The global maritime industry is on a rough journey. The prevailing winds of change are against many shipping companies, but a bright spot remains and serves as an eager guidepost to a struggling market.
As part of an agreement between the European Union and the International Organization for Migration (IOM), Damen Shipyards Group has delivered two SAR 1906 vessels to the Turkish Coast Guard. The two vessels – the first to be delivered in what is a six-vessel contract – will be mobilised in refugee and migrant rescue operations.
Major players from global ship owning, shipmanagement and associated service industries such as satellite communications and maritime clusters are among the confirmed speakers at the Fourth International Shipowning and Shipmanagement Summit (ISSS), to be held during London International Shipping Week 2017.
Global container terminal operator DP World reported 8.2% volume growth in the first half of the year with the help of gains from new shipping alliances.
Over the last decades, the global shipping industry has been one of the major factors of the globalization process. At the same time, the shipping industry is itself being transformed by growing international trade, market integration and the shifting balance of economic power from developed economies to rapidly growing lower wage economies. As shipping-related economic activities are also becoming more globalized, cities and states have to compete to attract international maritime companies.
The 13 OPEC countries produced about 36.4 MMbbl/d of crude oil and condensate in 2016, the highest in the past several years. Threatened by the U.S. shale boom, the group led by Saudi Arabia decided to fight for market share in 2014, resulting in an industry downturn as oil prices completely collapsed.
Container shipping is often thought of as the ‘glue’ which keeps the world economy turning, providing a low unit cost way of moving both manufactures and a range of other goods between producers and consumers around the world. As such, container ports and terminals are crucial nodes in the world’s transportation system, and their sheer number and ubiquity merits a close look.
In what has been a turbulent year for the product tanker market, it seems that 2017 has seen a notable increase in unplanned refinery outages, which has naturally had an impact on the product tanker market.
Freight rates for very large crude carriers (VLCCs) on Asian routes show little sign of reviving although Hurricane Harvey, which threatens to ravage the U.S. Gulf coast oil refining industry over the weekend, could provide a fillip, brokers said.
Two shipping collisions near the Singapore Strait in less than a week have caused serious concerns and brought into renewed focus the need for seamless movement of cargo traffic worth billions of dollars annually in the region, market participants said.
The fact that the summer is nearing its end has prompted more ship owners into securing more newbuilding orders.