Marubeni Corporation along with the Norwegian ship owner Klaveness, agreed to establish a new pool management company named “Maruklav Management Inc”. Specifically, both sides will run a global fleet of Panamax-size bulk carriers, scheduled to start operations on 1st of April 2020.
The fundamental balance in dry bulk shipping has gotten worse during 2019, with supply growth outstripping demand, and BIMCO forecasts that this will continue into 2020. Namely, after peaking in September, the fundamentals of the market have started to drag on freight rates.
There are several variations related to ships sailing on high seas. Panamax vessels, Aframax vessels, and Suezmax vessels are some of the most prevalent types. But what do they mean and what kind of ships do they represent? Well, the answer is relatively easy, and it lies on the area that each ship caters.
The Panama Canal Authority announced on July 25 the increase to the maximum authorised draft for Neopanamax vessels sailing through the Panama Canal, due to recent rainfall that impacted the area. The maximum authorized draft allowed for vessels transiting the Neopanamax locks will be 13.72 m (45.0 feet) TFW.
China decided to restrict its coal imports in 2019 in less than 2018’s levels. Drewry supports that this decision will dent demand for Panamaxes, but an ongoing tussle with Australia could be the silver lining. The Chinese government aims to curb the coal imports by 3-4% in 2019. This could result to a decline of approximately 10 million tonnes.
The expanded Panama Canal met on March 22, 1.000 days of operation, exceeding expectations and redefining global trade routes. From the first days of its operations in 2016, the waterway saw an increase in cargo tonnage, as a result of the transfer of new segments and new line services.
The Chinese government’s aim of suppressing coal and lignite imports in November and December 2018 is adversely affecting demand for Panamaxes and as a result, rates. Yet, according to Drewry, imports will be supported by winter and high-energy demand in the first quarter of 2019.
Vesselsvalue noted that value investors still have plenty of opportunities to acquire prime aged assets at a significant discount to their expected future market value. Tankers offer the most promising investment overall, as most large crude tankers still have significant upside remaining.
Panama Canal will try to promote the use of the Panamax locks for soy and corn grain transits originating in northern Brazil and traveling to markets in Asia. These shipments typically transit on Panamax vessels given the similarity between the drafts in the Amazon River ports and the Panamax locks.
Greek-based shipping company Diana Containerships announced that, through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with German Hapag-Lloyd, for its Panamax container vessel ‘Sagitta’.
Panama Canal achieves milestone transit12/08/2020
ReCAAP ISC: Six incidents of piracy and armed robbery reported during July 202012/08/2020
Mauritius PM calls for worst-case scenario preparations12/08/2020
Just In Time guide launched supporting smarter, efficient shipping12/08/2020
- Maritime Health
Update August 12: Live map depicts spread of coronavirus12/08/2020
Two workers died at Al-Zour LNG terminal in Kuwait11/08/2020
- Green Shipping
APM Terminals, CMA CGM link Spain, UK and Ireland with eco-friendly solution11/08/2020
MPA issues guidelines for safe transfer of people between vessels at anchorage11/08/2020
China revises law on the prevention and control of environmental pollution by solid waste11/08/2020
IMO digitalizes all meetings for 202011/08/2020