I’m detecting a step change in owners’ attitude to decarbonisation. Pacific Basin from Hong Kong has broken ranks in the dry bulk segment, startling this laggard sector into action. For too long now, shipping has been talking a great deal of green hot air with very little to show in terms of...
Splash Extra November 2022
Thanks for the container party, time to go home
AP Moller-Maersk released its Q3 report on November 2, in which it said that revenues were up 37.1% at $22.8bn and EBITDA was up 56.4% at $10.9bn. Maersk reported that its average container shipping contract rate would be around $1,700 per feu higher in 2022 than in 2021, and that contracts would...
https://splash247.com/thanks-for-the-container-party-time-to-go-home/
UN warns of muted maritime trade growth through to 2027
The United Nations has warned shipowners to prepare for years of slower maritime trade growth coming up through the middle of this decade. Yesterday the United Nations Conference on Trade and Development (UNCTAD) published its keenly read Review of Maritime Transport 2022. The 190-page report...
https://splash247.com/un-warns-of-muted-maritime-trade-growth-through-to-2027/
The double-decker tanker freight market
Oil prices have been drifting downwards. They fell 2% on November 25 as Brent closed at $83.63 a barrel and WTI sat at $76.28 a barrel, both near or at 10-month lows. The two-month ahead price dipped into contango, indicating current oversupply with near term delivery prices lower than the...
https://splash247.com/the-double-decker-tanker-freight-market/
Dry bulk owners will be satisfied with 2022
After the biggest annual increase on record, 176% in 2021, the Baltic Dry Index (BDI) is set for one of its biggest annual falls on record this year, being down 33% already, the biggest drop since the end of the previous cycle in 2015 when it fell 35%. Only a strong December can prevent this, …
https://splash247.com/dry-bulk-owners-will-be-satisfied-with-2022/
November 2022 Review
Tanker rates spiked into six-digit territory as Russia rushed to export as much oil as possible ahead of strict new shipping sanctions next month. Details of a Russian oil price cap and penalties and bans against shipping companies who infringe sanctions due to come in place on December 5 have...