-By Can Fidan, MTS Logistics As we all know, the current situation in the shipping world is that there is a large lack of demand against the current overall supply of container space. Today, the current fleet capacity is around 15.5 million TEUs. Since 2005, the total capacity has roughly doubled - literally. Because of the imbalance of supply/demand, carriers are losing … [Read more...]
BIMCO: Freight Rates Slide Seen Continuing On Vessel Oversupply
LONDON (Dow Jones)--Dry bulk freight rates, already down 30% in value since the start of 2011, are likely to fall further over the coming months as slower demand triggered by economic concerns and vessel oversupply take their toll on shipping rates, Peter Sand, Chief Shipping Analyst at the Baltic and International Maritime Council said late Tuesday. BIMCO expects a … [Read more...]
Major Tanker Owner Confirms Suezmax To Load In Libya Friday
LONDON (Dow Jones)--A suezmax vessel is due to load in Libya Friday with no issues expected despite the order by head of state Col. Moammar Gadhafi to close the country's ports, the head of a major tanker company said Wednesday. "Today, we aren't seeing any problems with vessels and I think the vessel should leave without problems in a couple of days," the company's chief … [Read more...]
Maritime Law – Law of General Average
The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.In the exigencies of hazards faced at sea, crewmembers often have precious little time in which to determine precisely whose cargo they … [Read more...]