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On 22 July, Russia and Ukraine signed an agreement to allow grain exports from three ports in Ukraine during a period of 120 days. On 7 September, Putin expressed concerns over the agreement, giving rise to uncertainty about its scope and renewal.
The BIMCO holiday information for 2021 is now available online, offering increased focus on local and regional holidays, increased transparency and better reliability.
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition.
The ports of Los Angeles and Long Beach continue their record-breaking start to the year, exceeding pre-pandemic records again and again.
Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%.
US manufacturing of durable goods, which has been lagging the wider recovery of the US economy, hit an all-time high in June when USD 270.5 billion worth of goods was produced.
Container ships have reached their highest average age yet at 14.2 years, the highest average age of the three main shipping sectors. The dry bulk fleet has an average age of 11.9 years whereas tankers on average are 12.8 years old.
According to BIMCO estimates from the upcoming Dry Bulk Shipping Market Overview and Outlook report, deliveries of bulk carriers should drop to 23.8 million DWT in 2024. The sector’s orderbook currently adds up to 66.7 million DWT, a mere 6.9% of the bulker fleet, the lowest ratio since at least 1996.
Since July 2020, the container market has benefitted from a surge in consumption of goods compared to pre-COVID levels, and head-haul and regional trade volumes have followed. Compared to the same period of 2019, container volumes in the second half of 2020 were up 5.7% while full year 2021 volumes were 9.0% higher. Volumes in the first half of 2022 were up 8.3%, also compared with H1 2019. Despite a growing fleet, capacity supply was unable to keep up as port congestion absorbed as much as 14% of the fleet, data from Sea-Intelligence shows.
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”.
