The second quarter of the year saw a total of 32 product tankers ordered as owners rushed to quench their thirst for newbuilding tonnage amid attractive asset prices. A total of 10 Handysize vessels and 22 Middle Range (MR) tankers have been ordered along with 18 Long Range (LR) 2 vessels, which cor
The continuing delivery of containerships could affect the competitive dynamics, forcing some carriers to pursue increased market share, SeaIntel Maritime Analysis informed. The delivery of ultra-large tonnage will force especially COSCO and Evergreen to attempt to grow their market share significan
The containership orderbook has diminished by 30% in capacity terms since the start of 2016 and in the first half of 2017 it totalled less than 40,000 TEU, Clarksons Research said. However, there are several important aspects of the orderbook to consider, including the change in the overall size of
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The number of active shipyards on a global scale has dropped by 62 percent since the beginning of 2009, according to Clarksons shipping consultancy. Specifically, there was a total of 358 active yards, defined as having at least one unit under construction, as of July 2017, a slashed figure when com
The recently coined cooperation between Hoegh LNG and Qatar Gas Transport Company (Nakilat) is likely to result in the construction of new floating natural gas import terminals, according to Hoegh LNG’s CEO Sveinung Stohle cited by Reuters. The parties said that they signed a Memorandum of Understan
National Shipping Company of Saudi Arabia (Bahri) has further expanded its fleet with the addition of a 300,000-dwt very large crude carriers (VLCC) Aslaf. Bahri took delivery of the new vessel at HHI’s Mokpo shipyard in South Jeolla Province, South Korea, bringing the number of VLCCs in its fleet t
By 2020, some 100 very large crude carriers (VLCCs) will be over 20 years old, hinting that the time may be ripe now to replace that tonnage especially since the newbuilding prices are hard to resist now. “With 80 million US dollars for a VLCC and 53 million US-dollars for a Suezmax, you need to [&h
The shipping industry saw USD 42.5 billion removed from the ship lending jar in 2016, according to Petrofin Research’s latest report on global bank ship finance. The fall has been mainly attributed to the removal of Commerzbank and Royal Bank of Scotland, the lower bank portfolios by many banks, as
In the aftermath of the NonPetya cyber attack that hit one of the major industry players A.P. Moller-Maersk, shutting down its terminals across the globe, World Maritime News spoke with DNV GL on the process of digitalization in the industry that seems to be gaining ground. According to Albrecht Gre
The newbuild activity for the first half of 2017 has surpassed the same period last year by 20%. A total of 5.9 million DWT was contracted in May 2017 and 3.1 million DWT so far in June 2017, which brings the total amount of newbuild orders up to 19.6 million DWT for 2017, BIMCO’s figures […]
The National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Maharah, a 300,000 dwt very large crude carrier (VLCC), from South Korean shipbuilder Hyundai Heavy Industries (HHI). The newbuilding was handed over to Bahri during a delivery ceremony held at HHI Mokpo shipyard in South Je
The United Arab Emirates-based shipping company Tomini Shipping has ordered three Ultramax bulk carriers from China Shipping Industry (Jiangsu), according to data provided by VesselsValue. Slated for delivery in 2019, the vessels will feature a deadweight of 64,000 tons. Although the value of the or
The oversupply of tonnage in the shipping industry should be left to sort out itself, it was concluded at a panel debate on Ship Oversupply and Accelerating Sustainable Recycling, held on June 6 in London, UK. Over the past eight years, the world fleet has grown by 50 percent in tonnage terms, which
