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Carnival to Resume Voyages in Phases
Carnival Corp said on Friday it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return, months after suspending trips due to the COVID-19 pandemic.The company’s shares, that have lost more than two-thirds of their value this year, rose as much as 11% to $16.12 in morning trading.The world’s largest cruise operator said it has reduced capital expenditures by more than $5 billion over the next 18 months and raised a couple more billions to navigat
World Suezmax Fleet Counts 517 Vessels Now
The world Suezmax fleet (excl. shuttle, product & Jones Act tankers) counts 517 vessels at the end of 2Q2019, said Nordic American Tankers (NAT).During 2018, 28…
Tanker Rates Firming Up: Frontline
The middle of the first quarter in 2019 saw tanker rates firming significantly, driven mainly by an increase in US exports, said Frontline Ltd. is the world's largest…
Frontline Predicts Tanker Market Volatility
The tanker market improved significantly in the fourth quarter ended December 31, 2018 driven by continued strong oil demand, said Bermuda-based tanker shipping…
TEN: Cautious Optimism on Shipping Market
The provider of seaborne crude oil and petroleum product transportation services Tsakos Energy Navigation Limited (TEN) said that though the tanker market showed upward trajectory…
INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.
Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and…
Newbuild Spending Dropped Sharply in Q2
Enthusiasm for newbuild orders across most shipping markets has started to wane after more than $10 billion dollars were committed in the first quarter of 2018, according to VesselsValue. The total committed to new deliveries is now the lowest since the start of 2016.Ordering trends in the start of the year were highest in the markets that were seeing the highest returns. This includes the dry bulk and liquefied natural gas (LNG) carrier markets…
US-built Patrol Boats Delivered to Vietnam
Six newly built military patrol boats constructed by Louisiana based shipbuilder Metal Shark have been delivered to the Vietnam Coast Guard. The new deliveries follow an initial round of six Metal Shark 45-foot Defiant-class patrol boats delivered to the Vietnam Coast Guard in the province of Quang Nam in May of 2017. The delivery follows back-to-back U.S. presidential visits to Vietnam from President Obama in 2016 and President Trump in 2017…
Depressed Outlook in Chemical Shipping Market: Drewry
Chemical shipping freight rates will weaken through 2018 due to the depressed outlook on overtonnaged long haul routes, according to the latest edition of the Chemical Forecaster…
Euronav Freight Rates Slide, but Q4 Results Beat Street
Belgian crude oil shipper Euronav's freight rates in the fourth quarter hit their lowest level since 2012, hurt by excess available tonnage, the company said on Thursday.
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally…
Chemical Shipping Faces Oversupply: Drewry
The shipping fleet trading in chemical and vegoil markets is expected to accelerate at a much faster pace than demand, weakening earning prospects, according to…
Demand for Chemical Tanker Fleet Looks Up
Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to…
SVEZA OK'd to Supply Plywood for LNG Carriers
SVEZA Ust-Izhora plywood mill recently obtained the GTT (Gaztransport & Technigaz) Approval confirming compliance with specification of containment system for liquefied natural gas carriers. SVEZA Group is a leader in birch plywood production, and it reportedly has become the first Russian domestic producer certified to deliver to LNG-carriers manufacturers. The company's target is to gain at least a 30% share of the market with the estimated annual volume of 60,000 cubic meters of plywood.
Record Containership Demolitions has suppressed Fleet Growth - Drewry
A record year for containership demolitions in 2016 has helped suppress total fleet growth close to the rate for demand. To repeat that feat the scrapping record will need to be smashed again…
VLCC Rates Under Pressure in Oversupplied Market
Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as…
VL-exit?
Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20…
Dry Bulk Outlook Remains Bleak: BIMCO
With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is…
Box Shipping Eyes More Overcapacity, Financial Pain
Slowing global trade and a bloated orderbook of large vessel capacity mean that container shipping is set for another three years of overcapacity and financial pain, according to the latest Container Forecaster report published by global shipping consultancy Drewry. The recent slowdown in world trade has forced Drewry to halve its forecast for container shipping growth for this year to just 2.2 percent and revise down estimates for future years.
Imabari Stands Strong
During the second half of the 20th century, the Japanese ruled commercial shipbuilding. Today, numerous competitive forces in the Far East, led by South Korea and China, have continued to throw massive resources into building and maintaining modern shipbuilding dominance, so much so that it may seem as though the days of Japanese shipbuilding have passed for good. “Any single shipbuilder in Japan cannot fulfill a large-scale order…