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Selected News Headlines 2018/Q2

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO  (11/06/2018 – 18/06/2018)

Trade War Looms as China Promises New Tariffs – On Saturday, Beijing announced that it will match President Donald Trump’s plan to impose 25 percent tariffs on $50 billion worth of Chinese goods, raising the possibility of a damaging trade war. China’s countervailing tariffs will impose the same penalty on more than 650 American products, including agricultural commodities and American-made cars. (Maritime Executive: click here)

MPA Singapore urges shipowners to collect fuel oil data by September – MPA Singapore issued a circular urging shipowners to submit their Ship Energy Efficiency Management Plan by the 1st of September 2018, before IMO’s requirement of fuel oil consumption data for vessels becomes mandatory in a global scale. Safety for Sea: click here)

Current Bunker Issues in US Gulf – Following the continued coverage of bunker issues in the US Gulf, the Club has produced this short FAQ in conjunction with Brookes Bell. Should you have any further questions or claims arising, please contact your usual P&I or Defence claims handler. (Hellenic Shipping News: click here)

Crew evacuated as CSL bulker burns – Firefighters tackle blaze in operation that could last for days on iron ore ship in Australia. All 20 crew have been evacuated from a burning bulker at Port Kembla in Australia. The operation to contain the blaze on the 51,000-dwt Iron Chieftain (built 1993) (TradeWinds: click here)

8 Crew Evacuated from Sinking Turkish Freighter off Croatia – Eight crew members of Turkish cargo ship Haksa have been evacuated after the freighter started sinking while underway in the Adriatic Sea, around 16 nautical miles off Croatia’s Jabuka Island, the Ministry of the Sea, Transport and Infrastructure of the Republic of Croatia said on Sunday. (World Maritime News: click here)

Bulker, Utility Vessel Collide due to Lack of Proper Lookout – The bulk carrier Jag Arnav collided with a fast utility vessel in June 2015 due to the lack of a proper and effective lookout by all available means on the vessels. (World Maritime News: click here)

Aquarius Eco Ship Project: Japanese Companies Push for Renewable Energy in Vessels – In April this year the International Maritime Organization (IMO) outlined its vision to reduce greenhouse gas emissions from shipping by at least 50% by 2050. This, along with other policy initiatives such as reducing the sulphur content in marine fuels and emission control areas, is driving technological changes across the shipping sector aimed at reducing airborne emissions. (Hellenic Shipping News: click here)

Dry Bulk Market: Capesize Index Shows Further Improvement – Capesize: The Atlantic market improved this week, with increased activity from Brazil for July shipments plus a few June cargoes fuelling rate rises, with close to $20.00 rumoured paid. Panamax: A somewhat strange week, which started very slowly following Posidonia, and ended with a holiday in Singapore. Supramax: US Gulf captured the spotlight this week in the Supramax-Ultramax pool. Rates moved sharply higher for the Gulf area with cargoes for late June dates lending support. Handysize: Most market sources suggested from EC South America, larger-sized handy vessels were seeing improved offers, with more cargoes in the market for second-half June. (Hellenic Shipping News: click here)

Baltic Dry Index climbs to 1445, up 12 points – Today, Friday, June 15 2018, the Baltic Dry Index climbed by 12 points, reaching 1445 points. (Hellenic Shipping News: click here)

 

 
15.06.2018
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,445
1,391
+54
+3.9%
820-1,743
BRENT ($/bbl)
75.7
76.9
-1.2
-1.5%
WTI ($/bbl)
66.8
65.5
+1.3
+2.0%
MGO ROTTERDAM ($/mt)
642.5
634.5
+8.0
+1.3%
MGO  FUJAIRAH ($/mt)
715.5
717.0
-1.5
-0.2%
MGO SINGAPORE ($/mt)
669.5
670.0
-0.5
-0.1%
ULSFO ROTTERDAM, MAX 0.1% SULPHUR ($/mt)
610.0
619.0
-9.0
-1.5%
LSMGO SINGAPORE, MAX 0.1% SULFUR DISTILLATE ($/mt)
671.0
678.0
-7.0
-1.0%
IFO 180 ROTTERDAM ($/mt)
453.5
464.0
-10.5
-2.3%
IFO 180 FUJAIRAH ($/mt)
511.0
516.0
-5.0
-1.0%
IFO 180 SINGAPORE  ($/mt)
481.0
487.0
-6.0
-1.2%
EUR-USD
1.16
1.18
+0.02
+1.6%
GBP-USD
1.33
1.34
+0.01
+0.7%
USD-JPY
110.66
109.55
-1.11
-1.0%
USD-KRW
1097.81
1075.88
-21.93
-2.0%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

05 June 2018 - 11 June 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (05/06/2018 – 11/06/2018)

Shipping organisations decry overbearing regulation

BIMCO, ECSA, INTERTANKO and INTERCARGO take the fight over regulation to Athens during the Capital Link conference at Posidonia, complaining that the shipping industry has become legislative guinea pig, denigrated by European politicians and targeted owing to a lack of political weight. […] Intercargo chairman John Platsidakis questioned whether they had received commitments from refineries that they will have sufficient low sulphur fuels by 2020, a recurring concern shared by shpowners and operators. “My understanding is that if you press the refineries, there is a political cost. But if you do so on tramp shipping there is none. Because tramp shipping appears to be almost stateless and the political value or the political weight of tramp shipping is very low,” he said. Mr Platsidakis added that consumers are either ignorant of, or cannot know of, the contribution of the very efficient contribution of the shipping market. “It is the charterers who, at the end of the day, will have to provide the ships with the appropriate bunkers. But so far we have heard so little from them,” he said.

(Lloyd’s List: click here)

Posidonia 2018: Shipowners Stand Alone in Cutting CO2 Emissions

The new environmental regulations have been at the center of attention at this year’s edition of Posidonia trade show in Athens, Greece, which took place from 4-8 of June. The upcoming sulphur cap in 2020 and the initiative to halve shipping industry’s carbon footprint by 2050 have been in the spotlight together with the immediate implications of the ballast water management convention. (World Maritime News:  click here)

 EMSA – Sulphur Inspection Guidance from the European Commission

European Maritime Safety Agency (EMSA) has posted the document Sulphur Inspection Guidance. It is intended to provide guidance to EU port state control agencies for a harmonized approach to the inspection of ships, ascertaining their compliance, identifying non-compliances, and applying control procedures for the enforcement of Directive (EU) 2016/802 (codification of Council Directive 1999/32/EC), as regards the sulphur content of marine fuels. (Maritime Cyprus: click here)

European and International Social Partners in the Maritime Sector call for specific procedures for seafarers to obtain Schengen visas

The European and International Social Partners in the Maritime Sector; the European Community Shipowners’ Associations (ECSA), the European Transport Workers’ Federation (ETF), the International Chamber of Shipping (ICS) and the International Transport Workers Federation (ITF) support the ongoing efforts to facilitate seafarers’ travel to and from the EU through amendments to the visa rules between Member States.

The common position of ECSA, ETF, ICS and ITF on the new legislative proposal to revise the Union Code for Visas can be found here.

AiP of LNG dual-fuelled 210K DWT bulk carrier design

SWS and LR have agreed to jointly develop an LNG dual-fuelled Newcastlemax 210K DWT bulk carrier design. SWS produced the design and updated it to incorporate LNG propulsion, based on their existing conventional 210K DWT bulk carrier. LR provided assistance and support, in terms of the LNG fuel system application and verifying the design against the IGF code, LR’s Gas Fuelled Rules as well as other relevant applicable standards. (Hellenic Shipping News: click here)

 Indonesia pulls plug on bulker restrictions

The Indonesian government has finally scrapped a plan to restrict foreign shipowners’ involvement in the coal trade. The rules were scheduled to be implemented in February, but were postponed until 2020 after an outcry from domestic exporters. They would have meant coal, rice and palm oil cargoes had to be carried on Indonesian-flagged ships in the first instance. Now Indonesian trade minister Enggartiasto Lukita has confirmed the regulations have been revoked, according to Indonesia Investments. (Tradewinds: click here)

Queue at Australian PWCS coal terminals rises on week to 28 vessels

Port Waratah Coal Services’ two terminals at Newcastle port in eastern Australia had 28 ships waiting offshore Sunday, compared to 20 a week ago, the Hunter Valley Coal Chain Coordinator said in its weekly report Monday. (Hellenic Shipping News: click here)

Paraguay soybean exports to top Argentina’s for first time

Paraguay is forecast to export more soybeans than neighboring grains powerhouse Argentina for the first time this year as growers in the smaller country push to increase output and fill the supply gap left by a drought on the Argentine Pampas. (Hellenic Shipping News: click here)

Dry Bulk Market: Capesize Index Takes Off

Capesize: Despite the major Posidonia event in Greece, rates for the big ships took off this week, with the stars seeming to be working in conjunction, with both the Pacific and Atlantic markets active. Panamax: There was significantly more period interest than last week, with rates improving from $13,000/low $13,000s for one year on a Kamsarmax last week. Supramax: With many travelling in Greece this week, the Supra and Ultramaxes remained quiet at the beginning of the week, but rates from the US Gulf started to climb soon after. Handysize: The BHSI had minimal changes throughout the week, mimicking a similar pattern as Supramax/ Ultramax vessels in the US Gulf and East coast South America. (Hellenic Shipping News: click here)

 

 
08.06.2018
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,391
1,156
+235
+20.3%
818 – 1,743
BRENT ($/bbl)
76.9
77.6
-0.7
-1.0%
WTI ($/bbl)
65.5
67.1
-1.5
-2.3%
MGO ROTTERDAM ($/bbl)
634.5
654.5
-20
-3.1%
MGO  FUJAIRAH ($/bbl)
717.0
723.0
-6.0
-0.8%
MGO SINGAPORE ($/bbl)
670.0
689.0
-19.0
-2.8%
IFO 180 ROTTERDAM ($/bbl)
464.0
464.5
-0.5
-0.1%
IFO 180 FUJAIRAH ($/bbl)
516.0
521.0
-5.0
-1.0%
IFO 180 SINGAPORE  ($/bbl)
487.0
485.5
+1.5
+0.3%
EUR-USD
1.18
1.17
-0.01
-1.1%
 GBP-USD
1.34
1.33
-0.01
-0.4%
USD-JPY
109.55
109.54
-0.01
0.0%
USD-KRW
1075.88
1074.95
-0.93
-0.1%
Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

 

04 June 2018 - 29 May 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (04/06/2018 – 29/05/2018)

Marine fuels industry braces for 2020 sulphur cap shock – in the game after 2020. As an industry with relatively low barriers of entry compared with shipping, the marine fuels sector has been a place where…. “The bunker industry will not be the same post-2020, and I don’t think we as an industry have quite recognised how significant that will be,” Tolson (TradeWinds: click here)

International flavour to Posidonia 2018 conference and seminar programme – The Posidonia 2018 conference and seminar programme have a truly international flavour being organised by companies and organisations from around the world from Brazil to France, Norway, Panama to Poland, from Mexico to Korea and Japan and from South Africa to the UK and of course Greece. (Seatrade-Maritime: click here)

The Complexities of the IMO 2020 Sulphur Rule on Bunker Fuels – The latest environmental legislation on shipping and the looming 2020 rule on bunkers will be a central point of discussions which are expected to be held in Athens over the course of the next couple of weeks. (Hellenic Shipping News: click here)

Dry Bulk Market: June Promises to be a “Hot” Market says shipbroker – There are a number of variables coming into play in the dry bulk market at the moment, enough to mark a shift in the freight rate dynamics. (Hellenic Shipping News: click here)

Dry Bulk Market: Capesize Market on Recovery Mode Once Again – Capesize: A turnaround in fortunes for the big ships as the week ended, with rates recovering generally, although the North Atlantic remained slow. Panamax: After a disjointed start to the week with the holidays in the UK, Greece and Singapore, rates appeared to be under pressure everywhere and the sentiment was initially gloomy. Supramax: A short week, with a public holiday in the UK and Greece on Monday, and another on Tuesday in Singapore, led to the market being described as ‘lethargic’, particularly in the Atlantic, whilst the Pacific remained largely flat. Handysize: Similar to the larger-sized, the Handysize Index remained largely unchanged throughout the four publishing days. (Hellenic Shipping News: click here) 

Baltic Dry Index climbs to 1156, up 66 points – Today, Friday, June 01 2018, the Baltic Dry Index climbed by 66 points, reaching 1156 points. (Hellenic Shipping News: click here)

 

 
04.06.2018
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,156
 
818 – 1,743
BRENT ($/bbl)
77.61
75.3
+2.3
+3.1%
WTI ($/bbl)
67.05
 
MGO ROTTERDAM ($/bbl)
654.5
664.0
-9.5
-1.4%
MGO  FUJAIRAH ($/bbl)
723.0
724.0
-1.0
-0.1%
MGO SINGAPORE ($/bbl)
689.0
691.0
-2.0
-0.3%
IFO 180 ROTTERDAM ($/bbl)
464.5
463.0
+1.5
+0.3%
IFO 180 FUJAIRAH ($/bbl)
521.0
507.0
+14.0
+2.8%
IFO 180 SINGAPORE  ($/bbl)
485.5
478.5
+7.0
+1.5%
EUR-USD
1.17
1.16
0.00
-0.3%
GBP-USD
1.33
1.33
0.00
-0.3%
USD-JPY
109.54
109.42
-0.12
-0.1%
USD-KRW
1074.95
1074.00
-0.95
-0.1%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

21 May 2018 - 29 May 2018

 

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (21/05/2018 – 29/05/2018)

IMO Approves US-Russian Proposal on Bering Strait Shipping Routes – The International Maritime Organization (IMO) has given the green light to a joint US-Russian proposal on regulating shipping in the Bering Strait, Russian transport ministry said in a statement. (World Maritime News: click here)

Singapore authorities warn vessels over smoke emissions in port – The Maritime & Port Authority of Singapore (MPA) has warned vessels over excessive smoke emissions in the port’s waters. (Seatrade Maritime: click here)

MSC 99 marks first steps to the adoption of autonomous ships – The 99th session of IMO’s Maritime Safety Committee concluded on 25 May, endorsing a framework for a regulatory scoping exercise, as work in progress, including preliminary definitions of autonomous ships and degrees of autonomy, as well as a methodology for conducting the exercise and a plan of work. (Safety4sea: click here)

Dry Bulk Market: Capesize Market on Retreat Mode – Capesize: A depressing time for the big ships as rates eased across the board, with the Atlantic particularly short of cargo, while levels in the East fell despite active fixing from West Australia. Panamax: Atlantic rates continued to come under downward pressure, with a lack of activity especially from the US Gulf and for longer voyages. Supramax: A rather slower week than expected, with the Atlantic in the doldrums and the Asian market seeing a little less activity as the week came to a close. Handysize: The Baltic Exchange Handy Index (BHSI) maintained a similar level as the end of last week, but rates from East coast South America and the US Gulf market slipped further. (Hellenic Shipping News: click here)

Baltic Dry Index falls to 1077, down 32 points – Today, Friday, May 25 2018, the Baltic Dry Index decreased by 32 points, reaching 1077 points. (Hellenic Shipping News: click here)

 

 
25.05.2018
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,077
1,273
-196
-15.4%
818 – 1,743
BRENT ($/bbl)
78.15
78.5
-0.4
-0.5%
WTI ($/bbl)
70.29
71.3
-1.0
-1.4%
MGO ROTTERDAM ($/bbl)
664
657.5
+6.5
+1.0%
MGO  FUJAIRAH ($/bbl)
724.0
719.0
+5.0
+0.7%
MGO SINGAPORE ($/bbl)
698.0
698.5
-0.5
-0.1%
IFO 180 ROTTERDAM ($/bbl)
468.5
470.0
-1.5
-0.3%
IFO 180 FUJAIRAH ($/bbl)
508.0
491.0
+17.0
+3.5%
IFO 180 SINGAPORE  ($/bbl)
485.0
490.5
-5.5
-1.1%
EUR-USD
1.17
1.18
+0.01
+1.0%
 GBP-USD
1.33
1.35
+0.02
+1.2%
USD-JPY
109.41
110.78
+1.37
+1.2%
USD-KRW
1077.91
1077.00
-0.91
-0.1%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

15 May 2018 - 21 May 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (15/05/2018 – 21/05/2018)

Paris MoU to Focus on Air Pollution from Ships – The Paris Memorandum of Understanding on Port State Control (Paris MoU) unveiled its plans to focus attention on marine air pollution in the near future. (World Maritime News:  click here)

IMO head says ‘no possibility of delay’ to sulphur limit rule for marine fuels – International shipping is coming under increased scrutiny due to its role in global environmental emissions. S&P Global Platts had an exclusive opportunity to interview Kitack Lim, Secretary-General of the International Maritime Organization, recently to address some of these concerns. (Hellenic Shipping News: click here)

China sets the pace for flag-state accident reporting – China has produced a report with three other flag states just four months after the Sanchi incident, while in Europe the average investigation and reporting time is 12 months. (Lloyd’s Lists: click here)

Rise of automation puts focus on IMO’s global safety conventions – Regulator is warned ‘immediate solutions’ are required as work begins on developing international safety regulations for automated ships. (TradeWinds: click here)

Bulk carriers collide after loss of AIS transmission – Transport Malta released its report about the 17 May 2017 accident, when Gortynia, a fully laden cape size bulk carrier, collided with the bulk carrier DZ Qingdao in Singapore Strait. The collision happened in the East-bound deep water route of the traffic separation scheme (TSS) off Batu Berhanti. Gortynia sustained major damage to her port side forward ballast tanks, while DZ Qingdao also sustained major damages to her bow. (Safety4Sea: click here)

Two technicians fall from poorly maintained pilot ladder – UK MAIB describes a pilot ladder incident in its latest Safety Digest. Three engineering technicians were ready to disembark a bulk carrier, using a pilot ladder. When two of the technicians were on the ladder, it failed and the two of them fell from a respectable height. Both were transferred to hospital, as they had sustained injuries. (Safety4Sea: click here)

American Club releases document with key regulations for shipowners – The American Club announced that it released the updated “Welcome to the USA!”. This document summarizes key regulations of which shipowners should be aware when trading to and from the United States. (Safety4Sea: click here)

Trade War Averted – China and the U.S. issued a joint statement on Saturday vowing not to launch a trade war against each other. (Maritime Executive: click here)

Judge: Ban on Coal Shipments through Oakland Port Is Invalid – A district judge in the United States has annulled a ban which prohibits the transportation and export of coal through a terminal at the Port of Oakland. (Wold Maritime News: click here)

Dry Bulk: Capesize Market Faces Fall – Capesize: Dramatic drops over the week for the big ships, with the hope of further improvements as the week began being dashed mid-week. Panamax: Despite being an active week with plenty of fixing, the index remained relatively flat throughout the week. Supramax: It was another week of opposites in this sector. Handysize: Both the Atlantic and Asian markets remained largely flat throughout the week, with little activity reported. (Hellenic Shipping News: click here)

Baltic Dry Index falls to 1273, down 32 points – Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. (Hellenic Shipping News: click here)

 

  18.05.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,273 1,472 -199 -13.5% 818 – 1,743
BRENT ($/bbl) 78.51 77.2 +1.3 +1.7%
WTI ($/bbl) 71.28 71.2 +0.0 +0.1%
MGO ROTTERDAM ($/bbl) 657.5 636.5 +21 +3.3%
MGO  FUJAIRAH ($/bbl) 719.0 705.5 +13.5 +1.9%
MGO SINGAPORE ($/bbl) 698.5 682.0 +16.5 +2.4%
IFO 180 ROTTERDAM ($/bbl) 470.0 447.0 +23.0 +5.1%
IFO 180 FUJAIRAH ($/bbl) 491.0 488.0 +3.0 +0.6%
IFO 180 SINGAPORE  ($/bbl) 490.5 477.5 +13.0 +2.7%
EUR-USD 1.18 1.19 +0.02 +1.4%
GBP-USD 1.35 1.35 +0.01 +0.5%
USD-JPY 110.78 109.39 -1.39 -1.3%
USD-KRW 1077.00 1069.40 -7.60 -0.7%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

 

09 May 2018 - 14 May 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (09/05/2018-14/05/2018)

Paris MOU fires 2020 warning – European port state authority says it will take compliance with fuel regs “very seriously”. (TradeWinds: click here)

New initiative to reduce maritime accidents soon to be launched – ABS, the American Club and Lamar University are launching a new initiative to reduce maritime safety incidents. The partnership’s analysis and industry guidance will focus on slips, trips and falls, which are a significant cause of maritime injuries. (Safety4Sea – click here)

Works that require permission in Turkish ports – The Britannia P&I Club informed that there are regulations in place in Turkish ports which do not allow various activities to take place without the permission of the relevant harbour master. (Safety4Sea – click here)

Capesize Market Firming Again – Capesize: A positive mood for the coming days, with rates firming again as the week closed out. Panamax: Period fixing was again evident this week, with the paper market well supported, despite the BPI being slightly negative on a daily basis. Supramax: A story of two halves this week, with routes from the Asian market at better levels than the Atlantic. Handysize: With widespread holidays throughout the week, brokers reported an uneventful time lacking any real action or impetus. (Hellenic Shipping News: click here)

Baltic Dry Index climbs to 1472, up 19 points – Today, Friday, May 11 2018, the Baltic Dry Index climbed by 19 points, reaching 1472 points. (Hellenic Shipping News: click here)

 

  11.05.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,472 1,384 +88 +6.4% 818 – 1,743
BRENT ($/bbl) 77.2 73.2 +4.0 +5.4%
WTI ($/bbl) 71.23 67.9 +3.4 +5.0%
MGO ROTTERDAM ($/bbl) 636.5 628.0 +8.5 +1.4%
MGO  FUJAIRAH ($/bbl) 705.5 684.0 +21.5 +3.1%
MGO SINGAPORE ($/bbl) 682.0 652.5 +29.5 +4.5%
IFO 180 ROTTERDAM ($/bbl) 447.0 422.5 +24.5 +5.8%
IFO 180 FUJAIRAH ($/bbl) 488.0 453.5 +34.5 +7.6%
IFO 180 SINGAPORE  ($/bbl) 477.5 457.5 +20.0 +4.4%
EUR-USD 1.19 1.20 +0.00 +0.1%
 GBP-USD 1.35 1.35 0.00 -0.1%
USD-JPY 109.39 109.12 -0.27 -0.2%
USD-KRW 1069.40 1077.15 +7.75 +0.7%

 

 

30 April 2018 - 05 May 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (30/04/2018-08/05/2018)

ILO Moves to Protect Abducted Seafarers’ Wages – A working committee of the Labor Organization has endorsed an amendment to the Maritime Labor Convention that would ensure the payment of seafarers’s wages while they are held captive by pirates. (Maritime Executive: click here)

Fatigue implicated in overtaking incident – The U.K. Marine Accident Investigation Branch has released its report on the collision between two Hong Kong registered vessels, Huayang Endeavour and Seafrontier, in the Dover Strait in July 2017. (Maritime Executive: click here)

USCG starts CIC for vessels fitted with open lifeboats – The USCG Office of Commercial Vessel Compliance initiated the Concentrated Inspection Campaign (CIC), that is running from 2 May 2018 – 1 May 2019, for all US-flag vessels fitted with open lifeboats. The purpose of the CIC is to ensure that these critical lifesaving appliances are maintained in working order and ready for immediate use. (Safety4Sea: click here)

New Baltic Code of conduct must deliver more than warm words – More than mere pledges to high standards are needed if the revised Baltic Exchange code of conduct is to be relevant and credible in today’s intensely competitive shipping markets. (TradeWinds: click here)

Indonesia postpones plan to allow only domestic firms to ship coal exports – The Indonesian trade ministry has pushed back to May 2020 the requirement for coal to be exported by domestic vessels due to the relative unavailability of such vessels. However, the government has enforced its domestic insurance requirement for cargo (Lloyd’s List: click here)

China to Ban Recycling of International Ships – China plans to stop allowing the recycling of international ships at its yards as of the beginning of 2019. (World Maritime News: click here)

Dry Bulk Market: Capesize Rates On a Roll – Capesize: A positive end to the week for the big ships with gains particularly in the East, on the key West Australia/China run and the majors and operators in the market. Panamax: Holidays disrupted activity during the week, with 1 May especially slow, as even those working were not prepared to move on anything with the result that reporting was very patchy. Supramax: With holidays in many parts of the world this week, the market generally remained very slow. Handysize: A short week with holidays in both Europe and Asia, meant little activity was reported from both basins. (Hellenic Shipping News: click here)

Baltic Dry Index climbs to 1384, up 8 points – Today, Friday, May 04 2018, the Baltic Dry Index climbed by 8 points, reaching 1384 points. (Hellenic Shipping News: click here)

 

  04.05.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,384 1,361 +23 +1.7% 818 – 1,743
BRENT ($/bbl) 73.24 74.4 -1.2 -1.6%
WTI ($/bbl) 67.85 67.9 +0.0 +0.0%
MGO ROTTERDAM ($/bbl) 628 630.5 -2.5 -0.4%
MGO  FUJAIRAH ($/bbl) 684.0 688.0 -4.0 -0.6%
MGO SINGAPORE ($/bbl) 652.5 644.0 +8.5 +1.3%
IFO 180 ROTTERDAM ($/bbl) 422.5 419.5 +3.0 +0.7%
IFO 180 FUJAIRAH ($/bbl) 453.5 455.0 -1.5 -0.3%
IFO 180 SINGAPORE  ($/bbl) 457.5 457.5 +0.0 +0.0%
EUR-USD 1.20 1.21 +0.02 +1.4%
GBP-USD 1.35 1.38 +0.03 +1.8%
USD-JPY 109.12 109.05 -0.07 -0.1%
USD-KRW 1077.15 1076.70 -0.45 0.0%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

23 April 2018 - 30 April 2018

 

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (23/04/2018-30/04/2018)

PSC results optimistic for Australian ports in 2017 – AMSA issued its PSC inspection report for 2017, indicating a significant fall in the detention rate in Australian ports to 5.3%. This result is the lowest since 2006 – with a detention rate of 4.5%. This result is also reflected in the average number of deficiencies per inspection remaining at a low of 2.3%. This outcome was last recorded in 2004. (Safety4Sea – click here)

 

USCG: BWM compliance in the US in 2017 – In its PSC Annual Report for 2017, USCG revealed an annual detention rate of 0.99%, the lowest ever in the US, unveiling however an increase in detentions related to fire fighting and MARPOL Annex I deficiencies. The report also informed that deficiencies related to BWM compliance significantly increased in this period. (Safety4Sea – click here)

 

Ballast Water Equipment Manufacturers’ Association Formed – Manufacturers and stakeholders in the ballast water treatment equipment market have codified a unified manufacturers’ association. (click here)

 

Singapore extends MFM use to distillates bunker fuel from 2019 – Singapore is extending the use of mass flow meters to the delivery of distillates bunker fuel, starting 1 July 2019. (Fairplay – click here)

 

Shipowners urged to address cyber protection – The time is coming when both insurers and lawyers will be more prescriptive when it comes to knowing just what owners had in place should they suffer an attack. (Fairplay – click here)

 

Metals and sugar charterers face freight rate surge in next three years: analyst – Dry bulk freight rates for the smaller sizes of ship are likely to rise significantly over the next three years as demand is expected to outstrip supply, a shipping analyst said. (Hellenic Shipping News – click here)

 

Capesize Market: Gap Between Charterers and Owners Remains Wide – Capesize: Rates eased in the East, as the week closed out with the momentum slowing. Panamax: There were fewer period trades, as the bid/offer gap widened due to the declining spot market, but the few deals done were still at solid levels. Supramax: With the onset of various holidays in the Asian sector next week, this basin saw more activity than the Atlantic this week. Handysize: Overall it was a relatively slow week, with the week beginning much as it had finished the previous week. (Hellenic Shipping News – click here)

 

Baltic Dry Index falls to 1361, down 14 points – Today, Friday, April 27 2018, the Baltic Dry Index decreased by 14 points, reaching 1361 points. (Hellenic Shipping News – click here)

 

  27.04.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,361 1,281 +80 +6.2% 818 – 1,743
BRENT ($/bbl) 74.44 74.1 +0.4 +0.5%
WTI ($/bbl) 67.85 68.4 -0.5 -0.8%
MGO ROTTERDAM ($/bbl) 630.5 635.0 -4.5 -0.7%
MGO  FUJAIRAH ($/bbl) 688.0 693.0 -5.0 -0.7%
MGO SINGAPORE ($/bbl) 644.0 650.5 -6.5 -1.0%
IFO 180 ROTTERDAM ($/bbl) 419.5 414.5 +5.0 +1.2%
IFO 180 FUJAIRAH ($/bbl) 455.0 448.5 +6.5 +1.4%
IFO 180 SINGAPORE  ($/bbl) 457.5 432.5 +25.0 +5.8%
EUR-USD 1.21 1.23 +0.02 +1.3%
GBP-USD 1.38 1.40 +0.02 +1.6%
USD-JPY 109.05 107.66 -1.39 -1.3%
USD-KRW 1076.70 1067.15 -9.55 -0.9%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

16 April 2018 - 23 April 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (16/04/2018-23/04/2018)

ExxonMobil readies release of 2020 bunkers –US-based integrated oil companies is one of the few oil majors to invest in needed upgrades for IMO-ready fuel. (TradeWinds- click here)

Piracy attacks on the rise in west Africa –The International Maritime Bureau has warned of a surge in armed attacks against ships off the coast of west Africa, accounting for more than 40% of global piracy levels in the first quarter of the year. (Fairplay- click here)

Ports urged to take greater role in reducing shipping emissions – Think tank the International Transport Forum says about one-third of the world’s 100 leading cargo ports currently operate emissions reduction financial incentive schemes, but that very little is known about the effects they have on shipping emissions. (Fairplay- click here)

U.S. sorghum armada U-turns at sea after China tariffs – Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed. (Hellenic Shipping News – click here)

Handysize bulker shipowners point to tightening market – Chinese and international handysize owners say the sector is neglected by big financial players and Chinese state-owned shipping giants as well — and ‘maybe that’s a good thing’. Handysize and supramax newbuilding deliveries have fallen short by as much as 45% this year, from an orderbook that is modest to start with. That shortfall, along with regulatory uncertainty and a lack of investor interest compared with other sectors, will keep the handysize market tight in the coming months. (TradeWinds – click here)

Dry Bulk Market Charges Back – Capesize: This week has seen the Cape 5 timecharter weighted average almost double. Panamax: Period interest continued, despite the disparity with spot rates, with the ongoing improvement in the Cape market further boosting the sentiment.  Supramax: Overall a week lacking activity in the Atlantic, but some suggested a floor might have been found in certain areas.  Handysize: The Pacific basin saw a continuous fall throughout the week, and the negative sentiment continued in the US Gulf, while the rates struggled to push up further from East coast South America. (Hellenic Shipping News – click here)

Baltic Dry Index climbs to 1281, up 80 points – Today, Friday, April 20 2018, the Baltic Dry Index climbed by 80 points, reaching 1281 points. (Hellenic Shipping News – click here)

 

20.04.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,281 1,014 +267 +26.3% 818 – 1,743
BRENT ($/bbl) 74.06 72.2 +1.9 +2.6%
WTI ($/bbl) 68.38 67.0 +1.3 +2.0%
MGO ROTTERDAM ($/bbl) 635 617.0 +18 +2.9%
MGO  FUJAIRAH ($/bbl) 693.0 693.0 +0.0 +0.0%
MGO SINGAPORE ($/bbl) 650.5 647.5 +3.0 +0.5%
IFO 180 ROTTERDAM ($/bbl) 414.5 408.0 +6.5 +1.6%
IFO 180 FUJAIRAH ($/bbl) 448.5 446.0 +2.5 +0.6%
IFO 180 SINGAPORE  ($/bbl) 432.5 425.0 +7.5 +1.8%
EUR-USD 1.23 1.23 +0.00 +0.3%
 GBP-USD 1.40 1.42 +0.02 +1.7%
USD-JPY 107.66 107.35 -0.31 -0.3%
USD-KRW 1067.15 1069.72 +2.57 +0.2%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

09 April 2018 - 16 April 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (09/04/2018-16/04/2018)

INTERCARGO on IMO’s initial strategy for the reduction of GHG from ships – INTERCARGO welcomes the landmark initial strategy for the reduction of Greenhouse Gas (GHG) from ships adopted by IMO. We firmly believe that IMO is the appropriate body to address the global challenge of GHG emissions, as the competent authority to do so. (INTERCARGO click here)

IMO reaches historic CO2 reduction deal –  Shipping must cut carbon emissions by 50% by 2050 and improve efficiency. (Tradewinds news click here)

Shipping’s climate strategy was a hard-won battle, but now the real work begins – The IMO has agreed to halve emissions by at least 50% before 2050. Now the hard work begins. (Lloyd’s List click here)

Scrubbers seen losing favour as solution to 2020 sulphur cap – The topic of the 2020 sulphur cap and related issue of scrubbers was prominent at the Marine Money Hong Kong Ship Finance Forum despite it being a mainly finance-based event, suggesting its prominence in the considerations of industry players. (Seatrade-Maritime click here)

IMO Moves to Ban HFO from Arctic Shipping – Member states of the International Maritime Organization (IMO) have committed to developing a ban on heavy fuel oil (HFO) from Arctic shipping, along with an assessment of the impact of such a ban. (World Maritime News click here)

Pelindo II to build new port in Kalimantan – Indonesian state-owned port operator Pelindo II is planning to develop a new port at Pantai Kijing to serve Kalimantan as the current Pontianak Port in West Kalimantan suffers from heavy siltation as well as has limited scope to expand due to space constraints. (Seatrade-Maritime click here)

Commission approves Portuguese tonnage tax and seafarer scheme (Hellenic Shipping News click here)

Baltic Dry Index climbs to 1014, up 21 points – Friday, April 13 2018, the Baltic Dry Index climbed by 21 points, reaching 1014, points. (Hellenic Shipping News click here)

  13.04.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 1,014 948 +66 +7.0% 818 – 1,743
BRENT ($/bbl) 72.16 67.1 +5.1 +7.5%
WTI ($/bbl) 67.04 62.1 +5.0 +8.0%
MGO ROTTERDAM ($/bbl) 617 594.5 +22.5 +3.8%
MGO  FUJAIRAH ($/bbl) 693.0  
MGO SINGAPORE ($/bbl) 647.5 614.0 +33.5 +5.5%
IFO 180 ROTTERDAM ($/bbl) 408.0 395.5 +12.5 +3.2%
IFO 180 FUJAIRAH ($/bbl) 446.0 451.0 -5.0 -1.1%
IFO 180 SINGAPORE  ($/bbl) 425.0 412.0 +13.0 +3.2%
EUR-USD 1.23 1.23 -0.01 -0.4%
GBP-USD 1.42 1.41 -0.01 -1.0%
USD-JPY 107.35 106.93 -0.42 -0.4%
USD-KRW 1069.72 1069.62 -0.10 0.0%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com

04 April 2018 - 09 April 2018

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO  (04/04/2018-09/04/2018)

Flag states putting lives at risk by failing to report bulk carrier casualty investigations – Reports on bulker casualties are not being made public even when lives are lost at sea and the findings could prevent future tragedies. Investigations into 29 of the 53 losses of bulk carriers over 2008-2017 which resulted in the deaths of 202 crew have never been reported to the International Maritime Organization (Lloyd’s List click here)

IMO: Next Step in GHG Emissions Cut Should Not Be Postponed – Postponing the adoption of the Initial Strategy on reducing GHG emissions from ships to a future session of MEPC should not be an option, according to the International Maritime Organization. (World Maritime News click here)

USCG guidance on ballast water management – Further to the Club’s previous web alert on the U.S. Ballast Water Management Regulations, the United States Coastguard (USCG) has recently issued updated and comprehensive guidance to assist with understanding and ensuring compliance with the requirements: (Hellenic Shipping News click here)

MOL trials special cool suits for crew – Just ahead of the summer, Mitsui OSK Lines (MOL) has started the trial introduction of specialized cooling-work suits for crewmembers developed by composites and materials group Teijin. (Seatrade Maritime click here)

Hamburg Süd conducts low-sulphur pilot project – HAMBURG Süd has carried out a pilot project to reduce sulphur dioxide emissions in ports, with a ship burning marine gas oil instead of the standard heavy fuel oil while at berth. (Daily Cargo News click here)

  06.04.2018 WEEK AGO WEEKLY CHANGE WEEKLY CHANGE % 52 Week Range
Baltic Dry Index 948  – –   –  948 – 948
BRENT ($/bbl) 67.11  –
WTI ($/bbl) 62.06 –   –
MGO ROTTERDAM ($/bbl) 594.5 605.0 -10.5 -1.7%
MGO  FUJAIRAH ($/bbl)  – 678.0 – 
MGO SINGAPORE ($/bbl) 614.0 617.5 -3.5 -0.6%
IFO 180 ROTTERDAM ($/bbl) 395.5 393.0 +2.5 +0.6%
IFO 180 FUJAIRAH ($/bbl) 451.0 441.5 +9.5 +2.2%
IFO 180 SINGAPORE  ($/bbl) 412.0 411.5 +0.5 +0.1%
EUR-USD 1.23 1.23 +0.00 +0.3%
GBP-USD 1.41 1.40 -0.01 -0.5%
USD-JPY 106.93 106.28 -0.65 -0.6%
USD-KRW 1069.62 1063.63 -5.99 -0.6%

Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com