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Monday, March 18, 2024
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18 Mar 2024

Bangladesh and Pakistan Ship Recycling Markets Remain Steady

Source: GMS

With the conclusion of week 11, the ongoing and seemingly endless dearth in the supply of viable candidates has been mercifully keeping the Bangladeshi and Pakistani ship recycling markets steady, reports cash buyer GMS.“On the other hand, the Turkish and Indian markets continue to endure their respective shares of a notably trying time, given that the Turkish Lira continues to plummet even amidst a mercifully quieter week (on account of Ramadan).”GMS says: “India continues to endure its share of nerve-racking volatility in local steel plate prices as well as the Indian Rupee…

18 Mar 2024

Houthi Attacks Must Ease for Salvage of Two Vessels, IMO Head Says

On March 2 at approximately 2:15 a.m. (Sanaa time), Rubymar, a Belize-flagged, UK-owned bulk carrier, sank in the Red Sea after being struck by an Iranian-backed Houthi anti-ship ballistic missile on Feb. 18. The ship had been slowly taking on water since the attack. (Photo: U.S. Central Command)

Efforts to limit environmental damage from a cargo vessel that sank after a Houthi missile strike and another abandoned during a fiery assault are on hold until attacks on ships ease, the United Nations' maritime shipping regulatory agency said on Monday.The UK-owned Rubymar last month became the first vessel lost since the Houthis began targeting commercial ships in the Red Sea area in November. The bulk carrier with 21,000 metric tons of fertiliser contained in its cargo hold…

18 Mar 2024

Somali Forces, Foreign Navies Prepare Attack on Hijacked Ship

Bulk carrier Abdullah was hijacked off the coast of Somalia last week. (Photo: EUNAVFOR)

Somali police and international navies were preparing on Monday to attack a commercial ship that was hijacked by pirates last week, the Puntland region's police force said, two days after Indian commandos rescued another cargo vessel held by pirates.The MV Abdullah was hijacked off the coast of Somalia last week, the latest of more than 20 attacks since November by Somali pirates who had laid dormant for nearly a decade.On Saturday, the Indian navy rescued another cargo vessel, the Maltese-flagged MV Ruen, which had been seized in December, freeing its 17 crew members and arresting 35 pirates.

17 Mar 2024

Indian Navy Seizes Ship from Somali Pirates and Rescues 17 Crew

(Photo: Indian Navy)

Indian naval forces including special commandos seized a cargo vessel that had been hijacked by Somali pirates, rescuing 17 crew members, a spokesperson for the navy said on Saturday.The navy said in a post on social media platform X that all 35 pirates aboard the ship, the Maltese-flagged bulk cargo vessel Ruen, had surrendered, and the ship had been checked for the presence of illegal arms, ammunition and contraband.The Ruen had been hijacked last year and the navy said it had…

13 Mar 2024

Second Russian Tanker, Hit by Sanctions, Docks in China

© Nightman1965 / Adobe Stock

Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel Sokol crude cargo at the Chinese port of Huanghua near Cangzhou city in Hebei province.The Dongying port authority declined comment when contacted by Reuters.

11 Mar 2024

ONE Establishes New Headquarters in Dubai

Sundeep Sibal courtesy of ONE.

Ocean Network Express (ONE) has opened a West Asia Regional Headquarters in Dubai. The move aims to expand ONE's growth in the rapidly developing markets of the Indian Subcontinent, Middle East and East Africa.The West Asia Regional Headquarters office will serve as ONE’s central hub across the region, encompassing functions such as commercial activities, customer service, and digitization. It will also house a team dedicated to developing regional trade partnerships and exploring…

10 Mar 2024

Sleepy Week for Ship Recyclers

Source: GMS

Even though the Indian sub-continent ship recycling markets have taken on a collection of smaller vessels of late, the week remains “sleepy” says cash buyer GMS.Virtually no deals have been concluded, and this has put the squeeze on the global ship recycling sector.“Dry bulk charter rates have been pushing on by the week as ship owners monetize the most from this sector. Containers and tankers too remain oddly off the recycling buffet, and this in turn is driving the ongoing dearth of viable candidates into overdrive…

07 Mar 2024

Ship Evacuated After First Civilian Fatalities in Houthis' Red Sea Attacks

(Photo: U.S. Central Command)

India's navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group's campaign against the key shipping route.The Iran-aligned militants fired a missile at the Barbados-flagged, Greek-operated True Confidence on Wednesday about 50 nautical miles off the southern Yemeni port of Aden, setting it ablaze.In a statement, the owners and manager said all 20 crew and three…

07 Mar 2024

Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil

© Vallehr / Adobe Stock

The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week, shipping data showed, following fresh U.S.

04 Mar 2024

Ships Entering Yemeni Waters Must Obtain Permit, Houthi Minister Says

© Celt Studio / Adobe Stock

Ships will have to obtain a permit from Yemen's Houthi-controlled Maritime Affairs Authority before entering Yemeni waters, Houthi Telecommunications Minister Misfer Al-Numair said on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's offensive in Gaza.The near-daily attacks have forced firms into long and costly diversions around southern Africa…

03 Mar 2024

Recycling Market Still Deprived of Tonnage

Source: GMS

As freight markets push further on, global ship recycling markets remain deprived of tonnage, making it an increasingly suffocating environment for ship recyclers to operate in, reports cash buyer GMS.Bangladesh and Pakistan rely heavily on imported ship’s steel, not only for domestic / large-scale infrastructure projects, but also for its comparatively ‘healthier’ and ‘rust-free’ condition than other forms of imported scrap metal / steel (HMS 1, HMS 2, shredded steel, etc.)Therefore…

03 Mar 2024

Esgian Week 9 Report: Dolphin, Diamond and Seadrill Updates

© AndSus / Adobe Stock

Esgian reports rig-related updates from Dolphin Drilling, Diamond Offshore, and Seadrill in its Week 9 Rig Analytics Market Roundup.Report Outline:ContractsDespite Tullow Oil’s recent announcement that it would take a break from drilling offshore Ghana, Noble Corp. has stated that there has been no contract termination announcement and that its 12,000-ft drillship Noble Venturer is currently still contracted to Tullow into March 2025.Masirah Oil Ltd has signed a rig contract with…

01 Mar 2024

Yara and ACME Sign Ammonia Supply Agreement

Source: Yara

Yara and GHC SAOC, a wholly owned subsidiary of India’s Acme Cleantech, have signed a binding agreement for the supply of ammonia with reduced CO2 emissions from Acme to Yara on a long-term basis.Both companies had previously signed a non-binding offtake Term Sheet and the current agreement concludes 18 months of negotiations during which the regulatory framework and certification regime have evolved significantly, creating a suitable environment for such long-term contracts.The long-term offtake agreement covers the supply of 100…

01 Mar 2024

Venezuela Oil Exports Rising, but Shipping Delays Persist

© Vladimir / Adobe Stock

Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd), but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to documents and vessel monitoring data.State-run oil firm PDVSA's customers have rushed to send tankers to Venezuela in recent months to pick up crude and fuel before the United States potentially reimposes oil sanctions.Restrictions could resume on April 18 when an existing license expires, the U.S.

01 Mar 2024

Post-cyclone Dredging Underway in India's Port of Krishnapatnam

Dutch dredging contractor Van Oord reports it is carrying out dredging works in the Port of Krishnapatnam, India.The depth of the port channels must be restored after a severe cyclone Michaung caused siltation in the port area. The Port of Krishnapatnam, now owned by Adani Ports and Special Economic Zone Limited, selected Van Oord for the project.Van Oord said it is deploying trailing suction hopper dredger HAM 318 to dredge the navigation channel of the port to the required depth…

01 Mar 2024

New US Sanctions More Likely to Curb Indian Imports of Russian Coal

© Letopisec / Adobe Stock

New U.S. sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because they specifically cite top exporters SUEK and Mechel, three major traders of Russian coal said.Russia, historically a minor exporter of the fuel to India, began boosting shipments to the south Asian country after Western sanctions against Moscow over its invasion of Ukraine.The latest U.S. sanctions also include Russia's payment system, financial institutions and energy production."With the new sanctions…

28 Feb 2024

Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals

(File photo: QatarEnergy)

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

28 Feb 2024

Tanker Backlog Grows in Venezuela as PDVSA Struggles to Deliver Oil

© Francis / Adobe Stock

A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

26 Feb 2024

Ignazio Messina & C Adds Secondhand Containership to Its Fleet

(Photo: Ignazio Messina & C)

Ignazio Messina & C announced it has taken delivery of a secondhand 4,400 TEU containership, now renamed Jolly Clivia.Built in 2010 at the South Korea's Hyundai Samho Heavy Industries, the vessel measures 262 meters in length by 32 meters in width, and was previously owned by a German company.The ship will now set sail from Singapore toward Europe with scheduled calls at Mundra (India), Jebel Ali Dubai (United Arab Emirates), Karachi (Pakistan), and is expected to arrive in Genoa at the end of March.

25 Feb 2024

Ship Recycling Market Faces Tonnage Shortage

Source: GMS

Global ship recycling markets are now being exclusively driven by the relentless and futile shortage of tonnage that is expected to continue until Spring (at the very least), says cash buyer GMS.“The much-anticipated rebound in global recycling volumes that so many in our industry had been waiting (hoping) for before the turn of the year, has unfortunately failed to materialize.”Markets in Turkey and India remain well off the competitive pace, so Pakistan and Bangladesh remain are leading the market despite the continued drop in supply of vessels.

23 Feb 2024

US Imposes Sanctions on Russia's Leading Tanker Group Sovcomflot

© Andriy Sharpilo / Adobe Stock

The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil, or other cargoes, from the vessels for 45 days."Sovcomflot as a whole…

19 Feb 2024

Insights: Catherine Gianelloni, MITAGS

Catherine Gianelloni, Director, MITAGS East Coast Campus (Photo: MITAGS)

Catherine Gianelloni sailed with the International Organization of Masters, Mates & Pilots (IOMM&P) for about 10 years after graduating from the U.S. Merchant Marine Academy in 2009. But in between times at sea, she would help out at the MITAGS (Maritime Institute of Technology and Graduate Studies). Operating simulators evolved into teaching opportunities, and Gianelloni took a full-time position in 2012. “Because we are the union school, I was allowed to take breaks—leave of absences—to go out and sail.

18 Feb 2024

GMS: Ship Recycling Market Still Slow

Source: GMS

Despite Chinese new year holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, says cash buyer, GMS.This has resulted in another dreary week of market inactivity and silence across all recycling destinations.Charter rates continue to remain artificially elevated (especially) in the dry bulk sector, consequently placing a tighter squeeze on the overall supply of vessels for recycling.

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