Clarksons News

Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa. Rerouting takes vessels and crew out of danger from drone and…

The International Chamber of Shipping (ICS) has submitted a detailed proposal to the IMO for a Zero Emission Shipping Fund.In recognition of the urgency to move forward with workable solutions to meet ambitious net zero targets, shipowners globally have agreed to mandatory contributions on ships’ GHG emissions to raise billions of dollars annually, says ICS.The shipping industry’s updated proposal is co-sponsored by Bahamas and Liberia (two of the world’s largest flag State administrations, measured in gross tonnage).

Houthi rebel drone attacks on vessels traversing the Red Sea and Suez Canal route, accounting for 10% of global trade, have exposed the shortcomings of current ship alert systems.The unpredictability and increased frequency of these attacks have created a challenging security environment for ships passing the area via the Bab el Mandeb strait, posing a substantial risk to seafarers and maritime trade by endangering the safety of the crew and cargo.Initially focused on Israel-related ships in solidarity with Hamas…

“In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Strong earnings and second-hand values, as well as a reduction in newbuilding deliveries, have likely contributed to the very low level of…

Technical inquiries to SRC Group ramped up after it received Approval in Principle (AIP) for a concept which ‘reinvented methanol fuel storage’ on board ships. Delivering the answers has seen technical talk converting into project discussions        ‘Green’ methanol has the ability to one day run vessels almost emission-free, and commercial shipping increasingly investigates. Derived today principally from natural gas, methanol is nonetheless available, relatively easy to handle and predictable.

Container shipping rates for key global routes have soared this week, with U.S. and UK air strikes on Yemen stirring concerns of a prolonged disruption to global trade in Red Sea, one of the world's busiest routes, industry officials said on Friday.U.S. and British warplanes, ships and submarines launched dozens of strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel's war…

An offshore wind industry is growing in the U.S. with an aim to meet the Biden Administration’s goal of 30 gigawatts (GW) of offshore wind by 2030, and eventually 110 GW by 2050.But as is the case for any new industry that is building up, there are going to be bumps along the way. The U.S. offshore wind industry is currently grappling with rising costs amid unprecedented supply chain issues and inflation, among other issues.One of the main challenges unique to offshore wind is a shortage of vessels.

Maritime software provider Sea and Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping have formalized their collaboration by signing a Knowledge Partnership Agreement. With the agreement, Sea and the Center become official partners, committing to a long-term strategic collaboration and contribution to accelerate the decarbonization of the maritime industry.Sea, a technology spin-off from the Clarksons Group, will be providing access to its pre-trade intelligence and analytics tool that processes over 68.7 billion AIS data points annually with in-house derived insights…

China has overtaken Greece to become the world's largest shipowning country in terms of gross tonnage, according to information released over the weekend by the Shanghai-based China Shipowners' Association.China Daily reports that data from Clarksons Research shows the fleet size of Chinese shipowners has reached 249.2 million GT, accounting for a global market share of 15.9%, about $180 billion in fleet value. This is slightly higher than the 249 million GT of Greek shipowners' fleet…

The Global Centre for Maritime Decarbonisation (GCMD) and Nippon Yusen Kabushiki Kaisha (NYK) have announced the signing of a five-year Strategic Partnership agreement.The partnership boosts the center's efforts to conduct pilots and trials of low-carbon solutions for the global shipping industry.Japan is one of the top three shipowning countries in the world, and Japanese merchant vessels account for around 11% of world tonnage. Numbers from Clarksons Green Transition Team further indicate that Japan leads other nations in alternative-fuel-ready vessel orders…

ABB has introduced a new Operational Planner module for its ABB Ability OCTOPUS – Marine Advisory System to help offshore fleet managers plan and optimize the maintenance of offshore wind farm operations.For support vessels moving between turbines or rigs during a single shift, OCTOPUS Operational Planner forecasts vessel workability across multiple sites. Whereas an offshore support vessel typically relies on an onboard weather routing system to predict weather and wave heights…

“Second-hand crude tanker values for five-year-old ships hit bottom levels in late 2020 and have since increased by an average 67%. Over the past twelve eventful months values have risen by 34%, reaching their highest level in 25 years,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Crude tanker values saw their most recent low in December 2020 when Clarksons Research estimated the combined value of a five-year-old Aframax, Suezmax, and VLCC was USD 138.5 mill. Twelve months ago, that valuation had risen to USD 172.0 mill. (+25%).

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels,  influential administrations seek to accelerate towards net-zero or even zero by 2050.

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels, influential…

Independent shipbroker Simpson Spence Young (SSY) on Monday announced it has appointed Roar Adland (Ph.D, FICS) to the role of global head of research, effective May 2023. Internationally recognized with over 20 years of professional experience, Adland has built an impressive reputation as one of the most pre-eminent shipping experts in the world today, gaining a Ph.D from the Massachusetts Institute of Technology and holding senior positions at the Norwegian School of Economics and Clarksons.“As evidenced by their recent acquisitions and strong performance…

With the creation of a full-fledged U.S. offshore wind industry undoubtedly comes many opportunities for those that own, operate, build and service relevant vessels as developers work toward the nation’s goal of 30 gigawatts (GW) of offshore wind by 2030.But for every opportunity there are at least a handful of challenges, many of which have recently been amplified by supply chain volatility, inflation pressures and other unwelcome factors that have spurred cost increases for…

It will take a team effort that spans sectors and even industries to meet the United States’ goal of 30 GW of offshore wind by 2030, writes Greg Lennon, ABS Vice President, Global Offshore Wind.As the United States offshore wind (OSW) industry considers the Biden-Harris Administration’s 30 gigawatts (GW) by 2030 goal, it’s easy to be struck by the monumental scope of the task ahead. From constructing enough installations before the aggressive deadline to the myriad support vessels needed to achieve these goals…

Jeffrey Mountevans has been appointed Chairman of the Baltic Exchange Council, effective January 1, 2023. He succeeds Denis Petropoulos, who has held the position since June 2019.A former Lord Mayor of London (2015/2016) and ex-Clarksons shipbroker, Mountevans is an elected hereditary cross-bench member of the House of Lords where he plays an active role on maritime, defense and Reserves and Cadet issues. He was made an Honorary Life Member of the Baltic Exchange in 2016.The Baltic Exchange Council is the Baltic Exchange's governing body which sets its strategy for membership services…

China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.

The global offshore wind industry is staring down a potential shortage of foundation installation vessel capacity. A new UK company led by former offshore drilling executive Jon Oliver Bryce intends to help tackle this challenge as the industry’s first pure-play foundation installation vessel (FIV) firm.The number of planned offshore wind projects globally is growing, spurred by green targets and a shift away from Russian oil and gas. This growth, alongside a shift toward the next generation of larger offshore wind turbines…

A new plan proposed by the International Chamber of Shipping (ICS) aims to reward ships and energy producers that invest in low/net zero emission fuels.The organization, which represents 80% of the world’s merchant fleet, on Tuesday said it send a notice to UN regulator the International Maritime Organization (IMO) proposing a "fund and reward" system to catalyze the adoption of alternative fuels, which currently cost at least two or three times more than conventional marine fuel.The…

The International Group of Protection and Indemnity Clubs (IGP&I) has set out its Sustainability report and updated Correspondents Guidelines to the global network of Protection and Indemnity (P&I) Correspondents listed by its constituent Clubs during its 2022 Correspondents Conference in London, United Kingdom. Both frameworks seek to leverage the collective strength of the IGP&I’s 13-member Clubs and the 65,000 ship owners they represent to further enhance sustainability, safety and best practice across the marine industry.As a forum for its member clubs…