Bulk rates at the same level since the 1970s and a tanker market which has proven far worse in 2016 than expected. Both were central ingredients in a week that was hard to swallow, when ShippingWatch covered the release of half-yearly reports from a range of prominent carriers.
Last year's upswing in the international tank market closed in 2016. Now it looks as though shipowners within crude oil and product tankers must wait 12-18 months, before they see another upwards turn.
Rising oil prices and major profits at energy companies come at an opportune time for suppliers. Analysts expect the otherwise strained offshore carriers to begin ordering more ships in 2023, with Prosafe’s CEO reporting ”optimism in our field.”
Harald Solberg, CEO of the Norwegian Shipowners’ Association, fears that the green energy transition will move too slowly if policymakers don’t take further action soon, he tells ShippingWatch. Two initiatives in particular are necessary, he says.
The Norwegian-Swedish company closes the second quarter showing a decreased net result but expects the rest of the year and the beginning of 2023 to be much better. CEO Lasse Kristoffersen says cargo volumes will grow as more cars, trucks and excavators will be produced.
DFDS and P&O Ferries are sharing ferry capacity on the English Channel – even though French competition authorities have yet to approve such an arrangement. British authorities have green-lit the deal.
Rates on refrigerated containers, or reefers, have increased by 50% in the second quarter compared to the same period in 2021, with growth set to continue in the third quarter. 2023, however, will see rates slowly declining, forecasts consultancy Drewry.