Latest Maritime News
March 11-25, 2019
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Shipping Confidence Up Despite Ongoing Geopolitical Uncertainty
Confidence in the shipping industry has risen in the last three months despite ongoing geopolitical uncertainty, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO.
The average confidence level rose to 6.2 out of maximum score of 10.0 this quarter compared to 6.0 in Q4 2018.
Confidence was up in Europe, from 6.1 to 6.3, and in North America, from 5.2 to 5.6. In Asia, meanwhile, there was a drop in overall confidence levels to 5.8 from the 12-month high of 6.3 recorded in the previous quarter.
Brokers were behind much of the increase in confidence. Their score was up from 5.2 to 5.9. The rating for owners and managers was down slightly from 6.4 to 6.3 and from 6.0 to 5.8 respectively. Charterers’ confidence was also down, from 6.8 to 6.0, although this still compared favorably with the rating of 5.0 returned 12 months ago.
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US Oil Prices Hit $60 A Barrel For The First Time Since November
US oil prices have spiked 40% since Christmas Eve thanks to OPEC's aggressive production cuts.
Crude's recovery from last year's bear market hit another milestone on Wednesday. Oil topped $60 a barrel for the first time since November 9.
The dramatic rebound mostly reflects the effectiveness of the strategy implemented by Saudi Arabia-led OPEC. The oil cartel and its allies, including Russia, agreed last year to sharp production cuts in response to a supply glut formed in part by surging US output.
"The positive sentiment from OPEC's cuts is outweighing the bearish impact of the US shale boom," said Matt Smith, director of commodity research at ClipperData. "They are working."
Continue reading here
(
Source: MSN).
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Dry Bulk Market: Mid-Sized Bulkers Could Be Headed Towards Higher Ground
Predicting the future course of the dry bulk market has proven to be more than difficult these days, with most estimates falling way off the mark given the unpredictability of freight rates and the effect of one-off events, like the recent Vale accident, which took out of the market a major part of dry bulk cargoes.
In its latest weekly report, shipbroker Allied Shipbroking said that “it is rather superfluous to mention the overall bearish mode that has taken grip of the dry bulk sector right now. With the BDI index having witnessed an average of 642 basis points since the start of the previous month till today, and the Capesize 5TCAVG, at the same time, easing back to US$ 6,290/day, the argument behind this bearish feel seems more than self-explanatory. In the pursuit of looking for a silver lining in all of this, many would point to the current “ill” state being but a mere reflection of a single, unique shock (referring to the Vale accident), or to use a more technical term, part of a “tail risk””.
Continue reading here
(Source: Hellenic Shipping News).
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Uncertainty Remains Over Who Will Pay For Compliance With IMO 2020
Carriers and shippers remain in dispute over who will pay for compliance with the pending sulphur fuel cap.
And they have further concerns over unified global enforcement.
At the European Shippers’ Council Maritime Day 2019, Nick Lurkin, of the Royal Association of Netherlands’ Shipowners (KVNR), said carrier customers needed to accept the cap.
“With the IMO regulations there is no delay, even if there are still some that think it will be delayed – it won’t. And as shipowners, we do not want any delays as all they bring is uncertainty, although it seems there remains a lack of cohesion in terms of fuel availability.”
Continue reading here
(Source: The Load Star).
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IMO Under Pressure To Tighten 2020 Reporting
With just over nine months to go until the 2020 sulphur cap comes into effect, governments are trying to add safeguards against potential fuel oil quality and availability issues by tightening data and reporting requirements.
Divisions emerging between IMO member states over whether tightened reporting requirements in advance of 2020 should be mandatory or voluntary.
Fuel oil suppliers, inspection authorities and fuel testing agencies are coming under the microscope as governments and regulators try to allay persistent concerns about 2020 sulphur cap-compliant fuel oil availability and quality.
The European Union, major flag and shipping states, and shipping lobbies, are pushing the IMO and member states to develop a more comprehensive fuel oil data collection and analysis policy, amid widespread under-reporting from states.
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(Source: Lloyd's List).
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Port Growth to Level Off Over Next Decade
Volume growth will continue for ports throughout the world but at a more modest pace over the next 10 years, according to Fitch Ratings in a new report.
Global port throughput has shown resilience over the last 10 years with throughput growth outpacing economic growth rates despite volatility through the last recession. Containerization of cargo and increasing vessel sizes coupled with supporting infrastructure at ports have all contributed to these throughput trends.
However, growth rates are slowing relative to historical averages as these trends mature, and volume growth, while expected to continue, will likely more closely mirror that of global GDP. An increase in protectionist trade policies, shifts in centers of production and the advent of disruptive technologies are all factors which add further complexity in considering future throughput levels.
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(Source: The Maritime Executive).
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Current Price Indications
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