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BIMCO has taken the decision to revise and update SHIPMAN 2009 and CREWMAN A and B 2009 - the ship management sector's "go to" standard agreements.
On 30 September 2022, China added 15 million tonnes to its 2022 export quota for oil products. The quota includes 13.25 million tonnes for gasoline, diesel and jet fuel as well as 1.75 million for low-sulphur marine fuel. If headed for the EU, it could be a welcome addition to the block seeking to replace on average 2 million tonnes of diesel imports from Russia when sanctions take effect from February 2023 and demand for heating increases in the winter months. It could also add some attractive tonne miles for product tankers.
China’s property market is estimated to account for approximately 35% of the country’s steel demand. It is an important driver for economic growth and raw materials like iron ore, coking coal, wood, and cement. Overall, the Chinese economy is a significant driver of dry bulk and more than 35% of dry bulk volumes are destined for China.
In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y, due to a rise in orders for very large crude carriers – VLCCs. A notable 19 VLCCs were ordered, already surpassing the number of orders for this ship type during all of 2023.
In 2022, Chinese shipyards reached a market share of 47% and for the first time exceeded the combined market share of Japanese and South Korean shipyards.
The new agreement is designed to meet the contractual needs of small to medium sized shippers, which, despite the large number and global value of the shipments they transport, often lack the legal resources to develop their own agreements with carriers.
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answer is “yes”.
In March 2023 China’s economic recovery caused a pick-up in capesize freight rates and in sale and purchase activity for this ship type. As a result, five-year-old second-hand prices rallied 22% m/m, reaching USD 54 million by the end of the month.
