Super Tankers Destined To Scrapping Yards in 2021

  • Covid-19 destroys  the market for supertankers that deliver about a fifth of the world’s crude oil.
  • This is to boom trade on the beaches of Bangladesh, India and Pakistan, where obsolete ships go to get blow-torched and sold for scrap.
  • The 1,200-foot vessels plying the industry’s busiest trade route effectively had to subsidize the delivery of cargoes because of how large the surplus of ships has grown.

A recent news article published in the Bloomberg reveals the gloomy market for supertankers.

Asia-Europe Tradelane With a New Entrant

A new entrant is to be set on the booming Asia – Europe container tradelane, says an article published in Splash247.

East-West Tradelane

China United Lines (CU Lines), which was founded in 2005 initially as a domestic then intra-Asia operator, is going it alone, entering the east-west tradelane at a time when rates are in record terriritory.

Asia-Europe Trades

The company’s first Asia – Europe service will depart southern China on February 6 on the 2,700 teu Laila, a ship chartered in from Peter...

DHT Holdings, Inc. Acquires 2 VLCCs

  • DHT Holdings, Inc. announces that it has entered into agreement to acquire two VLCCs built in 2016 at DSME (Daewoo) for USD 136 million.
  • The vessels are scheduled to deliver during the first half 2021.
  • The Company will finance the acquisition with available liquidity and projected mortgage debt hence it is expected to be accretive to DHT’s earnings per share.

A recent news article published in the DH Tanker reveals that DH Holdings, Inc. announces the acquisition of  two VLCCs.

Scrubber fitted...

Norsepower Installs World’s First Tiltable Rotor Sails

  • Norsepower has successfully installed two 35-metre tall Rotor Sails for SEA-CARGO.
  • The installation heralds the world’s first tiltable Rotor Sail.
  • The system is fully automated and detects whenever the wind is strong enough to deliver fuel and emission savings.

Norsepower has completed the installation of two 35-metre tall tiltable Rotor Sails on a ro-ro which it says will allow the vessel to achieve reductions in fuel consumption, fuel costs and emissions of up to 25%, reports the Seatrade...

Deal reached to end walkout at key New York-area produce market

A deal has been reached to end a strike by workers at the Hunts Point market in New York, with a vote by rank-and-file Teamsters to take place Saturday.

The strike by about 1,400 workers, most of whom worked on the docks and other loading facilities at the giant produce market, began last Sunday at 12:01 a.m. The entity that was struck, the Hunts Point Produce Market, is a cooperative of the many produce dealers that operate out of the facility in the southern Bronx, near both water terminals...

FreightWaves Classics: America’s commercial shipbuilding industry is nearly gone

container ships

The history of the American shipbuilding industry goes back to before the Revolutionary War. The United States is blessed with three extensive coastlines, as well as numerous ports and harbors that have been the sites of shipbuilding companies for more than 250 years. 

Although it is no longer true, at one time in the not too distant past the U.S. commercial shipbuilding industry led the world in quality and output. 

This article will focus on the U.S. merchant shipbuilding industry in the 20th...

What a mess: Triumph details problems with big factoring client acquired from Covenant

The Triumph Bancorp acquisition of the TFS factoring division of Covenant Logistics earlier this year was delayed once because of disputes, but since the transaction was completed for roughly $105 million, it has become a headache for the acquirers.

While Triumph laid out some of the problems in the sale in a clinical way when releasing its fourth-quarter 2020 earnings late Thursday, it was on the earnings call with analysts a day later that CEO Aaron Graft could spell out in detail the problems...

Most recent FedEx pricing surcharges feel permanent

This is an excerpt from Thursday’s Point of Sale retail supply chain newsletter.

FedEx announced Friday it will implement a new peak surcharge on Express and domestic residential Ground shipments, as it continues to deal with “elevated volume” due to the pandemic. 

The surcharge will impact shippers that had a weekly average volume of more than 30,000 packages between Jan. 4 and Jan. 31. The fee will take effect Feb. 15 and apply until further notice, the carrier said. 

Shippers who fall into this...

Maersk Expects To Order Its First Carbon-Neutral Ship In 2023

Logistics giant AP Moller-Maersk, the owner of the largest shipping company in the world, expects to order its first carbon-neutral ship as soon as 2023.

Maersk CEO Soren Skou Comments

The company is likely to order smaller container ships at first while it gets accustomed to the new fuels, CEO Soren Skou said on a Global Optimism podcast released this week.

“Three years from now, we expect to buy the first order … the first series of maybe small container ships that we can operate in a defined...

Wilhelmsen Joins the Sustainable Development Program

According to an article published in Port News, Wilhelmsen Ship Management (WSM) has become a member of the Sustainable Shipping Initiative (SSI), an alliance of key organisations that is driven to bring change to a more sustainable maritime industry, the company said in its release.

Other members in Shipping Value Chain

WSM joins other fourteen members spanning the shipping value chain:

  • ABN Amro,
  • Bunge,
  • Forum for the Future,
  • IMC Industrial Group,
  • Lloyd’s Register,
  • Louis Dreyfus Company,
  • Maersk,
  • O...

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