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The freight market for VLCCs was surprisingly strong in November, building on top of a rally starting back in September from very sluggish levels. There is a significant influence from seasonality behind this as Asia, and the northern hemisphere in general, prepare for Winter.
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.
Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the Covid-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year.
The International Maritime Organization (IMO) has issued a set of important amendments to the International Convention for the Safety of Life at Sea (SOLAS), as well as various codes mandatory under the Convention. The changes will enter into force on 1 January 2020 and can be viewed below.
Overall, container volumes being moved around the world have grown by an average GDP-to-trade multiplier of just 1.1 since 2010 and we expect this to continue in coming years. With IMF expecting GDP growth of 3.4% in 2016, this translates into container demand of 3.5-4%.
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