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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

The firm trend for the VLCCs in the Meg the previous week has started to dwindle. Some quiet days, presumably related to the Eid holidays, with relatively low activity has started to impact the general sentiment. The few firm cargoes that ...
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Dry Bulk

Dull and without direction despite widespread expectations of near-term recovery and a massive contango towards year-end. Cargo volumes, coal in particular, presently not sufficient to employ a growing fleet. Most evident in the west, with ...
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Gas

The VLGC market has been rather in-active this week, where market players seem to await next month’s contract pricing prior to making their next moves. One VLGC in the Eastern market was placed on subs but apart from that not much to report...
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Newbuilding

The holiday season is clearly influencing the acitivity level in the market and next week most Korean yards are closed for summer vacation. We have only one reported contract on the menue this week involving two chemical carriers placed at...
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Activity Level
VLCC: Soft
Capesize: Low
Gas 82,000 cbm: Low
All content copyrighted © 2006 Astrup Fearnley