The grouping’s five Asia-North Europe services will remain largely unchanged, other than in the UK where one call has been switched from London Gateway to Southampton. However, the switch will be profit-neutral for terminal operator DP World, which runs container operations at the two ports under a unified management. Hamburg and Rotterdam will both retain five weekly calls and Antwerp three, while Southampton will gain one weekly call to make four a week ? although there have been reports from hauliers about growing congestion at the port over the course of the past year. However, in terms of
The United States (US) government lifted their restrictive policy on crude oil exports in December 2015. In September and October 2017, increased demand from Asia and Europe has caused US seaborne export of crude oil to surpass the US seaborne export of oil products in terms of billion tonne miles. This is due to US crude oil being exported twice the sailing distance of US oil products. In October the seaborne exports of crude oil amounted to 46 billion tonne miles whereas the US export of oil products was equivalent to 43 billion tonne miles. Despite the US seaborne exports of crude oil, bein
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyonce and Taylor Swift combined. This week, a shipping company announced that it is working on a deal that will be paid in Bitcoin, which is believed to be an industry first. But does Bitcoin have a future in shipping? Firstly, what is Bitcoin? It is digital and seen as an alternative currency. Unlike the notes or coins, it largely exists online and is not printed by governments or traditional banks. A small but growing number of international businesses, including Expedia and Microsoft, accept Bitcoins, which work
With two months of 2017 still to go, the number of secondhand sales this year has reached the highest annual level since 2007, even if this has not been the case in value terms, with secondhand prices hovering at low levels this year in many sectors. Sales activity has been particularly firm in the bulkcarrier and boxship sectors, and the usual owner nations have been actively buying and selling vessels. Sale And Purchase Swarm As of start November 2017, 1,400 vessels of a combined 79.4m dwt have been sold on the secondhand market this year, the largest annual number since 2007 and the second
Addressing government trade negotiators in the OECD Working Party on Shipbuilding at a workshop on ‘green growth’ in Paris today, the International Chamber of Shipping (ICS) asserted that the shipping industry could only be environmentally sustainable if it is economically sustainable too. ‘The perennial challenge facing shipowners is overcapacity, aided and abetted by government subsidies and support measures that encourage shipyards to produce ships that are surplus to requirements’ said ICS Director of Policy Simon Bennett. ‘If governments are serious about helping the shipping industry del
Every year, readers of the Shipping Intelligence Weekly are invited to submit their predictions of the value of the ClarkSea Index at the start of November the following year. Last week the ClarkSea Index stood at $12,323/day, up 31% on the 2016 average level. This reflects some improvements in shipping market conditions, but how did it match up to the views of the entrants in our competition? Ever The Optimists? It might be the general perception that shipping industry players should be an optimistic bunch. Markets are extremely volatile (VLCC spot earnings are 2.5 times more volatile than th
The world’s first smart ship, developed and built by China State Shipbuilding Corp, has started its first trial voyage in Guangzhou, capital of Guangdong province, The 38,800-metric ton bulk carrier, named Great Smart, started a weeklong trial on Tuesday off Guangzhou and will be delivered at the end of this year to an unidentified leaser, CSSC said in a statement. It was designed primarily by Shanghai Merchant Ship Design and Research Institute and built by Huangpu Wenchong Shipbuilding Co in Guangzhou. The two entities are subsidiaries of CSSC. The ship is a modified version of the Green Dol
A well-known football manager once commented on the “bouncebackability” of his team after they had followed a defeat with a victory. This year and last, global seaborne trade growth, following a weaker performance in 2015, has illustrated its ability to bounce back strongly, and on the back of a range of positive trends is currently expected to reach close to 4% in full year 2017. Bouncing Back Aggregate world seaborne trade is projected to grow by 3.9% in full year 2017. This follows on from growth last year of 2.8%, which itself was a major bounce back from the sluggish growth of 2.1% regist
New environmental rules on shipping fuel due to come into force in a few years will affect the global crude oil market, with big cost implications for maritime shippers and fuel producers. The decision by the International Maritime Organization to lower the limit on sulfur content for fuel oil used in ships, which is expected to take effect in 2020, could boost consumption low-sulfur “light” crude oil. This will push up fuel costs for the maritime shipping industry, which is being warned to prepare for the change. Savvas Manousos, global head of trading at Maersk Oil Trading, said the new regu
When shipping markets start to move into the next phase of the cycle following a downturn, sometimes the percentage increases in earnings can look very impressive indeed. But of course they’re generally from a low base. With some of the shipping sectors now moving into a new phase, how else might the improvements be put into a helpful context? Turn Time? Clearly the percentage increase in earnings in each sector doesn’t really capture the essence of the relative position in the market cycle. Across September, earnings for a 2,750 TEU containership were up by 55% since Aug-16, and Capesize spot
The United Nations has banned four ships from visiting any global port, after they were found violating sanctions imposed on North Korea. Hugh Griffiths, co-ordinator of a UN panel on North Korean sanctions, described the move as unprecedented. The ships were reportedly the Petrel 8, Hao Fan 6, Tong San 2 and Jie Shun. The UN Security Council expanded sanctions on North Korea last month in response to Pyongyang’s sixth and largest nuclear test yet. The ban was announced following a UN meeting on Monday. Mr Griffiths, speaking after the meeting on the enforcement of sanctions on North Korea, sa
By Mike Wackett - The International Union of Marine Insurance (IUMI) has warned that Solas firefighting regulations for container vessels are “inadequate” - particularly as ships have grown in recent years. IUMI said the regulations were developed for general cargo vessels, where freight is stored openly in holds, and are “not suitable for a modern containership”. It added: “With the growing size of container vessels and a recent spate of fires on board these ships, IUMI is concerned that current firefighting provisions are insufficient.” IUMI listed high-profile examples, including the mid-A
By Alexander Whiteman ? In response to the growing threat of cybercrime to the shipping sector, the UK government has launched a new code of practice to help shipowners improve security. There are also concerns that vessels with insufficient protection against cyber-attacks could be arrested. Parliamentary undersecretary for aviation, international and security at the Department for Transport Martin Callanan unveiled the Cyber Security Code of Practice for Ships during London International Shipping Week. Mr Callanan said cyber security was becoming an increasing concern for industries across t
Since remote antiquity the essential importance of energy to human civilization has been well appreciated: in ancient Greek mythology for example, it was the secret of fire that the Titan Prometheus stole from the gods and gifted to mankind. Today the still increasing energy needs of humanity are greater and more diverse than ever before. And in this energy tale, shipping of course plays a titanic role… Energy consumption is ubiquitous in economic activity in the contemporary world, from the internal combustion engine to the many fruits of electrification. In 2016, total primary energy consump
The world of seaborne trade spreads across a wide range of commodities and goods. But in terms of growth, at any point in time some elements look overweight or underweight compared to their share of trade in total. And once distance by sea comes into the equation, things can be even more complex. This week’s Analysis examines the tale of the scales since the downturn of 2009. The wide spectrum of seaborne trade is well known, with a range of cargo types contributing to a projected 11.5bn tones this year. Crude oil and oil products account for 27% of the total, dry bulk for 44% and containers f
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