BIMCO has developed and published an electronic bill of lading (eBL) standard for the bulk shipping sector, with the aim of accelerating digitalisation in the supply chain by establishing a common industry approach.
The eBL Standard is a structured dataset consisting of 20 predefined data fields that are common to bulk shipping bills of lading. These include information like port of loading and discharge, bill of lading number, cargo gross weight, and date and place of issue.
“Issuing bills of lading electronically has been possible for more than 20 years. Despite the availability of safe and well-established platforms that have been approved by the International Group of P&I Clubs, less than 2% of seaborne world trade is carried on electronic bills of lading (eBL),” BIMCO says.
“One of the obstacles to wider acceptance of eBLs that has been identified is that it is currently not possible to transfer an eBL from one approved platform to another, i.e., a lack of interoperability. This is a particular issue for trade finance banks wanting to transition from paper bills to eBLs as it requires training of staff in the use of multiple platforms, despite the very low volume of eBLs.”
“Transferring an eBL between platforms requires that the eBL is in the same digital language by adopting a technical standard. So, the first step is developing and applying such a standard.”
BIMCO’s eBL Standard is aligned with the UN/CEFACT Multimodal Transport Reference Data Model as well as standards produced by DCSA and FIATA. BIMCO is also a founding member of the FIT (Future International Trade) Alliance, a cross-industry coalition of organisations working together to produce open standards for electronic trade documents.
The standard’s design is consistent with bills of lading already used in the bulk sector, for example, CONGENBILL, with the underlying framework applying equally to BIMCO’s various bills of lading and other bulk bills of lading.
With inflationary pressures leading central banks around the world to increase rates, a global recession could very well be in the cards moving forward. In such a likelihood, demand for shipping is bound to take a hit, although, it should be noted that there are a number of factors which could help prevent this, or at least offset its impact. In its latest weekly report, shipbroker Allied said that “recession fears have started to mount once again as many market pundits speculate that the latest slump in commodity prices noted over the past month is a precursor of global markets being set for a major cool down. During the first half of the year, the main worry has been over the rapid rise noted in raw material prices which had been feeding a surge in consumer price inflation.
According to Allied’s Mr. George Lazaridis, Head of Research & Valuations, “the numerous disruptions noted across global logistical supply chains, coupled by a resurgent demand, had already started to feed the inflation beast from 2Q21. Yet the situation in Ukraine sent this inflationary pressure into a massive tailspin, with energy prices leading the way and adding further problems to the macroeconomic mix, as the fast-paced rate by which crude oil, natural gas and coal started to rise, inevitably drained consumer demand levels and diverted cash flows away from economic growth activity and towards higher-priced energy imports.
Source: Allied Shipbroking
“In an effort to contain the inflationary pressures that had started to mount, central bankers started to raise interest rates, in effect putting a gradual squeeze on the money supply so as to keep prices under control. Yet it is this very decision that may well be pushing for a recession. The rise in interest rates is slowly cooling down demand for new homes, cars and other consumer products. The argument goes that this dampening consumer demand follows through to raw resources such as steel, aluminium, wood and other bulk commodities. Prices for most of these commodities have shown a fair drop over the past month, both in the physical and paper markets, possibly indicating that this trend may well be already taking place. In the case of the paper market, the outflow of money from commodity markets could well be also due to their lower appeal amongst speculators as the rise in interest rates help boost yields for other investments”, Allied’s analyst said.
Mr. Lazaridis added that “in the case of the physical market, further hurt has been brought about this weekend by a sharp rise in COVID-19 cases across several major Chinese cities. We already had major disruptions present a month ago due to lockdown measures placed in Shanghai. A new series of lockdowns and halting of business activity across Shanghai, Guangdong, Henan, Zhejiang, Gansu and Macau would surely pack a serious punch on sentiment as well as demand for most commodities. Within shipping markets, we have already seen the dry bulk market struggle to recover much of the lost ground it witnessed during late May and most of June.
Source: Allied Shipbroking
Coal (and to some extent grain) trading activity have helped cover some of the slack left behind while also causing a major shift in terms of what is traditionally perceived as a fronthaul voyage and a backhaul. Yet relying on coal for support in the freight market is risky in its own right. Energy commodities still hold a fair amount of momentum in terms of their prices and given the continued disruptions being felt as part of the situation in Ukraine, the expectation is that there is still a fair amount of support for further prices hikes to be felt. Yet given the current fragility of the global economy, further price hikes in key commodities such as coal, crude oil and natural gas, could very well tip things even sooner into a recession, which would lead to substantially lower demand growth even for these energy commodities. Given the current market sentiment and all these above factors at play, it is no surprise then that reports of a massive stimulus package of around $220 billion (similar in size to the stimulus released after the initial COVID-19 outbreak in 2020) in China which is underway to emerge in the second half of the year barely managed to shift markets at this point”, he concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
Which of these two is happier? Someone who wins $3 million in the lottery then blows $2 million in Vegas, or someone who wins $1 million in the lottery and puts it in the bank?
Containerized cargo shippers face the reverse emotional scenario. Who’s less upset if spot rates quintuple? A shipper who’s used to paying $1,500 per forty-foot equivalent unit and suddenly sees rates jump to $7,500? Or one who pays $1,500 per FEU for years, gets slammed with crippling rates of $20,000 per FEU including premium charges, then gets “relief” as rates slide all the way back down to $7,500?
No one believed $20,000-per-FEU spot rates in fall 2021 were sustainable. If rates stayed that stratospheric for too long, it would destroy transport demand and compel competition regulators to step in. As Hapag-Lloyd CEO Rolf Habben Jansen said during a conference call in November, “It would be better for everybody if we saw more normalization.”
The best-case scenario for shipping lines is for the COVID rate surge to have emotionally and financially acclimated customers to higher freight costs, and for rates to stabilize at levels high enough to generate strong and sustainable profits for ocean carriers, but not so high that competition authorities intervene. For shippers, this new normal for rates would be much higher than pre-COVID levels but might seem like a bargain compared to all-time peaks.
Drewry spot rate indexes
Drewry’s weekly assessment for Shanghai-to-Los Angeles spot rates came in at $7,480 per FEU on Thursday. That’s down 23% year on year and down 1% week on week. This assessment is now 40% below its peak of $12,424 per FEU in late November 2021, yet still 5.3 times higher than rates at this time of year in 2019.
Drewry’s weekly spot assessment for Shanghai-to-New York was at $10,164 per FEU, flat week on week, down 14% year on year, down 37% from the peak of $16,183 per FEU in mid-September — but still quadruple 2019 levels.
Weekly spot rate assessment in $ per FEU. Blue line: Shanghai to LA. Green line: Shanghai to NY. Chart: FreightWaves SONAR
On one hand, a sharp drop in rates over the past nine months is reducing costs for shippers (at least, compared to last fall) and is showing that the market is functioning: Ocean carriers are competing on price to fill slots. On the other hand, rates are still very profitable to ocean carriers and transport costs for shippers are still dramatically higher than they were pre-COVID.
Freightos spot rate indexes
Different indexes show different numbers but the same trends.
The Freightos Baltic Daily Index (FBX) China/East Asia-to-North America West Coast assessment was at $7,264 per FEU on Thursday, down 65% from the all-time high of $20,586 per FEU in September but still five times more than rates at this time of year in 2019.
The FBX China/East Asia-to-North America East Coast rate was $10,020 on Thursday, less than half its all-time high of $22,234 per FEU in September but more than triple pre-COVID levels.
Daily spot rate assessment in $ per FEU. Blue line: China/East Asia to North America West Coast. Green line: China/East Asia to North America East Coast. Chart: FreightWaves SONAR
The drop from the peak is much steeper for the Freightos trans-Pacific indexes than for Drewry and other index providers because Freightos began including premium charges in its assessment methodology starting July 28, 2021.
Space has now opened up and shippers are generally no longer paying premiums.
Dafna Farkas, corporate marketing associate at Freightos, told American Shipper: “In the peak of the COVID surge, we ensured that the all-in rates were reflected by including premiums. We continue to ensure that all-in rates are reflected in the index and in that [regard], have not changed the methodology. On a price-point level, since premiums have largely been eradicated due to industry normalization, they aren’t really reflected in the industry price.”
Market in ‘wait-and-see mode’
S&P Global Commodities (formerly Platts) assessed North Asia-to-North America West Coast Freight All Kinds (FAK) rates at $7,100 per day on Thursday. That’s down 25% from the peak but still 4.3 times 2019 levels.
S&P Global put North Asia-to-North America East Coast FAK rates at $9,700 per day, down 19% from the all-time high albeit 3.5 times mid-July 2019 levels.
The container shipping team at S&P Global has been reporting lower-than-expected Asia-U.S. demand ever since the end of the Chinese New Year holiday in February.
Downward spot-rate pressure continues, S&P Global said this week, given ample space availability out of China and smaller carriers with chartered tonnage undercutting freight pricing of larger mainline carriers (in other words: competition). Some North Asia-to-West Coast spot offers were below $7,000 per FEU, it reported.
George Griffiths, managing editor of global container freight at S&P Global Commodity Insights, told American Shipper: “The market is just in wait-and-see mode at the moment. There are rumors of more lockdowns in Shanghai coming up, and some concerns that delays across the U.S. East Coast will begin to spread to the West Coast once more, but nothing concrete.
“High inventory levels and the rising cost of living are keeping a natural lid on demand at this point. So, the atmosphere is rather bearish, only being helped by the void [canceled] sailings that carriers are bringing in to try and protect rates.”
HMM, Korea’s largest shipping company, plans to expand its capacity from the current 820,000 TEUs to 1.2 million TEUs by 2026 and invest 15 trillion won in strategic shipping assets during the next five years.
HMM announced a mid- to long-term strategy at its main office in Yeouido, Seoul, on July 14. It marked the first time in 10 years that HMM announced such a large-scale investment plan. The company has been under the control of its creditors, including the Korea Development Bank, since 2016.
HMM posted operating profit of 3.1486 trillion won in the first quarter of 2022, setting a record for six consecutive quarters since the fourth quarter of 2020.
The company plans to secure logistics infrastructure such as terminals to expand its profit base and expand its shipping routes.
To promote balanced growth between its container and bulk businesses, HMM will dial up its bulk ship fleet from the current 29 vessels to 55 by 2026.
The expansion will include large ships that are needed to secure shipping alliance routes, medium-sized ships targeting emerging markets and small ships mainly for Asian routes.
HMM will also strengthen environment-friendly logistics services under the goal of reaching carbon neutrality in 2050. The shipping company has replaced ship fuel with low-sulfur oil and installed scrubbers to reduce carbon emissions. In addition, it plans to make efforts to secure eco-friendly fuel-based low-carbon ships, such as LNG-powered vessels.
HMM will invest more than 15 trillion won by 2026 to respond to changes in the shipping market. Ten trillion won will be invested in core assets such as ships, terminals, and logistics facilities, and five trillion won in diversification of its business portfolio. In particular, HMM will invest nearly 4 trillion won in eco-friendly ships such as LNG-powered ships, as eco-friendly ships will be a game changer in the shipping market.
An HMM official said the company has not yet discussed the timing or method for privatization with its major shareholders.
MJR Power and Automation has successfully engineered, supplied and installed its industry leading MAP OEtm – Alarm & Monitoring System – for East Yorkshire based firm, SMS Towage.
SMS Towage – specialists in offering 24/7 service to shipping companies and recognised as the UK’s largest independent towage firm – appointed Teesside based MJR Power and Automation to deliver a complete upgrade of the alarm and monitoring system on one of its flagship tugboats, Roman.
With its user-friendly interface and redundant system architecture, MJR’s unique MAP OETM alarm and monitoring package delivers excellent operational functionality on Roman for continuous monitoring and diagnostics, backed up with MJR’s service team to provide service and through life support.
Completed in just less than four months – which is a rapid turnaround for a project of this nature in the current market conditions – MJR successfully completed:
– The removal of an existing system,
– Installation of a new alarm and bridge panels complete with HMI’s, outstations, and alarms located in the engine room,
– Installation of the new alarm throughout the ship’s bridge and Chief’s cabin whilst retaining existing instrumentation and sensors.
And on the back of the successful contract completion, MJR has secured several other contracts with the leading towage firm including alarm testing, CCTV upgrades and relay replacement on Roman, as well as a series of additional projects on the company’s tugboat fleet.
Speaking about the completed project, Paul Cairns, Managing Director at MJR Power and Automation said: “We are delighted to have recently completed what has been a complex project for SMS Towage. The quick execution is a genuine credit to our team’s talents and knowledge which has allowed us to install a new system in a seamless manner.
“SMS Towage is a valued customer of MJR, and we are pleased that we have subsequently won further work with such a high-profile company. This is true testament to the high quality of our project delivery driven by our experience and expertise and our ability for a rapid turnaround on such schemes.”
MAP-OEtm is an integrated automation platform for marine and offshore applications. A modular system, based on commercial off-the-shelf components, it provides flexibility with its customisable and highly configurable architecture to meet specific application and client requirements.
MJR Power and Automation is a leading marine engineering solution and service provider, delivering power, electrical and automation projects to the marine, offshore and energy sector for over 25 years.
With more than five months left in the year, 2022 has already set new LNG shipbuilding records. An astounding 216 LNG carriers — equivalent to about a third of active global fleet — were on order at shipyards as of the end of April 2022, according to the recently released IGU World LNG Report 2022. Perhaps even more incredible, 150 LNG newbuilds — almost 70% of these ships — were ordered between 2021 and the end of April 2022.
“High spot charter rates (averaging US$100,000 in 2021), the re-acceleration of liquefaction capacity additions from 2024 and the prospects of new LNG FIDs this year, have prompted fleet operators to maintain a strong order book for LNG vessels, said the International Energy Agency (IEA) in its Gas Market Report Q3-2022.
And this bullish shipbuilding market has yet to show signs of slowing. In his BRL Weekly Newbuilding Contracts for 11 July 2022, Barry Luthwaite said the record number of LNG newbuild orders has reached 94 for the year, surpassing the 84 placed for all of 2021. “It is simply staggering to note that a combined total of 178 LNG vessels have been committed in only slightly over 18 months. This surpasses all previous history,” he said.
For the week, Hyundai Heavy Industries (HHI) landed 10 LNG carriers, including an order from a European shipowner for eight 174,000 m3 LNG carriers, with suspected links to Qatar Energy’s North Field East expansion requirements. “The Qatar link seems to be borne out by the relatively low per unit price of US$214.9M, indicating berth space may have been reserved some time ago,” said BRL.
“Surely the price [per ship] will pass US$250M in the near future”
Two additional 174,000-m3 newbuilds were ordered by Greek shipowner Capital Gas, slated for construction at Hyundai Samho Heavy Industry (HSHI). The ships will be delivered in May and August 2026. “This contract pushed up pricing to a new level, with each vessel costing US$245.4M apiece. Surely, the price [per ship] will pass US$250M in the near future. More orders are known to be in the pipeline,” said BRL.
Despite taking in 70% of the global LNG carrier orders in H1 2022, South Korean shipbuilders are not sipping port and smoking cigars in celebration. That is because defaults on payments for the construction of specialised ARC7-class icebreaking LNG carriers for Russian LNG projects have triggered a spate of contract cancellations.
“The vessels will never be delivered to Russia, but western owners are moving to buy up the cancelled contracts. This gives partial satisfaction to South Korean builders, but the cash flow situation could grow worse for the big three Korean builders of Daewoo, Samsung and Hyundai,” said BRL.
Another issue to be resolved centres around the shipbuilding slots reserved by Qatar for its massive 151-ship newbuild programme, priced at rates well below today’s US$228M per vessel (170,000 m3). “Now, arguments are going on disputing the new prices wanted by the shipyards to cover today’s global economic situation which sees everyone fighting a slump and inflation nearing double figures, pushing up raw material pricing. The US$250M LNG carrier is just around the corner,” said BRL.
Last year, 57 new LNG carriers (all except one with capacities between 170,000 to 180,000 m3) were delivered, increasing the size of the global fleet by 10% to 634 vessels, including 45 floating storage and regasification units (FSRUs) and five floating storage units (FSUs), according to IGU.
Six years ago, BW LPG embarked on a journey that would create the world’s largest fleet of LPG dual-fuel-powered very large gas carriers (VLGCs) when it began planning for compliance with the IMO 2020 0.50% sulphur cap. Like many shipowners, BW LPG had to weigh commercial and technical options regarding fuel choice, engine technology and refuelling availability, crew safety and training and vessel design.
“We quickly settled on LPG as the fuel type, which we strongly believe is the future fuel for the next generation of vessels,” BW LPG executive vice president technical and operations Pontus Berg explained in 2020. “Our initial design was for a newbuild, but we later converted that into a retrofit solution,” he said.
Mr Berg cited several factors in concluding that converting existing vessels to burn LPG was the best choice. “Operationally, LPG is cleaner and easier to manage than fuel oil or LNG. But in terms of bunkering, there are real savings to be made. We can bunker LPG while loading cargo, and this can save between four- and five-days bunkering time per year. Furthermore, bunkering directly at the loading terminal saves time and the additional costs of a bunkering barge.” With existing import and export terminals serving as bunkering hubs, and the possibility of performing ship-to-ship refuelling via small LPG carriers, this eliminates the ‘chicken and egg’ concerns that hamper the uptake of other alternative fuels”, he said.
As for choosing to retrofit rather than build new, Mr Berg pointed out that converting an existing vessel to LPG dual-fuel propulsion would significantly cut CO2 emissions and payback time.
“The construction of a new vessel generates about 70,000 tonnes of CO2, but taking a retrofit approach reduces this massively, down to about 2,000 tonnes. And while operating on LPG as opposed to fuel oil saves close to 5,000 tonnes of CO2 per year, the environmental payback for a newbuild is 15 years; for a retrofit that falls to less than six months,” he said.
“These vessels are not only making tangible reductions in carbon emissions, but also helping our bottom-line”
With its strategy in place, the Oslo-listed shipowner’s first steps on its decarbonisation journey were clear: a commitment to a pioneering retrofit project in partnership with MAN Energy Solutions and other maritime industry stakeholders that would see four of its VLGCs converted to burn LPG as a fuel.
The deal, announced publicly and to the trade press at a ceremony in Copenhagen in September 2018, coincided with the official launch of MAN Energy Solutions’ two-stroke, electronically controlled, Diesel-cycle, LPG dual-fuel ME-LGIP engine at the Danish engine designer’s research centre.
Two of those new LPG-burning engines, MAN B&W 6G60ME-LGIP Mk9.5, were destined for the world’s first two LPG dual-fuel-powered newbuild VLGCs ordered by Belgian shipowner Exmar for long-term charter to Equinor. The first of those, the 88,000-m3Flanders Innovation, built to Lloyd’s Register class in China, was delivered by Jiangnan to the Nicolas Saverys-led Exmar in 2021. A new era of LPG-propelled gas carriers was born.
BW Malacca is the last of 15 new-generation VLGCs converted to LPG dual-fuel propulsion (source: MAN Energy Solutions)
Initial results encourage investment
This era kicked off with the conversion in late-October 2020 of the main engine of BW LPG’s 2015-built LPG carrier BW Gemini, the first of the four VLGCs to be retrofitted for LPG propulsion.
Operational performance of the gas carrier proved the business case for LPG as a fuel; CO2 emissions were reduced by 17% as compared with marine gasoil on a well-to-wake basis, while SOx emissions were slashed by 97%, PM by 90% and NOx by 20%. Additionally, since LPG is methane free, methane slip from combustion is a non-factor.
Fuel consumption also improved. Using LPG as a marine fuel, the VLGC’s output efficiencies rose by around 10% against fuel oil, which in turn generated notable gains in total voyage fuel economics. This, along with other advantages, secured LPG’s position as a long-term, sustainable marine fuel in gas carriers.
Encouraged by the initial successful conversion of BW Gemini, BW LPG upped its commitment in 2020, earmarking an additional 11 new-generation VLGCs to burn LPG. This tipped its investment to US$130M.
Largest dual-fuel refit programme
Now one of the largest dual-fuel propulsion refit projects in history has wound down. With the redelivery of BW Malacca — the last of these 15 VLGCs to be converted — BW LPG completed the programme in May 2022.
As was the case in the previous 14 conversions, the ship’s MAN B&W 6G60ME-C9.2 type engine was retrofitted to a MAN B&W 6G60ME-C9.5-LGIP dual-fuel type, capable of operating on fuel oil and LPG. Conversion work also involved the installation of two 900 m3 deck fuel tanks, each weighing about 89 tonnes. Each of the 35 m-long tanks is made of low-temperature steel, encased in a thick insulation material. Wärtsilä Gas Solutions supplied the fuel gas supply systems for all 15 vessels. The newly converted VLGCs carry the DNV notation GF LPG.
The refit was carried out at Yiu Lian Dockyards in Shenzhen, China in conjunction with the gas carrier’s scheduled, five-year dry docking and under the supervision of MAN PrimeServ, MAN Energy Solutions’ after-sales division. BW Malacca has since passed sea trials.
“We could not have accomplished this ambitious project on our own”, said Mr Berg. “Our success lies in close collaboration with many experts in their field – MAN Energy Solutions and Yiu Lian Dockyards are two of many partners we thank for their support over the years.”
Mr Berg added: “Powered by LPG, these vessels are not only making tangible reductions in carbon emissions, but also helping our bottom-line in terms of savings on compliant fuel expenses in a high-cost supply situation”.
Added MAN PrimeServ senior vice president Michael Petersen: “As a low-carbon fuel, LPG is well on its way to becoming the new market standard in this segment. As we move towards a zero-carbon future amidst a strong, global push towards sustainability, these conversions showcase our dual-fuel engine portfolio that is future-proofed to handle whatever alternative fuels come to prominence in the decades ahead.”
With more than 120 orders, and 35 in service, the future for two-stroke LPG dual-fuel ME-LGIP engines appears set. Indeed, MAN Energy Solutions said the vast majority of current orders for LPG carriers over 30,000 m3 in capacity will be equipped with ME-LGIP technology, enabling these vessels to use their own cargo as fuel.
he strategy includes expanding the fleet capacity of its container ships to 1.2M TEU (up from the current 820,000 TEU) by 2026 and extending its bulk business by growing the fleet to 55 ships from the current 29 ships in the same period.
In addition to expanding its fleet, HMM also plans to secure logistics infrastructure such as terminals in key locations to reinforce its profit structure. The line will investigate ordering ships using alternative fuels in the future.
In addition to its efforts towards the container and bulk shipping business and an environmental strategy, it will focus on digitalisation, improving effectiveness and areas of investment.
Regarding the digital transformation, the line said it recently launched Hi Quote, an online sales platform based on its own technological capabilities. Further, it plans to integrate its inland logistics network into Hi Quote and apply A-powered freight rate services at a later date.
HMM president and chief executive Kim Kyung Bae said, “Our strategy is to ensure perpetual growth of HMM under the new vision – a global leading company generating sustainable value for the world,” and added, “We will continue to drive efforts to contribute to the global community.”
In all, HMM is expected to invest ₩15Tn (US$11.3Bn) in a range of incentives between 2022 and 2026. The operator said the future strategy was established to respond to “growing uncertainty arising from ever-changing business circumstances and lay a solid foundation for sustainable growth.”
₩10Tn (US$7.5Bn) will be allocated to securing core assets such as ships, terminals, and logistics facilities. ₩5Tn (US$3.7Bn) will be allocated to future strategic projects to diversify HMM’s business.
A further ₩150Bn (US$113M) will go towards digitalisation by improving its e-platform and accelerating enterprise resource planning upgrades.
Ship owners have been upping their newbuilding contracting activity with more deals being reported after each passing week. In its latest weekly report, shipbroker Allied commented that “the impressive performance in terms of newbuilding orders continued for yet another week while the lion share of the market still belongs to the Containership sector. In terms of market share by shipbuilders for these units, the majority have been snapped up by Chinese shipbuilders, something that may soon be negatively affected by the surge in new Covid-19 cases that emerged during the weekend across several areas in China and could consequently lead to new lockdown measures in place relatively soon. At the same time, buying interest continues to also hold for Gas units, and in particular LNG units, with the Qatar LNG project further contributing and significantly increasing demand noted for fresh orders. At the same time, we continue to see sluggish demand for dry bulk and tanker units for yet another week, although we did see some activity emerge this week from Japanese shipbuilders for Handysize dry bulk units”.
Source: Allied Shipbroking
Banchero Costa added in a separate note this week, that “in the gas market an order for 8 x 174,000 cbm LNG carrier was placed by European owners at Hyundai Heavy, deliveries expected during 2nd half of 2026. Again at Hyundai, Capital Gas ordered 2 x 174,000 cbm LNG carrier, dely mid 2026, vessels are priced around $245mln each. Turkish owner Pasco Gas signed at Hyundai Mipo 1 + 1 x 40,000 cbm LPG carrier with delivery during 1st half of 2025.
Source: banchero costa &c s.p.a
The vessels, to be dual fuel, are priced around $64mln each. In the container segment MTT, Malaysia, exercised options for three more 1,800 teu units at Penglai shipyard that will be delivered in 2024. MPC Container placed an order for 2 x 1,300teu carriers, methanol fuelled, at Taizhou Sanfu. Dely expected in 2024, price estimated around $39mln each”.
Meanwhile, Allied added that “on the dry bulk side, it was a rather strong week for the SnP market, given the firm number of transactions coming to light. For the time being, only the Capesize market remains sluggish in terms of activity taking place, that comes though, rather inline with the general volatility and periodical asymmetries noted in its respective freight rates. All-in-all, a lot will depend on the side of freight earnings, where a considerable pressure is currently in place, as to whether we are about to continue to see a fair volume taking place or not. On the tanker side, a modest flow of fresh secondhand deals appeared in the market as of the past week. At the same time though, activity was skewed in favour of the smaller size segments, somehow inline with the overall incremental recovery from the side of freight earnings. Hopefully, with many having already taken a more bullish stance, we can expect buying appetite to remain firm in the near term at least”, the shipbroker concluded.
Source: Allied Shipbroking
Similarly, Banchero Costa also noted that “a slightly quiet week for second hand activity, more focused on vintage tonnage. In the Supramax segment, according to marker rumours, the Mamaba Point 56,000 dwt built 2009 Mitsui (BWTS fitted) is sold to undisclosed buyers around $20.2/20.3 Mln. The Medi Bangkok 53,000 dwt built 2006 Imabari (BWTS fitted) is reported sold with a short BBHP structure at a comparable level of about $17.5 Mln.
Source: banchero costa &c s.p.a
In the Handysize sector the Yangtze Spirit 35,000 dwt built 2012 Dongze (BWTS fitted) is reported sold for $17.2 Mln and the similar age, but smaller Vantage Rider 29,000 dwt built 2011 Nantong Nikka is reported sold to Middle Easter buyers for $15 Mln. In the tanker market asset prices kept increasing. The Magnus 115,000 dwt built 2005 Samsung (BWTS fitted) is reported sold to Greek buyers for $22.5 Mln and the sister Kronviken built 2006 (BWTS fitted) is reported sold too to Greeks for a price close to $25 Mln. The product tanker Explorer II 47,000 dwt built 2005 Onomichi is sold to undisclosed at a price a little over $12 Mln marking a significant hike”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
The keel-laying ceremony was held at the Ancona shipyard for “Seven Seas Grandeur”, the third luxury cruise ship that Fincantieri is building for Regent Seven Seas Cruises, the brand of the Norwegian Cruise Line Holdings Ltd. The delivery is scheduled for 2023.
During the ceremony three custom-minted coins have been placed onto the keel of the ship, each one representing one of the sister ships: “Seven Seas Explorer”, “Seven Seas Splendor” and “Seven Seas Grandeur”. The coins for the two vessels, delivered at the Sestri Ponente (Genova) shipyard in 2016 and Ancona shipyard in 2020, are replicas of those that were placed on respective vessels, while the new coin includes the cruise line’s 30th-anniversary logo.
Image for representation purpose only
Like the first two vessels of her class “Seven Seas Grandeur” will be 55,500 gross tons with accommodation for only 732 passengers, with among the highest staff-to-guest ratio in the industry. She will be built using the very latest in environmental protection technologies, while the interiors will be particularly sophisticated, with every attention paid to passenger comfort.
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