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Pacific Basin News

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

© Vallehr / Adobe Stock

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

19 Oct 2023

BIMCO Approves Revised SYNACOMEX Grain Carter

Source: BIMCO

BIMCO’s Documentary Committee has approved a revised version of the Continent Grain Charter Party, SYNACOMEX, to reflect changes in the geopolitical landscape following events including the COVID-19 pandemic and the war in Ukraine. The revised charter party now includes BIMCO’s anti-corruption clause and updated versions of the war risks and sanctions clauses.The charter party is developed by joint copyright holders SYNACOMEX and Armateurs de France, the French Union for Grains and Seeds Trade and the French Shipowners’ Association.

24 Aug 2023

Port of Los Angeles Pays Tribute to Shipping Lines That Reduced Emissions

Source: Port of Los Angeles

The Port of Los Angeles has recognized the achievements of more than two dozen shipping lines and carriers for participating in the Port’s Vessel Speed Reduction Program (VSRP), an air quality and annual incentive program for vessel operators who reduce their speed as they approach or depart the port.The voluntary program is one of many sustainability efforts currently underway at the Port to reduce emissions and decarbonize operations.Emission reductions are achieved under the…

31 Oct 2022

Pacific Basin Chooses Methanol as Preferred Fuel

Hong-Kong-headquartered dry bulk shipowner Pacific Basin Shipping said it sees methanol as its best option as it pursues commercially viable zero-emissions vessels.In May 2022, the company entered into a memorandum of understanding with Nihon Shipyard Co., Ltd and Mitsui & Co., Ltd to cooperate on the development of zero-emission vessels and potential investment in related green fuel bunkering infrastructure."We have collectively now completed our feasibility assessment of the various potential green fuels (covering fuel characteristics, availability and scalability, technical pros and cons, lifetime operating and capital costs, etc.)…

04 Oct 2022

Capesize Gains Lift Baltic Index to Over 2-month High

The Baltic Exchange's main sea freight index jumped to a more than two-month high on Tuesday, propelled by gains across vessel segments, particularly the larger capesizes.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels ferrying dry bulk commodities, rose 77 points or 4.3% to 1,865 points, its highest since Aug. 1.The capesize index gained 203 points, or about 10%, to also hit an over two-month high of 2,244 points.

04 Aug 2022

Inside the St. Lawrence Seaway's Growing Economic Importance

© Joe / Adobe Stock

The St. Lawrence Seaway is made up of a broad network of interconnected infrastructures. Channels, canals, port facilities and fleets illustrate the connections between transportation equipment, industrial production and the artificial, human-made environment.This valuable infrastructure represents significant capital investments that have already been amortized. The maintenance, modernization and adaptation of the sea-river network make it possible to meet the demands for capacity, fluidity and reliability imposed by the transport industry.From their position as supply chain nodes, the St.

11 May 2022

Pick your Poison: NOAA Study Finds Less Air Pollution brings more Hurricanes

A daylight composite of Earth from Aug. 29, 2021 as seen by the NOAA-20 Satellite. In this image, Hurricane Ida can be seen making landfall on the U.S. Gulf Coast while Hurricane Nora spins in the eastern Pacific Ocean. Credit: NOAA

A new study from NOAA finds that reducing air pollution in North America & Europe brings more hurricanes; increased pollution in Asia reduces tropical cyclonesA NOAA study published in the journal Science Advances about four decades of tropical cyclones reveals the surprising result that reducing particulate air pollution in Europe and North America has contributed to an increase in the number of tropical cyclones in the North Atlantic basin and a decrease in the number of these storms in the Southern Hemisphere.

20 Oct 2021

LNG Carrier Rates More Than Double in Two Weeks

© Wojciech Wrzesień / Adobe Stock

Tanker rates to ship liquefied natural gas (LNG) have more than doubled since the start of the month as a power crisis in Asia and Europe drives up demand for vessels, industry sources said on Tuesday.The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic meters of LNG to Pacific basin ports rose to $202,500 a day on Tuesday, the highest since Jan. 15, according to data from Spark Commodities.For the same type of ship moving in the Atlantic basin…

11 Oct 2021

Baltic Index Falls, Capesizes Hold Near 13-year High

© arikbintang / Adobe Stock

The Baltic Exchange's dry bulk sea freight index slipped on Monday, as a decline in capesize rates offset gains in smaller vessel segments, although the main index held close to a 13-year high.The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell for a second straight session, by 38 points or 0.7%, to 5,488. The index hit its highest in more than 13 years, at 5,650 points, on Oct. 7.The capesize index shed 137 points, or 1.4%, to 9,975, but held close to its highest since 2008.

04 May 2021

Dry Bulk Performance: Pangaea Logistics (Again) Claims the Top Spot

© mrnai/AdobeStock

Maritime Advisors, Liengaard & Roschmann have published for the third year running its Vesselindex Performance Report, ranking the listed dry bulk companies based on their TCE performance.In a year 2020 which was characterized by a high level of volatility it is noticeable that 17 companies managed to outperform the general market as defined by the Baltic Indices. U.S. listed Pangaea Logistics claims top spot for the third year in a row, competing against 24 other listed Dry Bulk…

12 Apr 2021

NOAA Adjusts Hurricane Season Outlook Averages

(Photo: NOAA)

NOAA is updating its baseline numbers used for gauging hurricane season activity using more recent storm data.Once every decade, the agency revises its set of statistics used to determine when hurricane seasons are above-, near- or below-average relative to the climate record. Beginning with this year’s hurricane season outlooks, NOAA’s Climate Prediction Center (CPC) will use 1991-2020 as the new 30-year period of record. “This update allows our meteorologists to make forecasts for the hurricane season with the most relevant climate statistics taken into consideration…

20 Jan 2021

Fruergaard to Take Over as CEO of Pacific Basin

(Photo: Pacific Basin Shipping)

Hong Kong-headquartered dry bulk shipping company Pacific Basin announced Wednesday that Martin Fruergaard will take over as CEO, replacing longtime chief executive Mats Berglund, who has decided to retie. Fruergaard, the current CEO of Danish gas shipping company Ultragas, will relocate to Hong Kong and join Pacific Basin in early July. He brings to the role significant maritime leadership experience, having previously occupied senior positions in Maersk Bulk Carriers, Maersk Tankers and Maersk Drilling.Berglund was CEO of Pacific Basin for nine years…

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

20 May 2020

Near- or Below-normal Hurricane Season Predicted for Central Pacific

(Image: NOAA)

There is a 75% chance of near- or below-normal tropical cyclone activity during the Central Pacific hurricane season this year, according to NOAA’s Central Pacific Hurricane Center and NOAA’s Climate Prediction Center, divisions of the National Weather Service.The outlook also indicates a 25% chance of an above-normal season.For the season as a whole, two to six tropical cyclones are predicted for the Central Pacific hurricane region. This number includes tropical depressions, named storms and hurricanes.

23 Sep 2019

Ardmore Appoints Dr. Tikka to Board of Directors

Dr. Kirsi Tikka (Photo: Ardmore Shipping)

Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore”) has announced the appointment of Dr. Kirsi Tikka to the company’s Board of Directors.Dr. Tikka has over 30 years of shipping experience having recently retired from the American Bureau of Shipping  (“ABS”) in July 2019. She joined ABS in 2001 and held various specialist and leadership positions within ABS including as ABS Executive Vice President Global Marine, Europe Division President, and as Vice President and Chief Engineer, Global.

04 Aug 2019

Pacific Basin Hopeful on Dry Bulkers

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, as they will consume more expensive low-sulphur fuel and therefore be incentivized to operate at slower…

21 Jun 2019

Pavilion Acquires LNG assets of Iberdrola

Singapore-based LNG company Pavilion Energy said its wholly owned subsidiary Pavilion Energy Trading & Supply has agreed to buy Spanish energy company Iberdrola's portfolio of liquefied natural gas (LNG) assets.The portfolio comprises about 4 million tonnes per annum (mtpa) of Iberdrola's long-term LNG sale and supply contracts.It also includes long-term regasification of approximately 2 mtpa at the Grain LNG terminal (UK), regasification access in Spain and the Spanish-France border pipeline capacity, as well as the time-charter of a newbuild MEGI LNG vessel. In a related transaction, both parties have concluded a gas sales agreement…

03 May 2019

Global LNG Imports Up in Q1 by 11%

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, compared to 10 mt in the first quarter of 2018, as lower LNG prices made gas fired power generation more competitive than coal, indigenous gas production declined and LNG gained market share from pipeline imports.

26 Apr 2019

GasLog Predicts LNG Spot Rate Recovery

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. Europe’s LNG imports in the first quarter more than doubled to 22 mt…

17 Mar 2019

Dry Bulk Fleet Growth Stable

Global dry bulk net fleet growth in 2018 was largely unchanged at 2.9% year on year due to reduced newbuilding deliveries and much reduced scrapping because of the improved freight market, said a report by Pacific Basin Shipping.The provider of 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 that, now close to zero, scrapping cannot reduce any further and will potentially increase due to the growing number of old vessels and the increasing burden of environmental regulation.Growth in the dry bulk fleet was concentrated in the larger Panamax and Capesize segments in which capacity expanded 3.2% compared to 2.8% in 2017, it said.The global fleet of Handysize and Supramax ships in which

11 Apr 2019

Total, Exxon Sign for Papua New Guinea LNG Project

French energy giant Total and its partners ExxonMobil and Oil Search have signed the Gas Agreement with the Independent State of Papua New Guinea defining the fiscal framework for the Papua LNG Project.The Papua LNG project Gas Agreement allows the partners to enter the Front-End Engineering Design (FEED) phase of study that will lead to the Final Investment Decision in 2020.“The finalization of the Gas Agreement is a major milestone for Papua LNG project that confirms the commitment of all partners and the Government of Papua New Guinea to make the project a success for all stakeholders”, said Patrick Pouyanné, Chairman and CEO of Total.“We…

19 May 2019

Pacific Basin Closes New Credit Facility

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115 million 7-year reducing revolving credit facility secured over 10 of the Company’s owned ships.The new facility is supported by a syndicate of three leading international banks, said a press release from the dry bulk shipping company.Borrowings under the facility will carry an interest cost of Libor plus 1.35%, extend the Company’s overall amortisation profile and enhance its financial flexibility, it said.Peter Schulz, CFO of Pacific Basin, said: “We are very pleased with the terms of this new facility which further increases our funding…

15 Feb 2019

GasLog: LNG Demand Grew 9% in 2018

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018. The outlook remains robust, with Wood Mackenzie forecasting compound annual growth in global LNG demand of 6% between 2018 and 2025.This growth is expected to be broad-based…