Korean shipyards almost sweep LNG ship orders
South Korean shipbuilders have bagged over 80 percent of new orders placed around the globe this year to build liquefied natural gas carriers, according to industry data on Tuesday. According to the data, Korean shipyards clinched new orders to build 56 LNG carriers in total, which is 86 percent of total new orders placed globally so far this year to construct 65 such ships.
By shipbuilder, Hyundai Heavy Industries Co., the world’s top shipyard, has clinched deals to build 25 LNG ships this year. The comparable figures for Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. are 14 and 17. Driven by such a sharp rise in new LNG ship orders, the country’s major shipbuilders have almost met their annual order target for the year.
Demand for LNG carriers has been on a steady increase due to a rise in LNG demand in line with eco-friendly policies in China and the proactive push for energy exports by the United States.
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Freight rate from Baltic to Antwerp hits 2-year high
The freight rate from the Baltic to Amsterdam-Rotterdam-Antwerp region continued to rise Friday to its highest level in two years, as Russian producers are reported to be increasing the volume of offers to Europe ahead of winter, sources quoted as saying.
Freight rates to move a 70,000 mt coal cargo from Ventspils, Latvia to Rotterdam, rose 25 cents Friday to $9.50/mt, the highest since December 14, 2016, as demand increased for moving coal cargoes into ARA from the Baltic Sea before the ice settles in the region. These rates had weakened significantly during November, following a general slip in freight rates across much of the Atlantic region. However, there has been some significant upside as winter approaches, freight sources said.
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Shipping’s biggest spenders of 2018
With less than a week until Christmas and most of our presents bought, we’re feeling the pinch. However, that’s nothing compared to the amount that some have been spending this year! VesselsValue’s Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018. The biggest buyer in 2018 of second hand vessels is the Greek company Star Bulk Carriers. The vessels involved in the 2018 transactions were valued at just under 1 billion USD on the day of sale.
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Oil output cuts, growing fleet to hit dirty tanker freight in q1
VLCC and Suezmax freight rates have hit record highs in the fourth quarter of 2018, largely due to US sanctions on Iran being reimposed in November. However, the high prices being enjoyed by shipowners may not last, as the OPEC+ production cuts and the growing global fleet promise to bend supply and demand fundamentals against shipowners. Suezmax freight rates for Black Sea-to-Mediterranean voyages hit a more than three-year high mid-November due to tight tonnage caused by a surge in demand from Eastern refiners for Mediterranean crude grades.
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Krishnapatnam port reports 7% rise in box transshipment volume
Krishnapatnam Port Company Ltd (KPCL), promoted by the CVR group, has registered a 7 percent growth in transshipment volume in November. The deepwater port registered 20,600 TEUs for November 2018-19 against 19,316 TEUs in the same month last year, making it the largest transshipment port on the east coast. The port is expanding its container terminal, NCT (Navayuga Container Terminal, earlier known as Krishnapatnam Port Container Terminal). Expected to be completed by the fourth quarter of 2018-19, the enhanced infrastructure will increase the terminal’s capacity from the current 1.2 million TEUs to 2 million TEUs.
At present, about 2.8 million TEUs or about a quarter of India’s cargo containers are transshipped at ports in Colombo.
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Dubai’s DP world seeks to quash India antitrust probe
Dubai’s DP World has approached an Indian court to quash an antitrust investigation recently ordered to probe its alleged anti-competitive behavior at the country’s largest container port in Mumbai.
The Competition Commission of India (CCI) last month said it suspected alleged antitrust violations by DP World and Denmark’s A.P. Moller-Maersk at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT). The CCI’s probe followed a complaint by Singapore’s PSA International Pte Ltd, which had alleged that Maersk and DP World businesses created barriers to hinder the growth of PSA’s terminal by colluding on certain charges they levy at JNPT.