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Bank ship finance for Greek shipping has decreased during 2023 by 2%, Petrofin Research said in its latest annual report. The overall Greek loans (both drawn and committed but undrawn) booked both in Greece and worldwide as of 31/12/2023 are down to $50,891.42 compared to $51,909.77m in 2022, $52,580.03m in 2021, $49,794.51m in 2020, $53,107.8m ... […]

Tanker ordering levels have increased during the first few months of 2024. So far this year, 104 Tankers have been added to the global orderbook, up from 79 for the same period last year, representing a year-on-year increase of c.32%. Values for Tanker newbuildings have also increased across all subsectors. LR2s of 115,000 DWT show ... […]

A shortage of OSV vessels is a catalyst for significant digital transformation within the industry. Many OSV vessels were decommissioned or withdrawn during the pandemic, and with markets now recovering, this is leading to a scarcity that has resulted in higher day rates, with higher costs exacerbated by fuel costs that are also on the ... […]

The ship recycling markets have shown a mixed picture during the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the ship recycling markets across four key destinations, distinct trends are observed. In India, the market shows positive momentum with stable rates, and prevailing conditions ... […]

The high frequency of mooring operations and a high level of human involvement have resulted in multiple safety incidents related to mooring over recent years. The International Group of P&I Clubs reported 858 injuries and 31 fatalities involving mooring operations during the five-year period before 2021. This has been a key driver behind new SOLAS ... […]

“Since the European Union sanctioned Russian oil exports in 2022, crude oil and dirty and clean petroleum products (CPP) have found new buyers. India and China have taken most of the crude oil and dirty products while Türkiye and Brazil have emerged as the main buyers of CPP. Year-to-date, Brazil’s import of Russian CPP has ... […]

Increasing ton-mile demand is projected to become the norm in the tanker market, prompting many owners to increase their exposure to larger vessels. In its latest weekly report, shipbroker Intermodal said that “the first quarter of 2024 saw a great deal of movement and disturbance in the crude oil market, mostly due to strategic production ... […]

Iran’s recent attack on Israel has escalated the tensions in the Middle East and raised concerns over LNG trade through the Strait of Hormuz (SoH), a key and only feasible passage for Qatar and the UAE to export LNG. Any further escalation, leading to the closure of the SoH could impact LNG shipping as 21% ... […]

The longevity of the Red Sea crisis holds the key to global freight rate levels and the fortunes of container shipping lines in 2024 and beyond. Hua Joo Tan, Founder of container market intelligence analyst firm LINERLYTICA, told the latest episode of The Freight Buyers’ Club podcast, that the extra capacity sucked up by diversions ... […]

Ton-mile demand is up across the board in the tanker market, helping keep rates high. In its latest weekly report, shipbroker Gibson said that “with the one third of the year already over and the Red Sea still off limits to the majority of the tanker market, we examine how crude and product trade flows ... […]