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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

It has been a week for the VLCCs with a lack of general momentum. It has been very quiet with low fixing volumes and the monthly count is still lagging. September in the MEG seems to be just about finished and likely only to just creep over...
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Dry Bulk

Despite the great expectations for the period we are presently in, ffa values as well as spot rates keep dropping. West Australia to China is presently being concluded in the very low USD 8s and Pacific round voyage on TC basis is presently...
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Gas

It has been a below average week in the VLGC market - activity has been very moderate, and the spot rates were practically unchanged - hovering around the USD 110 mark for MEG/Far East. The Baltic VLGC index which has been increasing modera...
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Newbuilding

24 newbuildings reported this week most of which are bulkers and containers ordered in Japan and China. Cosco made a USD 618 mill splash by ordering 5x14500 TEU container carriers at Jiangnan. DSME reported an order of 2 VLGCs to an Asian b...
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Activity Level
VLCC: Soft
Capesize: Slower
Gas 82,000 cbm: Moderate
All content copyrighted © 2006 Astrup Fearnley