couple of months, it remains below last year’s level. In its latest weekly report, shipbroker Allied Shipbroking said that “total contracting remains below last year’s pace as earnings have broadly receded from last year’s highs, and uncertainty surrounding future fueling continues to persist and discourage owners from investing. Container freight rates seem to be stabilizing for the time being, but the longer-term outlook presented by charter rates paints a less rosy picture and contracting as slowed considerably since the boom in July. That being said, the biggest owners, still flush with…
The shipping market had a mixed performance over the summer period. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “summer moved on and September is “ante portas” but things remain quite unchanged. The Chinese economy is still struggling to find her footsteps after the end of the zero Covid policy. China’s numbers concerning steel, iron ore, coal and soybean have improved compared to the same period last year, but this seems not enough to create the conditions for a dynamic upward trend in the dry market freight rates”. “The BDI was at 1,086 points on 31st August 2023,…
The ship recycling market has been hampered by reduced activity for quite some time. However, shipping experts feel that the coming weeks could offer some respite. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “ss the days grow shorter now that the first of September has arrived, the engaging thoughts are whether this is the month which will see more supply of recycling candidates come into the market. We continue to see some of the vintage, Far Eastern controlled, dry bulk units coming for sale or arriving to the recycling shores having previously been sold off market.…
China’s iron ore imports have increased so far in 2023, helping sustain dry bulk market rates. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been so far a positive year for global iron ore trade. In Jan-Jul 2023, global loadings of iron ore increased by +3.9% y-o-y to 892.6 mln tonnes, from 859.1 in the same period of 2022, based on Refinitiv vessel tracking data. It is also just above the 883.5 mln tonnes loaded in Jan-Jul 2021, which was the last all-time record. Exports from Australia increased by +2.4% y-o-y in Jan-Jul 2023 to 522.5…
Russia’s crude oil export routes are in a state of constant flux, as the exporter is shifting volumes to other clients/countries, China being one of the main ones. As such, the importance of alternative and more cost-effective routes is increasing. In its latest weekly report, shipbroker Gibson said that “voyages through the Northern Sea Route (NSR) are no longer a surprise. Russia has been trying to develop this route for many years now, making it one of its strategic priorities in the 2000s. Reports of tanker shipments date back over a decade, with the 1st voyage successfully completed back in…
The ship recycling activity has fallen by almost 14% so far this year, according to data from Xclusiv Shipbrokers. This, despite the fact that prices haven’t fallen that much in Southeast Asia. In its latest weekly report, the shipbroker said that “despite the fact that the demolition market is at almost similar levels as one year ago, with prices in India, Pakistan and Bangladesh being 7%, 10% and 2% down, while in Turkey being roughly 30% up, we have witnessed a significant drop in the total demolition volume compared to previous years. As of 18th August 2023, the number of…