The tanker market is experiencing some of its best days of the past couple of decades, as ton-mile trading has grown considerably. In its latest weekly report, shipbroker Allied Shipbroking said that “oil markets look to be in complete disarray this week. The price of crude oil has dropped sharply once again in the face […]
The London P&I Club has called for greater familiarization by ships’ officers and crews with the testing requirements relating to Voyage Data Recorders after two recent claims incidents investigated by the club’s loss prevention team revealed VDR malfunctions. In both claims, when the VDR data had been retrieved and analyzed, it was apparent that certain […]
THE London P&I Club says failure to preserve Voyage Data Recorder (VDR) data in the event of an incident can compromise the owner’s position in the event of a claim In the latest issue of its StopLoss Bulletin, the club says that its ship inspection programme confirms that the operation of VDR units is generally […]
IMO 2030 and IMO 2050 Under IMO’s initial strategy, the shipping industry needs to reduce carbon intensity (CO2 emissions per transport work) by at least 40% by 2030. This figure almost doubles to 70% by 2050 and targets a complete phasing out by the end of the century. IMO-2050 sets out a reduction in total […]
Values for five year old VLCCs are currently at the highest levels since 2009. For example, 320,000 DWT, 5YO are currently valued at USD 95.74 mil, up 33.12% from the start of the year from USD 71.92 mil in January. Overall, Tanker sales have risen this year by c.12% with 1,026 transactions reported so far […]
Demand for tankers aged from 15-years and older have been in high demand in the secondhand market. In its latest weekly report, shipbroker Gibson (https://www.gibsons.co.uk/) said that “this year, 15-year-old crude tanker values have broadly outperformed the rest of the secondhand tanker market in terms of both prices and enquiry. The main reason for this […]
The tanker market is about to enter a new era of increased volatility to go hand-in-hand with the changes in the crude oil market as well. In its latest weekly report, shipbroker Intermodal said that “amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and […]
More VLCCs managed to secure employment in August, as higher demand for crude spurred by stronger refinery processing and robust refined products cracks in the Atlantic Basin boosted utilization rates significantly. Demand for shipping crude oil increased, due to more cargoes traded and longer distances covered. Data by S&P Global Commodities at Sea show […]
With demand for crude oil moving downwards, global economic growth already in retreat and OPEC+ about to significantly cut production, one would expect that tanker rates would be heading lower. However, at the moment no such thing is happening. In its latest weekly report, shipbroker Gibson said that “the recent OPEC+ decision to cut production […]
Astronger tanker market over the course of the past few weeks, has helped increase prices for tankers as well. In its latest weekly report, shipbroker Gibson said that “amidst widespread price increases, it is not surprising that tanker asset values have also been rising. Our data shows a strong appreciation in VLCC and Suezmax values, […]
