January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth. (BIMCO) - On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017(according to preliminary data from VesselsValue.com). January 2017 accounts for 22% of the crude … [Read more...]
BIMCO: Shipping Industry Has Work Cut Out for Itself in 2017
(BIMCO) - The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to … [Read more...]
BIMCO: Update on Dry Bulk’s Road to Recovery
(BIMCO) - Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the dry bulk sector must do to return to profitability was, and still is: “Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market”. As promised, BIMCO will monitor and report back to the dry bulk … [Read more...]
BIMCO: Best Year Ever for U.S. East Coast Container Imports
(BIMCO) - 2015 was a busy year for container traffic on the eastern coast of the US. 7.9 million TEU of loaded containers entered the US East Coast in 2015, a 12.6% increase - compared to 7 million in 2014. While the US East Coast ports experienced a surge in incoming traffic, labour issues and port congestion gloomed over the US West Coast. The start of 2015 was … [Read more...]
BIMCO: A Miserable Start to a New Year
(BIMCO) - Dry Bulk Shipping: A Miserable Start to a New Year, Where the Market Struggles to Grow at All Demand The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destinations across the globe; it is too complex to single out whether this is positive or negative for the … [Read more...]
BIMCO: The Shipping Market in 2015 and Looking Forward
(BIMCO) -- By Peter Sand, Chief Shipping Analyst Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economic activity looked stronger earlier in the year. The negative indicators seen at the end of 2014 were not overcome, and we saw a significantly lower level of growth for … [Read more...]
Shipping Lines Pull Back from Yemen as Conflict Escalates
By Jonathan Saul LONDON, April 9 (Reuters) - International shipping lines are being forced to scale back or suspend port calls to Yemen as the conflict gets worse, putting pressure on supplies of food as prices rise in local markets. Yemen imports more than 90 percent of its food, including most of its wheat and all its rice, to feed a population of 25 million. Much of … [Read more...]