Market Watch Archives - Page 90 of 142

Spike in Spot Rates, Shippers Begin Early Negotiations in 2021

5 January 2021

Container box shippers and forwarders could be in for historically high rates and contentious contract negotiations.
The negotiations are with carriers upon first quarter 2021 contract renewals and a shift from term to spot volumes.
This scenario is due to the market norms brought on by the coronavirus pandemic.

According to a recent news article published in Platts, written by David Lademan, Spring contract season may solidify container carriers’ newfound pricing power.

Early negotiations

With...

https://mfame.guru/spike-in-spot-rates-shippers-begin-early-negotiations-in-2021/

Financing of $15m for Two Bulk Carriers

4 January 2021

Nasdaq-listed Greek owner Castor Maritime has announced that it has entered into a binding commitment letter with a European financial institution to obtain financing of $15m for two bulk carriers, says an article published in splash247.

The company expects the credit facility to close in January 2021.

Notification letter

In the meantime, the company received notification letter from the Nasdaq Stock Market granting the company an additional 180 day extension until June 28, 2021 to regain...

https://mfame.guru/financing-of-15m-for-two-bulk-carriers/

Bunker Prices To Reach $600/mt in 2021, Suggests Analysts

4 January 2021

According to Ship & Bunker data, the bunker prices at major ports have doubled in the last nine months.

20 Ports VLSFO Average

Specifically, Ship & Bunker’s Global 20 Ports Average for VLSFO hit a low of $210/mt on April 28, 2020.

On December 30, 2020 the VLSFO average was $422/mt.

Sharp rise in costs

While the current cost is still much lower than the $700/mt+ it was at the start of the year, it nevertheless represents a sharp rise in fuel costs for owners and operators.

MGO

MGO has shown a similar...

https://mfame.guru/bunker-prices-to-reach-600-mt-in-2021-suggests-analysts/

US Bunker Supplier Acquires The Marine Lubricants Arm Of MMP

4 January 2021

Veteran US bunker supplier John W Stone Oil Distributor has acquired the marine lubricants arm of Martin Midstream Partners (MMP), reports Ship&Bunker.

Sold Assets

The sold assets, Mega Lubricants, cover “the business of blending manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products” according to a statement issued by MMP over the deal.

The deal

John W Stone’s general manager John Stone, said the...

https://mfame.guru/us-bunker-supplier-acquires-the-marine-lubricants-arm-of-mmp/

Sunny and Stormy Moments of Commercial Shipping Industry 2020

31 December 2020

The coronavirus pandemic has shaken the global maritime transport.
The pandemic waves have disrupted supply chains and cargo flows across the world. Global oil demand was severely hit.
Tensions and disagreements regarding oil production between the OPEC and its allies exacerbated the oil supply-demand imbalance.
All of a sudden, the world was flooded with oil and was running out of place to put it leading to a spike in demand for tankers that served as floating storage.
While this sparked some...

https://mfame.guru/sunny-and-stormy-moments-of-commercial-shipping-industry-2020/

Cyprus Chief Feels Digital Transformation is the Key for Sustainability

30 December 2020

Sector should remain vigilant and creative in designing tailored upgraded e-services for their clients without compromising on the quality.
One major professional catalyst that cannot be ignored is technology.
It disrupts the way in which services are offered to our clients. We have all experienced how the pandemic forcibly accelerated businesses’ digital transformation.
The sector, which demonstrated high resilience levels to the previous financial crisis, is expected to rebound once again,...

https://mfame.guru/cyprus-chief-feels-digital-transformation-is-the-key-for-sustainability/

Crude Oil Tanker Market To Have A Long & Painful Recovery

30 December 2020

The outlook for the global crude oil tanker market remains difficult for the near term, according to a new analysis from maritime research consultancy Drewry, reports Maritime Executive.

In a year-end analysis, they point to uncertain demand for oil combined with overcapacity and the industry’s failure to take steps to address the glut of vessels

A decline in floating oil storage

In its analysis, Drewry points to the continued lack of demolitions and efforts by shipowners to reduce the...

https://mfame.guru/crude-oil-tanker-market-to-have-a-long-painful-recovery/

Tanker Demand in 2020: Way Below Expectation

29 December 2020

Tankers had an exuberant end to 2019.
The outlook for tankers in 2020 was universally promising.

The expectations were for a rebound in refining activity in 2020, partly from IMO 2020, but also oil demand growth, new refinery capacity and a tighter stock position, says an article published in Riviera.

Expectations in 2020

In announcing Q4 2019 results, Euronav chief executive Hugo De Stoop said: “Tanker sector fundamentals improved further during Q4 to drive large tanker markets to their highest...

https://mfame.guru/tanker-demand-in-2020-way-below-expectation/

Seacon Orders Two Brand New Carriers to be Constructed

29 December 2020

Chinese owner Seacon Shipping has placed an order at CSSC-affiliated Huangpu Wenchong Shipbuilding.
The order is for the construction of two 85,000 dwt kamsarmax bulk carriers.

The order is an option exercised by the company as part of a 4+4 newbuilding contract Seacon signed with the shipyard last year, says an article published in Splash247.

New programme

The delivery of the first four vessels are scheduled in 2021, while the latest two vessels are expected to be delivered in 2023.

A source...

https://mfame.guru/seacon-orders-two-brand-new-carriers-to-be-constructed/

Aegean Shipping Acquires 3rd Vessel Into Its Fleet

29 December 2020

Aegean Shipping Management is proud to announce that on the 24th of December 2020, the Company has exercised the option for the acquisition of the 3rd vessel in continuation to the agreement with COSCO Heavy Industry (Yangzhou) Co. Ltd. for the construction of two (2) plus one (1) AFRAMAX tankers, back on 30th September 2020, reports Aegean Shipping.

At the same time, an LOI for an additional 4th vessel was signed too.

Consecutive order

With the addition of these four vessels in the Aegean fleet,...

https://mfame.guru/aegean-shipping-acquires-3rd-vessel-into-its-fleet/

+ More