Industry News
The tanker market is expected to remain a “minefield” of sanctions, cargo seizures and pipeline disrruption for the time being. In its latest weekly report, shipbroker Gibson said that “disruption to crude exports is nothing new, however recent geopolitical events have highlighted the precariousness of crude exports in some parts of the world, particularly where […]
Dirty freight rates experienced a downward correction in April across all reported routes. Aframax saw the sharpest downturn, falling by as much as 66% on the Caribbean-to-US East Coast (USEC) route. Suezmax spot freight rates were next, with rates on the US Gulf Coast (USGC)-to-Europe route down 36%. VLCC rates also declined, down 24% on […]
The dry bulk market looks to be quite positive regarding the future course of freight rates. In its latest weekly report, shipbroker Intermodal said that “the Q1 of every year often sees a decline in dry bulk freight rates. This trend was strongly reflected in the Q1 of 2023 as well, with rates slipping as […]
Shipowners have placed a flurry of newbuilding orders over the past couple of weeks, as reports regarding a lack of available berths are triggering more decisive action. In its latest weekly report, shipbroker Allied said that “all eyes will have been on Hyundai Heavy Industries this week thanks to over US$ 1.5bn of deals reported […]
Ship recycling prices have kept on falling over the course of the past week. In its latest weekly report, shipbroker Allied noted that “activity remains concentrated in India and Bangladesh with Pakistan still out of the picture and Turkey making do with a handful of ex-European vessels that have arrived over recent weeks. Prices are […]
Indian and Chinese exports of clean petroleum products into Europe quickly rising, in an indication that a part of their Russian crude oil imports are being reexported in the EU. In its latest weekly report, shipbroker Intermodal said that “over the past few months, we have seen a new trading pattern emerge in the oil […]
The Aframax tanker market and more specifically those loading out of the US could find additional support, in terms of the freight rate market. In its latest weekly report, shipbroker Gibson said that “North Sea Brent, the main global benchmark for crude oil pricing is moving with the times to reflect new market realities. Originally […]
In its latest weekly report, shipbroker Xclusiv noted that “economists still warn about a global economic recession, but economic figures show that the global economy still resists, despite the inflationary wave that swept many countries. The Eurozone economy grew slightly by 0.1 % in the first quarter of 2023 after a flat fourth quarter in […]
Major orders keep making headlines, with Dynacom’s contract for up to 14 LR2 tankers being among the mains “stars” of the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “in the tanker market this week, clients of Dynacom are reported to have placed an order for 10 x 115,000 dwt […]
The ship recycling market has come back to life over the past few days, as a result of more container candidates entering the market. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as we enter the summer period (where’s the sun) and the end of the Eid celebrations, the market has sprung […]
The tanker market’s long term fundamentals appear to be quite favorable, as the global orderbook is still at just 3% of the total fleet, while oil production and demand are expected to remain at healthy levels moving forward. In its latest weekly report, shipbroker Intermodal said that “with a robust US growth of 5.5%, bringing […]
The redrawing of the global oil trade has been a mainstay after the was on Ukraine, with Russian oil flows acting as a major disruptor in the market. In its latest weekly report, shipbroker Gibson said that “the European ban on the imports of Russian products came into effect in early February and expectations at […]