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2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil prices from mid-2014 created strength on both sides.
Nobody, from the individual with an inexpensive laptop to those overseeing sophisticated business systems, can be unaware of the need for cyber security.
Rates have struggled all year to beat last years’ performance, and failed miserably to do so beyond Q1, with the exception of Capesizes that managed to deliver stronger freight rates in Q2 also.
Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point. This time around, global refinery throughput started the year strongly but entered a still running soft patch in May, high volumes but shorter hauls out of the US Gulf, and the steady inflow of new ships were part of the cocktail that prevented freight rates from taking off big time.
New data on some of the key indicators followed by BIMCO’s shipping market analyst sheds light on near-term and future market developments. The news follow up on BIMCO market reports
2014 is off to a good start, as global economic growth is already stronger than anticipated three months ago. At the end of January, the IMF upwardly adjusted its estimates for global economic development in 2013-2015. Amongst the countries receiving noticeable positive adjustments were the US, Japan, Spain, UK, China and India.
For the benefit of its members, BIMCO has made a series of agreements with 15 national customs authorities (Belgium, Canada, Cyprus, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Sweden, the United Kingdom and the United States)- Customs Co-operation Agreements (CCAs)- as a means of mitigating delays and costs resulting from the discovery of drugs aboard a member vessel.
The influence of American coal exports on seaborne transportation has grown significantly over the past decade. In 2002, the US exported 20.1 million tons by sea, but in 2012 that number had increased to 106.7 million tons.