Vessel oversupply will persist in the LPG shipping market for the next two years, keeping freight rates under pressure across most size segments. However, the small vessel segment is the only category where fleet growth will be minimal, leading to a recovery in rates, according to shipping consultan
The Baltic Dry Index (BDI) fell to 994 points on Monday, May 15, down by 20 points, tumbling again below the 1,000 threshold. The index broke the 1,000 mark in March this year driven by an increase in rates across the sector and managed to stay above the line for over two months. However, the market
Saudi Arabia has ratified the Ballast Water Management (BWM) Convention, which is scheduled to enter into force on September 8, 2017. Saudi Arabia deposited its instrument of accession with the International Maritime Organisation (IMO) on April 27. The accession brings the number of contracting part
Preliminary data from Drewry’s Container Trades Statistics (CTS) indicates that world container traffic surged by 10% year-on-year in the first quarter of 2017, fuelled mainly by spikes in imports and exports from China. The CTS numbers point to intra-regional trade as the primary driver of growth w
One crewman died and four were injured when a tanker carrying oil products caught fire at Hamriyah Port, Sharjah, the United Arab Emirates (UAE), Sharjah Civil Defense said. The tanker, identified as the 1991-built Ebrahim 1, caught fire in the early morning hours of Saturday, May 13. The four injur
Israel’s shipping company Zim Integrated Shipping Services (ZIM) managed to cut its net loss during the first quarter of 2017 to USD 6.4 million, compared to a net loss of USD 56.3 million reported in the corresponding period a year earlier. The company’s total revenues increased by 4% to USD 655 mi
The shipping fleet trading in chemicals and vegoils is heading for an expansion moderately driven by a demand for methanol and vegoil, shipping consultancy Drewry informed. The orderbook contains 144 stainless steel vessels totalling 3.4 million dwt for delivery by 2020, almost 22% of the existing c
A CMA CGM container vessel collided with the harbour wall while berthing at Jebel Ali Port, Terminal 1 on May 4 striking the leg of a quay crane causing it to fall, Dubai-based terminal operator DP World confirmed. A second crane was also shifted off its rails during the incident but remained uprigh
A total of 1.3 million dwt of crude oil tanker capacity was sent to the scrapyards during the first four months of 2017, heading to the expected demolished capacity of 9 million for the full year, according to BIMCO. The year so far has seen eight crude oil tankers form for demolition, including two
Affected by lower spot market rates in general seen during the first three months of 2017, the National Shipping Company of Saudi Arabia (Bahri) reported a drop of 38.1 percent in its net profit for the period. The company managed to reach a net profit of SAR 378.8 million during the quarter ended M
With demolition values on the rise and impending environmental regulations that will require costly upgrades to existing vessels, the very large crude carrier (VLCC) sector is set to see an accelerated scrapping program begin this year. The scrapping spree is expected to persist throughout the next
The container shipping market has seen a bit of a flop since the onset of the global financial crisis back in 2008, however, the things have started to look a little bit better recently, according to Clarksons Research. Containership earnings have spent most of the period since the onset of the glob
Dubai-based port and terminal operator DP World Limited has handled 16.4 million TEU across its global portfolio of container terminals in the first quarter of 2017, with gross container volumes growing by 5.7% year-on-year on a reported basis. “There are signs of a gradual improvement in the market
As of 3 April 2017, the idle container shipping fleet stood at 0.97 million TEU, according to Alphaliner’s data, totaling in 4.8 percent of the total fleet. The major plunge from close to 1.6 million TEU at the start of the year is evident across the boxship fleet sizes. Most significantly, the 3,00
