Skewed segments stunt growth
I am fairly confident in stating that in the modern era of commercial shipping there has never been such a skewed age profile of the main sectors. Something has to give as the tanker and dry bulk fleet – largely shut out from this decade’s ordering boom – will become vintage fast while containers and […]
July 2024 Review
Norwegian offshore vessel owner DOF agreed to acquire Danish counterpart Maersk Supply Service from A.P. Moller Holding in a $1.11bn cash and share deal. The combination creates one of the largest Oslo-listed oil services companies, with a combined market cap of around $2.3bn, a workforce of more than 5,400 employees, and 78 vessels, 65 of […]
Oil market wobbles affect tanker earnings
Oil markets were reeling in late July from data showing an 11% fall in total Chinese oil imports in the first half of 2024. Is Chinese transport fuel demand peaking? In June, EV sales were more than 50% of total Chinese new vehicle sales for the first time, while overall new sales were down by […]
Dry cargo becalmed
China continues to report underwhelming economic data, particularly around residential investment (down), house prices (down), steel output (down 1.1% year-on-year in H1 at 531m tonnes), retail sales growth (down), inflation (down, with deflation now in its fifth straight month, the longest streak since 1999). The central bank cut interest rates in July to no acclaim. […]
Container shipping has peaked for 2024
US containerised imports were 2.3m teu in June according to tracking firm Descartes, about 0.2m teu behind the mid-pandemic, all-time June high of 2.49m teu in June 2022,. Some analysts are pointing again at trade tariff expectations to predict a super-peak or even a bubble in Q3 freight rates as US retailers try to pre-empt […]
Analyst Abstract
Dry Bulk Freight futures volatility collapsed to record lows in July as spot rates remained rangebound. The highly volatile dry bulk freight market has been in a “deep summer hibernation” for the past two months, according to Breakwave Advisors. Dry bulk spot rates and freight futures have been incredibly stable in June and July remaining […]
Secondhand prices remain firm
The sale and purchase scene remains an active market even though summer is in full swing in the northern hemisphere. Any slow down is coming from fewer ships for sale rather than fewer active buyers and there is healthy competition still on dry and wet. The imbalance between relatively few ships for sale versus the […]
IATA data highlights continued strong demand for air cargo
The International Air Transport Association (IATA) latest data show that global air cargo markets are continuing to boom. June’s figures have contributed to what IATA has described as “an exceptional first half-year performance for air cargo”, with airfreight volumes exceeding those of last year, of 2022, and even of record-breaking 2021 levels. Global demand, as […]
Canada’s largest shipbuilder plans significant investment in U.S.
Canada-based multinational shipbuilder Davie announced its intention to proceed with a significant investment in the American shipbuilding industry. Pending final site and partner selection, Davie’s decision coincides with a series of actions announced by the U.S. government to boost the efficiency, resilience, and competitiveness of national shipbuilding sector. “As a result of the Biden-Harris Administration […]
Port Houston breaks 2 million TEU mark in record time
Port Houston, the fifth-largest container port in the United States, has surpassed the 2 million TEU mark faster than ever. Through the first six months of 2024, Port Houston has handled 2,098,117 TEUs, representing a double-digit increase of 13% year-to-date compared to the first half of last year. For June specifically, 339,157 TEUs were moved […]