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Like most nations, Indian oil demand has come under considerable pressure in 2020 as covid-19 derailed the country’s continual demand growth. Weekly tanker market report by Gibson Shipbrokers.
Low demand growth will continue into 2020, with carriers struggling to increase freight rates enough to cover the additional costs of the IMO 2020 sulphur cap compliance. Fleet growth is lower then last year, but still too high compared to demand growth.
Peter Sand will offer his view of the most relevant future commercial aspects to the shipping industry in Athens at the Slide2Open Shipping Finance conference on 30 January 2020.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
The run up to the implementation of the new IMO rules on marine fuels from 1st January 2020 had owners and charterers analysing the various fuelling options. The weekly tanker market report by Gibson Shipbrokers.
Containerships with a collective cargo carrying capacity of 5.3m TEU are now fitted with an exhaust gas cleaning system (scrubber) to remove sulphur oxides (SOx) from the exhaust gasses generated by the combustion processes in marine engines and thereby comply with the IMO 2020 global sulphur regulation which came into force on 1 January 2020.
The IMO 2020 global sulphur limit for marine fuel oil has now been in force for over one month. BIMCO, ICS, INTERCARGO and INTERTANKO are calling on fleet- and vessel managers, as well as technical superintendents, to share their insight and experiences with the new IMO 2020 compliant fuels.
The International Maritime Organization (IMO) has released guidance for cases when COVID-19 results in unforeseen delays in the delivery of newbuild bulk carriers and oil tankers originally scheduled to be delivered before 1 July 2020. The guidance is particularly relevant to shipbuilders, equipment suppliers, shipowners, surveyors and service engineers.
The new BIMCO magazine the “Bulletin” is out with articles covering the effect of the US-China trade war, the 2020 sulphur limit and the challenges of ship recycling and ballast water management. “The shipping industry is taking major steps and making huge investments to be ready for (2020) compliance. It is only fair that the nation states party to Annex VI of the MARPOL Convention live up to their end of the agreement,” BIMCO’s Secretary General, Angus Frew, points out in his foreword. Also, read the latest market analysis by Peter Sand and read why now is the wrong time to do business as usual as the trade war rages on.
2020 was always going to create a more complex fuel oil market as trade flows shifted and new grades emerged. The weekly tanker market report by Gibson Shipbrokers.
