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The ending of the monsoon has focused increased attention on the piracy issue and thus also the costs of piracy.
Looking for a seasonal pick up while suffering unsustainable rates. Demand: According to figures from the International Energy Agency, global oil demand peaked in 2007 and is forecast to have bottomed out in the second quarter of 2009.
The last two years have been extreme for the container shipping industry. When the crisis started in 2008, the industry first saw volumes contract sharply and subsequently rates dropped like a stone as liner companies were fiercely fighting for market shares at full speed – so to speak.
US President Obama has issued an Executive Order with the heading “Blocking Property of Certain Persons Contributing to the Conflict in Somalia”, which could have an impact on the possibility for paying ransom under some circumstances. The situation is not clear and perhaps some ship owners will consider how to address this situation before transiting the Gulf of Aden and the Somali Basin. On that background, we hereby include an updated version of our calculations regarding the cost part of the decision to go round the Cape of the Good Hope.
We have been heard a lot of debate and speculation regarding the commercial viability and attractiveness of ECO ships and fears of a two tier market reflecting ship energy efficiency. As a natural consequence of the obvious uncertainties and in an effort to address these, BIMCO has undertaken a review, the result of which is outlined below.
The demand situation in tanker shipping is anything but formidable. We see a mixed picture from one trading area to the next and from crude oil to products.
The extraordinarily challenging conditions in the container shipping market are now clear and present to all. The overcapacity on the main trading lanes has prompted cascading to a larger extent than a normal market development would do, adding pressure on secondary routes.
A fundamentally weak oil demand that is negatively affected by the high oil prices is hampering demand for both crude and product tanker tonnage. The weak demand is set to stay around according to IEA, which projects limited growth in 2011 of 1.5% against the 3.3% rebound growth in 2010.
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.
As the Chinese Lunar New Year draws to an end, the container lines have already prepared themselves for a strong rebound. In fact they must have been
