The last 12 months has seen values rise to near-record levels across several sectors of the shipping industry, fuelled by the post-covid shipping boom and a strong newbuild market.The report states that the newbuild market experienced continued growth, with a notable rise in orders, particularly in the Post/Panamax and Capesize sectors.
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.
Liquefied natural gas shipping rates have hit multi-year lows and may extend losses going into 2025, analysts and shipping sources said, with new tankers being added at a faster rate than LNG production is rising and spot demand still tepid.New LNG tankers, built in anticipation of rising U.S.
Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.
Singapore's Cyan Renewables, which operates vessels for offshore wind farms, said on Thursday it will buy its Australian peer MMA Offshore for A$1.1 billion ($725.67 million), marking the largest take-private deal in this space in the Asia Pacific region.MMA shareholders will receive A$2.
Shell has reached an agreement with Carne Investments, an indirect wholly-owned subsidiary of Temasek, to acquire 100% of the shares in Pavilion Energy, a Singapore-based global liquefied natural gas (LNG) trading business.Pavilion Energy is an LNG business with a contracted supply volume comprising about 6.5 million tonnes per annum (mtpa).
Trader Gunvor and French major TotalEnergies have stored North Sea crude in at least four tankers in the past month as on-water stockpiling of the grades hits a 2-1/2 year high, a fresh sign of weak appetite for oil from refiners.At least 2.6 million barrels of North Sea crude grades Forties and Gullfaks have been put in floating storage in Europe, the highest volume since January 2022
The crude oil tanker market is grappling with an ageing fleet of vessels which need to be replaced, posing a challenge as shipyards are focused on building other types of ships, a top executive with commodity trader Trafigura said on Tuesday.The crude tanker market, including VLCC supertankers
Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.
The United States has launched an investigation into alleged unfair practices within China's shipbuilding and maritime industries, drawing ire from Chinese officials.The probe was launched Wednesday by U.S. Trade Representative Katherine Tai in response to a petition filed by five national labor unions accusing China of using "non-market policies that are far more aggressive and interventionist
EDGE Group, a United Arab Emirates-based advanced technology and defense group, and Fincantieri, one of the largest shipbuilders in the world, have entered into a term sheet aimed at creating a joint venture (JV) that will focus on the manufacturing of a broad range of sophisticated naval vessels.
Wallenius Wilhelmsen has signed significant contracts whose combined worth amounts to $1.2 billion for the world’s largest RoRo vessel operator.The contracts have been signed with a leading global construction and mining equipment manufacturer, and with one of the largest automotive distributors in the Americas.