1. Tanker Freight Market Dynamics | Industry analysis, news and rates
This year has been a challenging one for tanker freight rates, while the dry bulk and container markets have been experiencing decade highs with elevated rates not seen before in maritime. What is more, there should be persistent concern regarding the drivers behind this adverse evolution from the summer of 2020 till today. In this piece, we will examine the degree to which the plunge in the tanker freight market is driven by the oversupply of ships, and by the remarkable volatility in the recent estimates on world oil supply and demand that has had an enormous impact on the healthy rebalancing of the shipping market, prolonging the downturn cycle we see months now. https://cyprusshippingnews.com/2021/08/26/tanker-freight-market-dynamics-industry-analysis-news-and-rates/
2. Klaveness on course to hit full potential with entire fleet of combination carriers on water
Klaveness Combination Carriers ASA (KCC) delivered a strong improvement on results for second quarter 2021 with a 66% higher adjusted EBITDA than in the first quarter and increases dividends by 50% from the last quarter. With the completion of KCC’s newbuilding program this quarter, KCC is set to benefit from a continued strong dry bulk market and an approaching recovery in the tanker market, says CEO Engebret Dahm. https://cyprusshippingnews.com/2021/08/26/klaveness-on%E2%80%AFcourse-to%E2%80%AFhit%E2%80%AFfull%E2%80%AFpotential%E2%80%AFwith%E2%80%AFentire%E2%80%AFfleet-of%E2%80%AFcombination%E2%80%AFcarriers-on%E2%80%AFwater/
3. The National Transportation Safety Board released the Safer Seas Digest 2020
The National Transportation Safety Board released Tuesday the Safer Seas Digest 2020, a compendium of the NTSB’s maritime accident investigations involving loss of life, injuries and significant property damage completed in 2020. Safer Seas Digest 2020 details lessons learned from 42 maritime accidents involving contact with fixed objects, sinkings, collisions, fires, explosions, flooding, groundings, and capsizings. Among the investigations included in the 112-page report are the fire aboard the Conception where 34 lives were lost and the collision that took 11 lives aboard the USS Fitzgerald.
4. Multi-agency exercise to test Singapore’s ferry mishap readiness and response
The Maritime and Port Authority of Singapore (MPA) held its annual ferry rescue exercise (FEREX) today to test Singapore’s operational readiness and responsiveness in the event of a ferry mishap.
Eight vessels, an RSAF AS332 Super Puma helicopter and around 50 personnel were deployed for the exercise near Marina South Pier. Other agencies and organisations that participated in the exercise included the Singapore Civil Defence Force (SCDF), Singapore Police Force (SPF), Republic of Singapore Air Force (RSAF), and ferry operator Sindo Ferry Pte Ltd. This year’s seaward exercise was scaled down with safe management measures in place, in view of the COVID-19 situation. https://cyprusshippingnews.com/2021/08/26/multi-agency-exercise-to-test-singapores-ferry-mishap-readiness-and-response-2/
5. Straits Orient Lines adds feeder boxship pair
Straits Orient Lines (SOL), part of Transworld Group, is expanding its fleet with the acquisition of two feeder boxships from Blackstone-owned Obligo. The Singapore-based company has snapped up the 1997-built 653 teu pair, Heung A Jakartaand Heung A Manila, for $5.5m each. The transaction makes SOL’s fourth acquisition this year after having bought the 1,702 teu Sol Promise from the Dutch shipowner Vroon and the 1,155 teu Asiatic Dawn from fellow Singapore-based operator Asiatic Lloyd. https://splash247.com/straits-orient-lines-adds-feeder-boxship-pair/
6. Fire on offshore platform likely caused by gas leak: Pemex CEO
The fire on Sunday that killed at least five workers on an offshore platform operated by Petroleos Mexicanos (Pemex) may have started due to a gas leak, said the company’s CEO, Octavio Romero. Six workers were injured and two are missing, although remains have now been found in a control room on the platform. Located in the Ku-Maloob-Zaap oil field in the Gulf of Mexico, the platform was undergoing maintenance work at the time of the fire. A full analysis will be conducted to determine if a gas leak during that work led to the blaze, which shut down oil production of 421,000 barrels per day (bpd), about 25% of Mexico’s total production. https://splash247.com/fire-on-offshore-platform-likely-caused-by-gas-leak-pemex-ceo/
7. National Hurricane Center Watching Strengthening Low Pressure System Expected to Enter Gulf of Mexico
The National Weather Services’s National Hurricane Center says it is closely watching a broad area of low pressure that is forecasted to track into the Gulf of Mexico where conditions are ripe for further development. The system is expected to develop further over next day or so in the southwestern Caribbean Sea where it is likely to form into a tropical depression or tropical storm late this week or this weekend. It is expected to move northwestward over the northwestern Caribbean Sea and near or across the Yucatan Peninsula of Mexico on Friday and into the Gulf of Mexico this weekend where conditions are expected to be favorable for additional development. https://gcaptain.com/nhc-watching-strengthening-low-pressure-system-expected-to-enter-gulf-of-mexico/
8. Vice President Harris Offers Vietnam Support to Counter Beijing in South China Sea
U.S. Vice President Kamala Harris met Vietnam’s top leaders on Wednesday, offering support in several key areas including the enhancement of its maritime security in an effort to counter Beijing’s increasing assertiveness in the South China Sea. Harris also offered more visits by U.S. warships during her talks with Vietnam’s President Nguyen Xuan Phuc, Vice President Vo Thi Anh Xuan and Prime Minister Pham Minh Chinh, according to a White House official who did not wish to be named. https://gcaptain.com/vice-president-harris-offers-vietnam-support-to-counter-beijing-in-south-china-sea/
9. India Pips US To Rank Second In List Of Most Attractive Manufacturing Hub Globally; China First
China remains at number one position, the consultant said in its 2021 Global Manufacturing Risk Index, which assessed the most advantageous locations for global manufacturing among 47 countries in Europe, the Americas and Asia-Pacific (APAC). India has overtaken the United States (US) to become the second-most sought-after manufacturing destination globally, driven mainly by cost competitiveness, according to real estate consultant Cushman & Wakefield. China remains at number one position, the consultant said in its 2021 Global Manufacturing Risk Index, which assessed the most advantageous locations for global manufacturing among 47 countries in Europe, the Americas and Asia-Pacific (APAC). https://www.shippingtribune.com/news/shipping/India+pips+US+to+rank+second+in+list+of+most+attractive+manufacturing+hub+globally%3B+China+first
10. Asia Trades Ahead On The Cycle, Buying Crude For Oct-Nov Runs But The Market Signals Are Not Constructive
Platts Analytics has revised lower Asian demand in the third quarter as a result of tighter restrictions in response to a spike of new coronavirus cases. A version of this Spotlight from S&P Global Platts Analytics was first published August 16. Platts Analytics has revised lower Asian demand in the third quarter as a result of tighter restrictions in response to a spike of new coronavirus cases.