Industry News
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 phasing out by the end of the century. IMO-2050 sets out a reduction in total […]
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 chain congestion easing, the surplus amount of equipment that has built up in the fleet […]
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 now and most attractive option for placing of a new order. This does not come […]
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 concerns about economic growth and alternative fuels dominated the sector. In terms of size, upcoming […]
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. Overall, Tanker sales have risen this year by c.12% with 1,026 transactions reported so far […]
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 trajectory since its post-summer peak in early October. Nowhere has this been more troubling than […]
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 away from Asia outbound routes to pick up higher-paying cargo on the Transatlantic routes. Overall, […]
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 Drewry estimates that average daily operating costs across the 47 different ship types and sizes […]
One of the main shortages caused by the existing conditions in the energy markets and the looming sanctions, revolves around diesel. In its latest weekly report, shipbroker Intermodal said that “only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially thought to be an […]
The industry is witnessing a major slump in the order-to-inventory ratio with high inventories but slower demands. According to the November edition of the Container xChange Forecaster, this leaves a rippling effect across different stages of container logistics. One of the glaring issues which will impact container repositioning and container movement well into the year […]
Through the unprecedented rise in digitalisation across most sectors, cyber criminals now have more avenues of attack. The attacks are also becoming increasingly diverse, with ransomware, malware, viruses and hacks gaining popularity while at the same time cyberspaces are becoming more vulnerable to outside threats, be it from hacking groups or governments. At the end […]
The ship recycling market has continued to show a lack of activity over the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “unlike the skies that will be lit above this weekend for the annual fireworks festivities, there remains a lack of spark in the recycling industry and despite the […]