Shipowners and analysts project solid demand growth for product tanker ahead of the new global sulfur regulations in 2020. But many elements remain uncertain, and there is a lack of concrete data, renowned analyst tells ShippingWatch.
It is far from certain that open-loop scrubbers will be approved in China once the country introduces stricter sulfur regulations from next year. Meanwhile, a large, German shipping company has just invested in open-loop scrubbers, which have faced harsh criticism in the industry.
Displeased shippers, of which several claim to have lost money on the Maersk Honam fire, have arrested a Maersk vessel in Tunisia. Maersk Line recently changed its ownership structure in Tunisia.
The oil price retreated as US President Donald Trump again criticized OPEC in a tweet, saying that the cartel "must get prices down now!" Brent crude prices almost reached USD 80 per barrel this week.
A total of 18,000 Maersk employees could in some way be affected by the large-scale integration of Damco and Maersk Line. Dual leadership roles in the regional businesses in particular could be impacted, Maersk Line CCO Vincent Clerc tells ShippingWatch.
Next year will also be a tough year for many tanker ships, projects analyst firm McQuilling. A market recovery will take time and require patience, notes the firm.
Several shipping and logistics CEOs eye higher growth prospects for this year compared to 2017, shows a new survey from PricewaterhouseCoopers. However, digitalization and environmental regulations cause concern.
French liner company CMA CGM has surprised the market by lowering its prices significantly – in a move that goes directly against the industry's plans. Maersk is evaluating the situation.
Norway's Rasmussengruppen has sold its entire stake in Borr Drilling, reports Dagens Næringsliv. Several leading figures in Borr have seized the opportunity to buy.
Commodity trader Trafigura has kicked off a large newbuild program totaling 35 tanker vessels. The ships will be delivered from yards in South Korea and China ahead of 2019.
Methanol is one of the options shipping companies have for improving their environmental impact and complying with the upcoming sulfur regulations set to come into force on Jan. 1, 2020. The IMO is now preparing the first draft of its guidelines for the new fuel type.
Global economic growth may have peaked, says the OECD, which is now lowering its growth estimate for the global economy this year and next year.
The International Union of Marine Insurance has elected a new president in Richard Turner, who comes from RSA Insurance Group. The departing president had a warning for the sector before he stepped down.
China is allegedly planning to slash its average tariffs on imports from most its trading partners as early as October, sources say. The move would lower consumer impact of deepening US trade war.
One decisive factor contributes to a small recovery in the hard-pressed heavy lift segment. But the rates need to increase by 20-40 percent before the market can be described as healthy, says the CEO of the world's second-largest project cargo carrier, Svend Andersen, in an interview with ShippingWatch.
Maersk on Wednesday confirms its plans to integrate logistics unit Damco into Maersk Line, and that products and services will be offered under the Maersk brand going forward. The new structure will come into force on Jan. 1, 2019.
After almost three decades, Anders Grønborg has stepped down from the world's largest bunker company, Word Fuel Services. The experienced executive most recently served as global head of sales.
Although the financial crisis hit the global economy and the entire shipping world ten years ago, its impacts on the container market can still be felt, says Alphaliner in a new analysis.
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Three liner companies agree that the carriers' extra costs triggered by the new fuel regulations should be pushed onto customers – an approach that mirrors Maersk Line's decision this week to announce new bunker adjustment factor.
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