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Marine News:

Tanker Market On a High Note

Fortunes have improved in the tanker market as of late, as per the latest monthly OPEC report. In October, tanker spot freight rates for dirty vessels increased considerably, with gains being registered across all classes trading on all major routes. As the market approaches the winter season, tanker market spot freight rates saw notable improvements ......

‘Bad bunkers’ – common challenges, recommended actions

Instances of damage to vessels’ machinery, including engine breakdowns, as a result of contaminated fuel have reached unprecedented levels. Since the first reports of this ‘bad bunker’ fuel appeared in Houston at the beginning of 2018, it is thought that hundreds of ships have been affected globally. Norwegian Hull Club has – as of October ......

Liberia becomes first flag state to join the Maritime Anti-Corruption Network

Liberia has become the first ship registry to be admitted to the Maritime Anti-Corruption Network (MACN) as an associate member. Alfonso Castillero, CCO of the Liberian Registry, says, “We are greatly honoured to be the first ship registry admitted as an associate member of the MACN. The organization has done great work fighting corrupt practices ......

Capesize Market Hurt by Over Reliance on Chinese Economy

Earlier hopes of a rally in the dry bulk market during the fourth quarter of 2018, in similar note to the past couple of years, have been quashed by the harsh reality of the latest trends in the global trade. In its latest weekly report, shipbroker Allied Shipbroking said that “a tectonic shift has been ......

Impact of US sanctions on the tanker market

Earlier this month, the US re-imposed sanctions on Iran, banning global exports threatening heavy penalties on any country that continues to trade with the middle-eastern nation. According to US secretary of state- Mike Pompeo during an address on the November 4, the goal is “depriving the regime of the revenues that it uses to spread ......

Reflections on a Red October

October was a difficult month for the financial markets, with most equity markets falling in value, leaving the world equity index down -7.42% for the month. In fact, the only major market that was up in October was Brazil, where markets greeted the latest entrance of populism in global politics with a cheer. Interestingly, or ......

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