Recent News

Pandemic Has an Unexpected “Silver Lining” for Ship Owners Financing-Wise


Ship owners appear to have benefited from lower interest rates, when it comes to financing new deals.In its latest weekly report, shipbroker Intermodal said that “since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their economies running.

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Chinese iron ore imports break record at 112.7 million tonnes


China imported a record 112.7 million tonnes of iron ore in July, just shy of 10m tonnes above the previous record. July thereby marked the fourth month in a row that iron ore imports exceeded the corresponding month the year before. In the first seven months of the year, iron ore imports are up 11.8%, or an additional 69.5m tonnes, which is the equivalent of 300 extra Very Large Ore Carrier loads (230,000 tonnes).

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Ship Owners Starting to Make Waves in the Market


Ship owners have been rather active both in the newbuilding and the second hand market for ships over the past week. In its latest weekly report, shipbroker Banchero Costa said that “several sales took place in the dry segment during the week although several countries such as Singapore, Hong Kong, etc. imposed stricter rules for crew change and this may affect future transactions. S Korean controlled Kamsarmax bulker “Wise Young” 82,000 dwt built in 2011 at Daewoo with SS/DD due in November (out-of-sync) 2020 will end up in Greek hands for $13.5 mln. 

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Demolition Activity On “Holiday Mode”


The ships’ recycling market has slowed down over the course of the past week, as a holiday slowdown has apparently had an impact. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the market feels stale at this current time as the holiday season kicks in and the tonnage supply appears to have slowed from the frenzy of recent weeks. 

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Marine fuels & IMO 2020: So much for all the hype


As the shipping industry has moved further into 2020, and with the need to comply with new regulations to cap the sulphur content of fuel burned to 0.5% compared to 3.5% previously, it has become clearer that the fuel of choice for ship owners is very low sulphur fuel oil (VLSFO), rather than a marine gasoil. This is evident when looking at bunker fuel sales in Singapore, with VLSFO making up almost 70% of total fuel oil sales in the first six months of the year, this compares to around 11% when it comes to marine gasoil. Meanwhile, given the use of scrubbers on some vessels, high sulphur fuel oil (HSFO) sales made up around 18% of total sales.

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Tankers: Oil Production Trends Pointing Towards Middle East’s Important Role for Shipping


The tanker market is expected to remain heavily reliant on Middle East crude flows for a little while longer. In its latest weekly report, shipbroker Gibson said that “with world oil demand having collapsed in the wake of the Covid-19 pandemic, major downwards pressure on oil production was always going to be inevitable. 

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