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Gravity

At the turn of the century, oil production in the North Sea peaked at about 6.3 mb/d. During 1Q09 output was about 4.4 mb/d - a decline of about 30%, or 1.9 mb/d, and the outlook is not bright. This could, however, become a very positive stimulus to tanker demand.


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It is a Riddle…

...wrapped in a mystery, inside an enigma...to partly quote Winston Churchill in his famous speech about the Soviet Union in 1939. Now, we believe it is appropriate to use his words when describing the shipbuilding market these days. The market is flourishing with rumours, statements, and proclamations of all sorts these days. But what is the true situation? Sadly, we think nobody knows.


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Ordem e Progresso!

Nobody would argue strongly against the assertion that China has almost single-handedly been the main driver behind the past five years’ fantastic dry bulk market - this was especially true in the Capesize market with its almost insatiable appetite for iron ore. What now? We observe some ominous trends.


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Old Habits Die Hard

After the disastrous accident in South Korea on the 7th of October 2007, where more than 66,000 barrels of crude oil was spilled into Korean waters, governments and oil companies in various countries cried out with promises to stop using single hull tankers. The picture of oil slick beaches, dying sea birds and several hundred thousands of volunteers’ working day and night to clean up the spill was broadcasted all around the world. With demonstrations by local fisherman who lost their livelihood and general public outrage, the South Korean government indicated that they would reduce the usage of single hull tonnage and ban single hull vessels from 2011, or 2015 with permission from flag and port states. South Korean GS Caltex and STX Energy followed up by banning single hull vessels from 2010 from their import program. Other Asian nations followed suit with the Philippines banning single hull vessels from April 2008. China and Japan also stated that they would reduce the usage of single hull vessels into their ports.
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Market Update Updated 01.01.1970

Tankers

After a rather active start of the period activity has gone down rather dramatically over the last week. Rates ex Meg did peak close to w55 for Meg/East and with less activity rates have softened during the week and even dipped below the w4...
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Dry Bulk

There has been a correction in rates over the last couple of days, with a downward trend despite a very positive sentiment and great expectations. At time of writing however it is becoming more steady and the bottom seems to have been reach...
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Gas

There was hardly any confirmed VLGC fixtures in the market last last week, but of course and as usual there were a couple of Indian sub-fixtures at levels similar to last week. Despite a slightly larger delta between FOB and CFR LPG prices ...
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Newbuilding

Not a lot of transactions reported this week, but we expect increased activity in the market as the holiday season comes to a halt with particular focus on various types of gas carriers as well as crude tankers....
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Activity Level
VLCC: Slow
Capesize: Moderate
Gas 82,000 cbm: Low
All content copyrighted © 2006 Astrup Fearnley