Bank ship finance for Greek shipping has decreased during 2023 by 2%, Petrofin Research said in its latest annual report. The overall Greek loans (both drawn and committed but undrawn) booked both in Greece and worldwide as of 31/12/2023 are down to $50,891.42 compared to $51,909.77m in 2022, $52,580.03m in 2021, $49,794.51m in 2020, $53,107.8m in 2019, $53,176.32m in 2018, $53,994.96m in 2017 and $57,211.35 in 2016. Despite robust new loans generation as the year progressed, the high interest rates and loan repayments made it difficult for most banks to ...

Tanker ordering levels have increased during the first few months of 2024. So far this year, 104 Tankers have been added to the global orderbook, up from 79 for the same period last year, representing a year-on-year increase of c.32%. Values for Tanker newbuildings have also increased across all subsectors. LR2s of 115,000 DWT show the biggest leap, up by c.7.31% from the start of the year from USD 69.11 mil to USD 74.16 mil, as values for this sector maintain their upwards trajectory and hover around the highest levels ...

A shortage of OSV vessels is a catalyst for significant digital transformation within the industry. Many OSV vessels were decommissioned or withdrawn during the pandemic, and with markets now recovering, this is leading to a scarcity that has resulted in higher day rates, with higher costs exacerbated by fuel costs that are also on the rise. Opsealog’s Business Director, Damien Bertin, explains how, in response, the sector is turning to digital solutions to optimize fleet management and fuel efficiency, which is shaping the industry’s approach to operational challenges. The current ...

The ship recycling markets have shown a mixed picture during the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the ship recycling markets across four key destinations, distinct trends are observed. In India, the market shows positive momentum with stable rates, and prevailing conditions suggest continued market favorability, assuming stable supply levels and no major geopolitical disruptions. Bangladesh’s market has reactivated post-Eid holidays, experiencing a slight increase in activity and a rise in inquiries, with clearer market trends expected ...

The high frequency of mooring operations and a high level of human involvement have resulted in multiple safety incidents related to mooring over recent years. The International Group of P&I Clubs reported 858 injuries and 31 fatalities involving mooring operations during the five-year period before 2021. This has been a key driver behind new SOLAS requirements related to mooring from the IMO. New SOLAS requirements for safe mooring With widespread recognition that the safety of mooring operations needs to be improved, amendments by the IMO to SOLAS regulation II-1/3-8 and ...

“Since the European Union sanctioned Russian oil exports in 2022, crude oil and dirty and clean petroleum products (CPP) have found new buyers. India and China have taken most of the crude oil and dirty products while Türkiye and Brazil have emerged as the main buyers of CPP. Year-to-date, Brazil’s import of Russian CPP has increased by 135% year-on-year,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. Historically, the US has been the main supplier of CPP to Brazil, accounting for about 50% of all Brazilian CPP imports. Since April ...

Increasing ton-mile demand is projected to become the norm in the tanker market, prompting many owners to increase their exposure to larger vessels. In its latest weekly report, shipbroker Intermodal said that “the first quarter of 2024 saw a great deal of movement and disturbance in the crude oil market, mostly due to strategic production adjustments and geopolitical conflicts. Rising tensions in the Middle East and noteworthy disruptions to Russian refinery operations marked the beginning of the period, which had a major effect on supply limitations and general market circumstances. ...

Iran’s recent attack on Israel has escalated the tensions in the Middle East and raised concerns over LNG trade through the Strait of Hormuz (SoH), a key and only feasible passage for Qatar and the UAE to export LNG. Any further escalation, leading to the closure of the SoH could impact LNG shipping as 21% of the global LNG supply could be affected. The Strait of Hormuz is a vital strategic passage for the Middle East, supporting its international trade and regional integration. The artery is significant for the LNG ...

The longevity of the Red Sea crisis holds the key to global freight rate levels and the fortunes of container shipping lines in 2024 and beyond. Hua Joo Tan, Founder of container market intelligence analyst firm LINERLYTICA, told the latest episode of The Freight Buyers’ Club podcast, that the extra capacity sucked up by diversions of vessels around southern Africa to avoid conflict in the approaches to the Suez Canal was the main factor preventing excess vessel supply sinking freight rates and liner profits. According to LINERLYTICA, more than 3m ...

Ton-mile demand is up across the board in the tanker market, helping keep rates high. In its latest weekly report, shipbroker Gibson said that “with the one third of the year already over and the Red Sea still off limits to the majority of the tanker market, we examine how crude and product trade flows have changed to account for the necessary rerouting. Evidently different subsectors have been impacted differently. Volatility in clean product freight rates has been far higher than in the crude market. However, both sectors have had ...

Capesize The Capesize market endured a challenging week, marked by persistent negativity across both the Pacific and Atlantic regions. The week commenced sluggishly, with the BCI 5TC dropping by $1,133 on Monday, setting a negative tone. Conditions generally deteriorated in both regions, with decreased rates and limited activity, reflecting softer market sentiment. However, the level of activity picked up during the course of the week, particularly in the pacific, with all of the miners active, although the negative trend continued, albeit with a slight slowing in the rate of decline. ...

As April draws to a close, the crude freight market sentiment for VLCC and Suezmax tankers segments confirms a downward trajectory, contrasting with a sense of stability observed in the Aframax Med route, albeit accompanied by a decline in vessel activity. Turning to the demand side, the outlook for both dirty and clean tanker vessel sizes paints a challenging picture for the upcoming days of May. A clear downward trend is evident, poised to exert pressure on market prices, while signals of increased supply further compound the situation. A closer ...

The global seaborne crude oil market grew during the first quarter of 2024, but this wasn’t the case with the Arabian Gulf. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in JanMar 2024, when global loadings increased by ...

The International Energy Agency’s (IEA) latest Oil Market Report paints a surprising picture for the future of oil. While global oil demand is expected to notch up some growth in 2024 and 2025, the pace of that increase is slowing dramatically, hinting at a potential peak in consumption sometime this decade. This marks a significant shift from the oil supercycle of the past, characterised by ever-increasing demand. This slowdown can be attributed to several factors. The exceptional demand surge witnessed in 2022 and 2023, fuelled by post-pandemic economic recovery and ...

Like so many industries, the intermodal transportation sector runs on data. Clear, accurate and up-to-date information informs the strategies and business decisions of terminal operators and port authorities. The digital age gives us different methods to gather and track this data, including direct data feeds and data scraping. Data scraping involves extracting information from websites using an automated tool. Even though the practice is widespread, data scraping introduces several issues, including potential legal and ethical problems and degraded or out-of-date information. This is what makes the SPEAR approach valuable to ...