European Maritime

by hellenicshippingnews… on 17 November 2024 at 10:00 pm

Tanker market dynamics are being muddled by a seeming shift in China’s crude oil import patterns. In its latest weekly report, shipbroker Gibson said that “lacklustre oil demand from China has been a leading story in tanker markets this year. In its annual report published in June, the IEA forecast Chinese demand growth of 480 …

by hellenicshippingnews… on 17 November 2024 at 10:00 pm

Capesize The Capesize market showed a strong overall performance this week, with the Baltic 5TC gaining momentum and rising significantly from Monday’s $20,872 to end the week at $26,777. Early week enthusiasm in the Pacific came from high activity levels on C5, with miners securing fixtures at improving rates, peaking at $10.60-$10.75 levels by weeks …

by hellenicshippingnews… on 17 November 2024 at 10:00 pm

Nikolaos Apodiakos represents the third generation of bulk carrier owner, Victoria Steamship Co. Ltd, which was set up by his grandfather in London in 1946. Today, as agents for ship management company Blue Planet Shipping, the company has a fleet of 13 bulk carriers ranging in size from 50,000 dwt to 95,000 dwt. Most of …

by hellenicshippingnews… on 15 November 2024 at 10:00 pm

The tanker market showed signs of strength during the month of October, OPEC said in its latest monthly report. Dirty spot freight rates rose across the board due to a strong start to the month before weakening in the second half of October amid ample tonnage availability. An active US market and geopolitical uncertainties were …

by hellenicshippingnews… on 15 November 2024 at 10:00 pm

The recent political shift in the US has brought renewed focus on the evolving sanctions landscape, particularly for the maritime industry. The increasing complexity of compliance requirements, the challenges faced by industry players – especially smaller companies, and the importance of Know Your Customer (KYC) all increasingly come to bear when doing business in shipping …

by hellenicshippingnews… on 15 November 2024 at 10:00 pm

In recent years, disruption to Red Sea shipping routes and global sanctions have forced ships to take longer routes, increasing emissions in the first half of 2024 by six per cent compared to the previous year. Already responsible for around three per cent of global greenhouse gas emissions, projections indicate emissions could surge to 130 …

by hellenicshippingnews… on 14 November 2024 at 10:00 pm

Chinese shipyards have attracted significantly more business during 2024. In its latest weekly report, shipbroker Xclusiv said that Chinese yards have “experienced a 17% y-o-y surge in new orders across the four main sectors (BC, Tanker, Gas, and Container). This increased their market share to 74%, up from 63% in 2023’s orders. While the total …

by hellenicshippingnews… on 14 November 2024 at 10:00 pm

The potential implications of the new 2024 U.S. election and the resulting presidential administration on the freight industry are substantial, particularly across the agricultural and energy shipping sectors. If tariffs on U.S. grain exports to China are increased, American grain exports could face further decline, shifting demand toward alternative suppliers like Brazil and affecting the …

by hellenicshippingnews… on 13 November 2024 at 10:00 pm

Ship recycling activity could post an increase during the final weeks of 2024, with more buying activity on the horizon. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “this week, recycling markets across regions like South Asia and Turkiye remained largely subdued, showing mixed trends. In India, …

by hellenicshippingnews… on 13 November 2024 at 10:00 pm

“During the first 10 months of 2024, coal shipments to advanced economies fell 6% y/y. Import demand weakened, particularly in Europe, where it fell 22% y/y as countries continued to decarbonise their electricity generation. At this rate, shipments to advanced economies will reach a 15-year low in 2024,” says Filipe Gouveia, Shipping Analyst at BIMCO. …

by hellenicshippingnews… on 13 November 2024 at 10:00 pm

A new report published by DNV reveals that the majority (61%) of maritime professionals believe the industry should accept increased cyber risk from digitalization if it enables innovation and new technologies. The sector’s appetite to take on emerging risks arising from digital transformation is notably higher than other critical infrastructure industries including energy, manufacturing and …

by hellenicshippingnews… on 12 November 2024 at 10:00 pm

Tankers and LNG ships have been the main subject of newbuilding activity over the past week. In its latest weekly report, shipbroker Banchero Costa said that “in the tanker market, Greek based owner Dynacom placed an order for 4x Suezmaxes abt 158k dwt at Samsung. Vessels will be delivered during 2027 and reported price to …

by hellenicshippingnews… on 12 November 2024 at 10:00 pm

Seafarer salaries are continuing to rise across the globe as the shortage of competent seafarers impacts the shipping industry across all sectors, says Danica Crewing Specialists. And, with a surplus of job offers available, seafarers can afford to be more picky – choosing positions not only on salary but also on issues such a more …

by hellenicshippingnews… on 12 November 2024 at 10:00 pm

In its relentless pursuit of decarbonising the shipping industry, the International Maritime Organization’s (IMO) recent Marine Environment Protection Committee 82 (MEPC 82) meeting marked another step forward, albeit a tentative one. MEPC 80 in 2023 saw the adoption of a revised strategy, setting the ambitious goal of fully decarbonising shipping by 2050. This includes intermediate …

by hellenicshippingnews… on 11 November 2024 at 10:00 pm

The shipping markets have been enjoying a rather buoyant setup in the post-COVID era. In its latest weekly report, shipbroker Xclusiv said that “the global shipping industry, particularly the bulk carrier and tanker segments, has experienced a remarkable resurgence since 2020. Sustained high freight rates, coupled with robust demand and supply dynamics, have created a …

by hellenicshippingnews… on 11 November 2024 at 10:00 pm

For shippers and BCOs, over recent years container shipping has felt like a relentless cycle of disruptions, delays and freight rate volatility. In this article we explore what measures logistics teams can take to mitigate these challenging dynamics. Drewry data shows that there have now been 4 or 5 years of huge volatility, depending on …

by hellenicshippingnews… on 11 November 2024 at 10:00 pm

October provided a bit of a shock to the container market with the development of a pre-US East Coast port strike market quickly dashed, only to be potentially postponed into January 2025. This could be exacerbated with the potential impact of the US election and more of the ‘closed Red Sea status quo’ amid the …

by hellenicshippingnews… on 10 November 2024 at 10:00 pm

A Trump return to office could bring with it significant change in the tanker shipping market, which has witnessed a structural change over the previous four years. Attempting to gauge the potential impact, shipbroker Gibson said in its latest weekly report that “with the stunning election of Donald Trump as the 47th president of the …

by hellenicshippingnews… on 10 November 2024 at 10:00 pm

Capesize The Capesize market experienced steady improvement this week, supported by robust demand and active trading in both the Atlantic and Pacific basins. Starting the week on a stable note, the BCI 5TC index rose gradually from $15,332 on Monday to close at $19,210 by Friday. In the Pacific, consistent activity from the miners and …