“At the end of 2024, the container ship order book was 8.3m TEU, a new record compared with the previous high of 7.8m TEU in early 2023,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 4.4m TEU were contracted during 2024, the second highest ever, the order book grew despite deliveries hitting a new record high of 2.9m TEU.
Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.
BIMCO has launched a Ship Recycling Alliance to help accelerate safe and environmentally sound recycling of ships. The alliance will co-ordinate the voices of the ship recycling industry and the shipping industry and help facilitate the global implementation of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC).
Washington State Ferries announced it has canceled the sale of two retired vessels after the buyer failed to meet its contractual obligations and left a tugboat crew abandoned in Puget Sound.Sold in August for $100,000 apiece, the decommissioned WSF ferries Elwha and Klahowya had been sold to Nelson Armas, who has gained approval from the U.S.
The maritime industry is seeing significant fleet growth in the containership sector as the volume of newbuild deliveries eclipses previous highs.“Since the beginning of the year, the capacity of the containership fleet has increased by 1.6 million TEU. Compared to one year ago, the capacity has risen 11% to 29.
Approximately one month has passed since the Singaporean-flagged container vessel M/V Dali allided with the Francis Scott Key Bridge on March 26. The bridge, which connects Hawkins Point and Dundalk, Maryland, collapsed into the lower Patapsco River, bringing all maritime traffic in and out of the Port of Baltimore to a standstill.
Philly Shipyard on Friday held a keel laying ceremony for the fifth and final vessel in a series of new purpose built, state-of-the-art training ships for America’s state maritime academies.The U.S. Department of Transportation’s Maritime Administration (MARAD) new vessel program – known as National Security Multi-Mission Vessels (NSMVs) – was designed to provide world-class training for
“In 2024, new crude oil tanker deliveries dropped to a 36-year low as only 17 new tankers, with a capacity of 2.5m deadweight tonnes (DWT), joined the fleet. Compared to 2023, the capacity delivered dropped by 74%,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the year, the recycling of crude tankers increased to 1.7m DWT wherefore the fleet ended only 0.
Almacam is a leader in nesting-CAM software for shipyards. Philippe Rouzeau, Manager of the Shipyard Team, Almacam, explains how it solutions can help shipyards shave production costs and increase efficiency.Almacam is a 45-year-old, employee-owned company created by researchers that were mono-focused on developing nesting algorithms in a laboratory of Grenoble University, France
Nippon Yusen Kabushiki Kaisha (NYK) and Oono Development Co., Ltd. agreed to jointly study the commercialization of ship recycling, in which ships and large offshore structures are dismantled in Japan and recycled as steel scrap and other materials. The memorandum of understanding (MoU) was signed on September 18 at NYK's head office.
“Between January and August 2024, the number of recycled ships has dropped 42% y/y, the second lowest level in 16 years. The market has seen high freight rates and strong demand, delaying the recycling of older ships. On the supply side, the fleet has continued to grow slowly, limiting fleet renewal,” says Filipe Gouveia, Shipping Analyst at BIMCO.
As Russia's war continues to rage in Ukraine and tensions hit a fever pitch in the Middle East, zooming out of the ship recycling markets, GMS sees geopolitical events taking centerstage across all shipping sectors (trading and recycling) for yet another week, with no end in sight.