Latest Maritime News
January 1-11, 2019
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South Korean Shipyards Reclaim Top Spot from China
For the first time in seven years, South Korean shipyards have reclaimed the lead on shipbuilding orders, according to newly released data from Clarkson Research.
The data shows that South Korean yards received new orders for a combined 12.63 million compensated gross tons (CGTs) in 2018, 44.2 percent of the 28.6 million CGTs received globally. China, at number two, received orders for 9.15 million CGTs and Japan received orders for 3.6 million CGTs.
Increased orders for LNG carriers have helped South Korean shipbuilders retake the top spot. South Korea's Samsung Heavy Industries announced on December 31 that it had received an LNG carrier order worth around $190 million: the latest in a string of orders including four others in December for a total of six LNG carriers.
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(Source: The Maritime Executive).
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Goldman Sachs Cuts 2019 Brent Crude Oil Price Forecast to $62.5/b
Goldman Sachs has cut its average price forecast for Brent crude oil this year by 11% as growing volumes of US shale oil reach the market, production costs fall and uncertainty continues to hang over the pace of global oil demand growth.
Low-cost production capacity is growing both within OPEC and the US, where new pipelines are set to boost supplies of Permian shale oil into the global oil market this year, Goldman said in a note Monday. The year is also starting with higher global oil stocks while weaker than previously expected demand growth expectations remain a constraint on prices, it said.
Brent spot prices are expected to average $62.5/b this year, down from $70/b previously, with US benchmark WTI seen averaging $55.5/b, down from a $64.5/b, Goldman said. The bank's respective oil price forecasts for 2020 are unchanged at $60/b and $54.5/b.
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(
Source: S&P Global).
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Tanker Market in 2019: Will it be Another Rollercoaster Ride?
Tanker owners were faced with a mixed bag in the freight rate market, as there were highs, as well as lows throughout 2018, or as shipbroker Gibson commented in its latest weekly report, it has been a year of extremes. “For most part trading conditions have been very challenging amid a persistent oversupply of tonnage, with spot earnings often well below operating expenses. TCE returns for VLCCs trading on the benchmark TD3C voyage from the Middle East to China averaged just over $11,000/day during the 1st nine months of the year.
However, since early autumn, notable increases in loadings out of the Middle East and strong demand from Asian refiners for Middle East and Atlantic Basin crudes have contributed to a very impressive rebound in earnings, with TD3C averaging in Q4 at over $50,000/day. Smaller crude tankers were quick to follow suit, supported by the jump in VLCC rates, a rebound in Nigerian crude production and higher Libyan crude exports, while weather disruptions in the Mediterranean and escalating delays in Bosporus also played an important role.
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(Source: Hellenic Shipping News).
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China Bans Open-Loop Scrubber Discharge at 'Some' Ports
China's maritime authority has banned the discharge of "wash water" used in ships to strip hazardous sulphur emissions from engine exhaust gases from Jan. 1 for some ports, according to a government document reviewed by
Reuters
on Tuesday.
The ban on water discharge from so-called open-loop scrubbers is part of an effort to prepare for
International Maritime Organization
(IMO) rules that will ban ships from using
fuel oil with
a sulphur content of more than 0.5 percent from 2020, compared with 3.5 percent now, unless they are equipped with exhaust "scrubbers" to clean up sulphur emissions.
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(Source: Marine Link).
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Sulfur Declaration Now Required on BDNs
Mandatory amendments to bunker delivery notes (BDNs) entered into force on January 1, 2019, requiring suppliers to declare the sulfur content of supplied fuel.
IMO says the amendments, which have been made to Appendix V of MARPOL Annex VI, are intended to address situations where the supplied bunkers do not meet the sulfur cap requirements, but are supplied to a ship which is using a permitted alternative method of compliance such as a scrubber.
As the global sulfur cap tor marine fuel is 3.50%, and the average sulfur content of HSFO is around 2.7%, non-compliance with the current cap outside of ECAs IS typically not an issue.
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(Source: Ship & Bunker).
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Current Price Indications
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