The global oil tanker market faces another year of low earnings as the coronavirus pandemic and vaccine inequalities disrupt demand and producers limit output of crude, a shipping analyst said on Wednesday.The earnings of very large crude carriers (VLCCs) that carry the bulk of crude stand at about $10,000 a day, down from 2020 record highs of more than $240,000
New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement.
Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region's offshore wells and nearly half its motor fuel production and drove prices broadly higher.The storm crashed on Sunday into the Louisiana coast, tearing through U.S. offshore oil and gas fields with 150 mile per hour (241 kph) winds and pushing up to 12 feet (3.7 meters) of water ashore.
What’s not to like about 2021 for container shipping? Freight rates are record high, record amounts of cargo are shipped across the Pacific Ocean, as well as globally, and the previous yearly record for new container ship orders has just been broken (measured in capacity) in less than eight months.
German container shipping line Hapag-Lloyd on Thursday reported a nearly 10-fold increase in first-half net profit, citing surging freight rates amid scarce transport capacities.The group, the world's number five in the industry, said net profit climbed to 2.7 billion euros ($3.28 billion) from 285 million euros a year earlier.
China has switched from driving global demand for major commodities to being a drag on growth, with July's customs data confirming the weakening trend for imports of crude oil, iron ore and copper.The exception to the trend was coal, but the sharp gain in July's imports of the polluting fuel are more a result of China having to go the seaborne market because of domestic policies that curbed
Freight volumes in the port of Rotterdam rose 5.8% on a yearly basis in the first half of 2021, as international trade recovered from its coronavirus slump, Europe's largest sea port said on Thursday.Traffic took a big hit from COVID-19 in the first half of 2020, and despite its recovery, throughput is still not back at levels seen before the outbreak of the pandemic, port authorities said.
Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization, and has agreed with Korea's Daewoo to delay deliveries of two newbuild drillships.
In the full year of 2020, global container shipping volumes fell by 1.2% compared with 2019, much less than feared even before the pandemic was first declared, and much recovered compared with the 6.8% drop recorded in the first six months of the year. Volumes in the second half of the year were up 4.2% from 2019.
Freight volumes in the Port of Rotterdam fell 6.9% in 2020 because of the coronavirus crisis, the biggest drop in about a decade but smaller than had been expected, Europe’s largest sea port said on Friday.The port's Chief Executive Allard Castelein told reporters he expected a recovery that began in the second half of 2020 to continue this year but said throughput was not expected to reach
The board of Wallem Group announced that chief executive Frank Coles has resigned and will be leaving the company shortly.As many will be aware, Coles has been very active in highlighting the plight of seafarers during the COVID-19 pandemic, and he now wishes to become more involved in promoting their welfare, as well as pursuing other opportunities.
High shipping rates are set to continue for at least several weeks, despite new coronavirus lockdowns in Europe, boosted by demand for furniture, exercise equipment and home improvement goods, shipping group Maersk said on Wednesday.A surge in demand from shoppers sheltering at home in a worsening COVID-19 pandemic has upended normal trade flows and triggered a spike in the cost of moving goods