Maritime News

Aframax and Dirty Tankers Opt for Clean-up To Increase Earnings

  • Aframaxes and dirty tankers are cleaning up to store and move refined products.
  • 20 such tankers including those controlled by the pool have either cleaned up.
  • Other companies that are exploring the possibility of a switchover.
  • Charterers are struggling to get LR2s for loading distillate and naphtha cargoes.
  • Clean tanker freight rates are at an all-time high and dirty ships are keen to get it.
  • LR2s on Middle East-North Asia routes are earning around $180,000-$200,000.
  • These fixtures are much...

https://mfame.guru/aframax-and-dirty-tankers-opt-for-clean-up-to-increase-earnings/

Oil Price Roller Coaster Month Ends With High Surge on the Last Day!

According to a Reuters report, oil prices jumped last Thursday, after several producers said they would cut output as signs of the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history.

Key Developments That Lead To This
  • Fuel demand worldwide slumped about 30% in April.
  • Even after major oil producers led by Saudi Arabia agreed to slash production by nearly 10 million barrels per day (bpd), U.S. crude...

https://mfame.guru/oil-price-roller-coaster-month-ends-with-high-surge-on-the-last-day/

COVID19 Affecting New Hazardous Inventory Requirement Implementation!

A new hazardous inventory requirement is coming into force by the end of this year. However, the COVID19 pandemic might affect its implementation, says an article published in BIMCO.

What is it?

From 31 December 2020, all ships of 500 GT and above – regardless of the flag they are flying – will be required to carry an inventory of hazardous materials (IHM) when calling a port or anchorage of a country that is a member of the European Union (EU) or European Economic Area (EEA).

Failure to do...

https://mfame.guru/covid19-affecting-new-hazardous-inventory-requirement-implementation/

Suez and Panama Canals Offers Inducements To Keep Ships Transiting

  • Shipowners opt to take “the long way round” to avoid expensive canal transit fees.
  • Authorities of both canals offer inducements to owners to keep using their respective waterways.
  • Suez Canal had decided offer rebates of between 60% and 75% on certain routes.
  • Panama Canal has adjusted its reservation system such that ships can settle the charge up until when they enter the canal. 

Suez and Panama Canals cut owners’ breaks to keep ships transiting as shipowners opt to take “the long way round”...

http://mfame.guru/suez-and-panama-canals-offers-inducements-to-keep-ships-transiting/

Freight Rates Take a Plunge Amid Spot Rate Hiatus!

  • USGC-China VLCC freight at $11.5 million, down 28% on the week Thursday.
  • Floating storage demand has been lending support to freight rates, despite continued talk of demand destruction from the pandemic.
  • 16 laden VLCCs and five to 10 unladen VLCCs are en route to the USGC from Saudi Arabia.

Freight for VLCCs loading on the US Gulf Coast fell more than 28% on the week as waning charterer interest has left tonnage availability wide open despite heavy tanker utilization for floating storage,...

http://mfame.guru/freight-rates-take-a-plunge-amid-spot-rate-hiatus/

Dry Bulk Heading Towards An Optimistic Future Amid COVID-19

  • For capes, 2021 and 2022 have a very light historic order book.
  • Scrapping has been picking up prior to demo yards in South Asia going into coronavirus-inspired shutdown.
  • Vale has decided to stop using up to 25 converted ore carriers, the equivalent of 40 normal capes.
  • Coal demand was finally picking up with China and India taking more cargoes.
  • For panamaxes and supramaxes, agro trade demand looks optimistic.
  • South American countries’ supply despite the spread of coronavirus.
  • China, the US, and...

http://mfame.guru/dry-bulk-heading-towards-an-optimistic-future-amid-covid-19/

[Watch] ICS Supports Seafarers Across the Globe During COVID-19 Crisis

ICS offers its full support to the shipping community during this COVID-19 crisis, which caused the shipping industry many barriers and challenges to overcome, says an article published on its website.

#HeroesAtSeaShoutOut campaign

The International Chamber of Shipping (ICS) published a video highlighting how important seafarers are to keeping supply chains open during the COVID-19 pandemic, reminding of the #HeroesAtSeaShoutOut campaign.

Guidance and recommendations

ICS is working hard to support...

http://mfame.guru/watch-ics-supports-seafarers-across-the-globe-during-covid-19-crisis/

Is COVID-19 The End of The Road for The U.S Oil Industry?

  • 2020 global oil demand may average 20 million barrels per day lower than in 2019.
  • U.S. gasoline comparative inventory has increased by 30 million barrels since March 20.
  • This is a record level of 28.4 million barrels more than the five-year average.
  • Rig count through April 2020 and 12-month lagged production.
  • Gross domestic product (GDP) is proportional to oil consumption
  • U.S. GDP to contract 30-35% in 2020 based on estimates by seventeen investment analysts.

According to an article published...

http://mfame.guru/is-covid-19-the-end-of-the-road-for-the-u-s-oil-industry/

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.