Dry bulk asset values have surged over the past two years following a period of soft returns which encouraged scrapping, while ton mile demand continued to climb, according to data provided by VesselsValue. The dry bulk fleet is now worth more than the combined value of the tanker fleet, leapfrogging container ships as well.
December 2017 was a very disappointing month for the tanker market. Namely, especially for mid-size tankers it was the worst December for spot rates since the early 1990s and for VLCCs it was the worst December since the 1980s. However, in the end of 2018 and start of 2019, the situation is expected to recover.
As the Chinese New Year took place a while ago, the year of the Dog may affect container rates in the coming months. Even though the Chinese New Year was somewhat later in 2018 compared to 2017, the increase is similar to what the market reported last year.
Mitsui is about to make an offer of A$0.95 cash per share for all of the issued shares of AWE, which was announced on 5 February 2018. Mitsui currently has an interest in 3.01% of AWE’s shares. Mitsui will declare the offer unconditional if it acquires an interest in AWE shares of at least 50.1%, on 14 March 2018.
The Malaysian Anti-Corruption Commission started an investigation on MISC, regarding bribery allegations. The company said that it will cooperate with MACC in the investigation and will provide support as well. MISC officials are suspects for alleged corruption for about $28 million. MACC followed up on an information regarding alleged MISC officers making false payment claims.
The new strategic partnership delivers an ocean freight procurement platform that is expected to enable medium and small scale importers and exporters to collaboratively achieve “big shipper” rates and terms direct with ocean carriers and benefit from shared intelligence for better commercial decisions.
The Danish Energy Agency approved Maersk’s sale of Maersk Oil to global oil major Total, including the conditions for such a transfer. As part of the agreement Total will take over Maersk Oil’s organisation, portfolio, obligations and rights with minimal pre-conditions.
Norwegian shipping company Torvald Klaveness said that employing a Panamax on rolling spot contracts was more profitable than employment on a rolling one-year time charter. However, the two strategies performed differently depending on the choice of investment and market timing.
A decrease in fleet growth can trigger the recovery from the second half of 2018 for VLGC owners, despite the fact that freight rates will not reach the levels seen during the bull run of 2014-15. 2017 was very challenging for VLGC shipping, because the large vessel supply pressured freight market.
The maritime sector is vital to the growth and development of the African economy, was the key message of Dakuku Peterside, Director General of Nigerian Maritime Administration and Safety Agency, on the sidelines of a meeting in Lagos with Ambassador Alain Michel Luvambano, the Secretary General of MOWCA.
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