Clarksons News

17 Oct 2019

Tanker Deliveries Up 37%: BIMCO

Graph: BIMCO

Delivered tonnage of crude oil tankers have grown by +37%, whereas total fleet demolitions for 2019 have slumped to the lowest in a decade with a reduction of 52% from the year before, says BIMCO, the largest of the international shipping associations representing shipowners.Newbuilding orders have remained low through the year with contracted tonnage down by 48%, it said.Amidst a market filled with uncertainty and geopolitical unrest, BIMCO maintains its bearings and turns to the market fundamentals to cut through the mist of market speculation and uncertainty-driven hype.

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

09 Oct 2019

BIMCO: Shipping Hurt by Soya Bean Trades

Igor Strukov / Adobe Stock

Combined soya bean exports from Brazil and the US are down 7.8% in the first eight months of this year, as the main Brazilian soya bean export season disappointed. The fall in volumes from the two countries has also led to an 8.5% drop from last year in the tonne mile demand generated by the two dominant soya bean exporters.In particular falling exports from Brazil have hurt the shipping industry, with accumulated soya bean exports from Brazil in the first eight months of this year 7.8 million tonnes lower than the first eight months of 2018.

03 Sep 2019

ABB Electric Azipods to be Installed on Bulker

ABB's Azipod (CREDIT: ABB)

ABB enters new market segment with order to install Azipod electric propulsion on board two dry bulk carriers from Germany’s largest bulk carrier company Oldendorff Carriers.Two self-unloading dry cargo transshipment units will be the first bulk carriers in the industry to feature ABB’s Azipod electric propulsion. Both vessels, due for delivery to Oldendorff Carriers in 2021 from the Chengxi Shipyard in China, will be equipped with a complete power and propulsion solution from ABB.Each 21,500 DWT vessel will feature two 1.9MW Azipod units.

31 Aug 2019

Container Ship Deliveries Down in H1 2019

Pic: MPC Container Ships ASA.

Container ship deliveries in H1 2019 reached a historically low level, while the newbuilding market was equally subdued, said MPC Container Ships ASA.Scrapping activity in the feeder segment remained at a comparable high level in Q2 2019 as in the previous quarter, the Norway-based shipping company said.Various economic and political circumstances had a dampening effect on global container trade, compelling analysts to lower their full-year growth forecasts. However, estimates…

04 Aug 2019

Pacific Basin Hopeful on Dry Bulkers

Pic: Pacific Basin Shipping Limited

The dry bulk freight market is expected to benefit in the second half of 2019 and early 2020 from many larger ships being taken out of service for several weeks for scrubber installation, said Hong Kong-based Pacific Basin Shipping Limited.The maritime transport company engaged in international dry bulk shipping through the operation of a fleet of vessels to carry diverse cargoes for many of the world's leading commodity groups said: "We believe the market for smaller dry bulk ships like ours will benefit also over the longer term…

01 Aug 2019

Global LNG Demand 16% Up in Q2

Pic: GasLog

Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten.Natural…

21 Jun 2019

BIMCO: VLCC Freight Rates from Gulf to China Doubles

Chart: BIMCO

VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…

12 Jun 2019

Fleet Growth to Outstrip Demand: BIMCO

Graphs: BIMCO

Fleet growth expected to outstrip demand growth in 2019 and 2020, making the near future look unappealing, says BIMCO.In the first four months of 2019, yards delivered 10m DWT of newbuilt dry bulk shipping capacity. The demolition of 3.9m DWT limited the immediate negative impact, but even a fleet growth of 0.7% harms the market, as cargo demand is seasonally low.Capesize accounted for 87% of the demolished capacity pushed out of the market, as freight rates fell and the outlook turned bleaker.Because of this unexpectedly dramatic start to the year…

24 May 2019

VTAS All Set to Go

Image: Fuel Efficient Shipping

The Vessel Technology Assessment System Project (VTAS Project) has finished its development stage and is set to go live.The UK-based design, engineering and risk management consultancy firm BMT, in collaboration with Black & Veatch, created VTAS for the Energy Technologies Institute (ETI) in the UK. Watson Farley & Williams (WFW) is the advisor of the project.The VTAS Project ran from 1 January 2018 to 31 March 2019 and brought together the combined maritime and engineering consultancy…

17 May 2019

Petropoulos New Baltic Exchange Chair

Denis Petropoulos (Photo: Baltic Exchange)

Denis Petropoulos has been elected Chairman of the Baltic Exchange Council with effect from June 1, 2019. He replaces Duncan Dunn who has held the position since January 2018. Denis Petropoulos was a founding partner of Braemar Tankers Ltd and remains a significant shareholder at Braemar Shipping Services PLC. He most recently headed up Braemar's Singapore office for seven years, before returning to the UK.He has been a Baltic Exchange Member since 1999 and has held positions…

15 May 2019

Klaveness Combination Carriers to List in Oslo

Pic: Torvald Klaveness

Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021.

03 May 2019

Global LNG Imports Up in Q1 by 11%

Pic: GasLog Ltd

Despite the liquefied natural gas (LNG) demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes (mt), compared to 79 mt in the first quarter of 2018, or an increase of 11%, GasLog said quoting Poten.In particular, China’s LNG imports totalled 15.3 mt, 24% higher than the first quarter of 2018.Europe’s LNG imports in the first quarter more than doubled to 22 mt…

01 May 2019

VLCC Sector Resilient, Says Euronav

Pic: Euronav

First quarter 2019 proved to be an unusual and largely resilient one for the large crude tanker sector, said Euronav NV, the largest NYSE listed independent crude oil tanker company in the world.The OPEC production cuts of 1.2m bpd announced in Q4 2018 impacted Q1 trading and represents around 3% of the crude which is seaborne each day.Nearly 30  very large crude carriers (VLCC) equivalents were delivered to the global fleet during the same period – an increase of 3% in fleet…

26 Apr 2019

GasLog Predicts LNG Spot Rate Recovery

Pic: GasLog LNG carrier

GasLog Partners, which owns, operates, and acquires liquefied natural gas (LNG) carriers under multi-year charters, said that the longer-term outlook for natural gas demand continued to strengthen in the first quarter of 2019.Despite LNG demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes (mt), compared to 79 mt in the first quarter of 2018, or 11% growth, according to Poten.In particular, China’s LNG imports totalled 15.3 mt, 24% growth over Q1 2018.

23 Apr 2019

LNG-Ship Orders to Dominate Newbuilds in 2025

Pic: Samsung Heavy industries.

About 60.3 percent of the world’s ship orders are projected to be for liquefied natural gas (LNG)-fueled vessels by 2025."Ships powered by LNG are expected to account for six out of 10 new vessel orders in six years due to toughened environmental standards," said a report in Pulse News.A study report released by Korea Development Bank and Korea Trade-Investment Promotion Agency said that that as many as 1,962 new LNG carriers would be built by 2025. It also expected demand for LNG bunkering vessels to jump more than tenfold…

22 Apr 2019

Vessel Orders Hits Lowest in 15 Years

Image: South China Shipyard

The global newbuilding orderbook for vessels has shrunk to the lowest level in 15 years as vessel owners struggle with excess capacity.According to to data from Clarksons Research, there were 3,200 vessels of a combined 81 million gross tons ordered globally in the first quarter of 2019, which is the lowest figure since 2004.A report in the WSJ quoted George Warner of Clarksons Research as saying: "“The global order book has declined to its lowest level since the early stages…

16 Apr 2019

Hyundai Wins New Order for LNG Vessel

Image: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has won an order for a 174,000 cbm liquefied natural gas (LNG) carrier.With the latest contract with a Greek shipowner, the shipbuilder has secured five orders in two weeks, worth a total 700 billion won ($616 million).According to HHI, the latest LNG carrier newbuild will be equipped with a Hi-ALS air lubrication system on the bottom of the hull to improve fuel consumption. The air lubrication system is expected to cut fuel consumption by eight percent.A report in Korea Times…

10 Apr 2019

NAO Completes Vessel Acquisition

Pic: Nordic American Offshore

Bermuda-headquartered platform supply vessels (PSVs) operator Nordic American Offshore (NAO) announced that it has completed the previously announced acquisition of thirteen vessels from Scorpio Offshore Holdings Inc.Emanuele A. Lauro, Chairman and Chief Executive Officer, commented “With the completion of this acquisition and the first drawdown under our Equity Line, NAO has achieved critical short-term milestones of reducing our financial leverage and increasing our liquidity.

08 Apr 2019

NAO Acquires 13 Vessels

Pic: Nordic American Offshore

Bermuda-based company Nordic American Offshore (NAO) announced  that it has reached agreement with the lenders under the Company's $150 million  Revolving Credit Facility, dated March 16, 2015 pursuant to which the lenders have agreed, upon satisfaction of certain conditions precedent by the Company, to the extension of waivers up until January 31, 2020.The owner and operator of platform supply vessels (PSVs) said in a press release that it has also announced that the lenders have committed…

09 Apr 2019

OSVs: Restarting that Idled Vessel

© Iain Cameron

Owners of offshore support vessels (OSV) are beginning to examine the possibility of reactivating some of their fleet even as the consistent volatility of oil prices and a healthy stream of ships projected from global shipyards keeps their enthusiasm in check.According to Clarksons, demand for the versatile ships, which support offshore exploration and production activities around the world, edged up 3% in 2018, with marginally higher day rates tempting some units out of lay-up.Most of the idle OSV fleet is unlikely to become active this year…

08 Apr 2019

Crew Vessel Contracted to Shell

(Photo: Damen)

UK-based crew transfer specialist High Speed Transfers (HST) announced that its second new high-speed crew transfer vessel HST Sofia will be contracted by Shell to support its exploration program in the Black Sea commencing March 2019.The FCS 2710 vessel, built by Dutch shipbuilder Damen, will be trialed by HST to undertake oil and gas crew transfers to support the Noble Globetrotter II drill ship. The vessel will shortly begin an exploration drilling program in the Khan Kubrat block…

08 Apr 2019

OSV Market: Which Way is Up?

OSV "THUNDER" owned by Jackson Offshore serving floater "DEEPWATER CONQUERER"
Source: Jackson Offshore

Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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