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BIMCO’s Chief Shipping Analyst, Peter Sand, will be participating at the 18 th edition of Trans Pacific Maritime on 4-7 March 2018 in Long Beach, California.
China officials have confirmed that there are no plans to impose a ban on open loop scrubbers in the country, as long as they are in compliance with prevailing regulation.
BIMCO’s Chief Shipping Analyst Peter Sand will moderate the “Dry Bulk Market Outlook: Sustaining Cautious Optimism for Calmer Waters” panel discussion, scheduled for 23 November at 16:00-17:30. Peter Sand will be joined by Burak Cetinok, Head of Research at Arrow Shipbroking Group and Angad Banga, Chief Operating Officer at The Caravel Group.
As weak demand growth is forecasted for the coming quarters, the container shipping industry is set to return to negative margins.
The demand for container shipping is stalling at the moment. Indicators for growth in the first months of 2016 point to limited overall demand and huge variations from trade to trade.
During the past eighteen months, a couple of trends seem clear in the freight market for container shipping. Primarily, the demand for imported containerised goods in Europe and US is going up, reflecting the clearly improved economic development. Secondly, the vessels become larger and larger as the quest to lower unit costs is high on the agenda everywhere. Thirdly, the major freight rate volatility is mostly on European-bound containers.
Overall demand for container shipping is not as bad as one might think from looking at the freight rates. But for an industry that has grown by close to 10% p.a. over the past decade, it does take time to adjust and adjust to a demand growth half as strong.
In the past three months, time charter rates have hovered around the same levels, providing owners with a steady market despite the downward shift in spot freight rates. Summer demand should determine the next turning point, with initial indicators suggesting weaker East/West volumes, but stronger North/South trade. Moreover, increased flows on the Middle East and intra-Asia trades should drive rates for small containerships higher, as idle capacity is now removed and orderbook in this segment is low.
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.
