Oneglobal Shipping Report 2023 April

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Credit: timelab-pro-unsplash

Xinde Marine News has published the Oneglobal Shipping Report for the month of April 2023.

Economy

There has been a renewed focus market that seems eye more on supply chain security after the US- China trade war, the global pandemic, and the /Russia war, amongst other financial uncertainty. Pakistan has placed its first order for discounted Russian crude oil under a deal struck. The potential future of high-interest rates in the future could negatively impact shipping finance availability. China’s economic rebounding more than expected could bring additional hope for shipping markets. The up-moving offshore market’s up-moving could be another opportunity for ship owners’ investment.

Bulk Carrier

The market has shown some encouragement after China came into the post-pandemic era. Meanwhile, some owners decided to let go of some dry cargo ships to cash in their margin. Argentina is set to lose its status as the world’s top exporter of processed soy meal due to drought. The average BDI continues in the second month moving up, which may bring the market a short-term boom. Taiwanese shipowner and operator Wisdom Marine is adding more Japanese handysize bulkers to its orderbook.

Tanker

OPEC+’s surprisingly cutting 1m barrels output per day output cut pushed oil import countries to find alternative sources to secure their energy supply, combined with Ukraine and Russia war, which brought may bring significant tonnage mile demand growth this year. Cash buyers make fortunes from vintage tankers as the market is still relatively high. In the stock market, John Fredriksen has surpassed the Saverys family as the top shareholder of Euronav, the largest VLCC owner.

Containership

The last three months’ average containership earnings start to move up after about ten months drop, which may release some short-term pressure. But, as heavy delivery is coming, the fundamental market will still face a headwind. To help reduce CO2 emissions, cash riched containership owners continue their leadership in decarbonization initiating. Maersk will take the delivery of two new methanol-dual fuel ships, Lomar will install CO2 capture, and ONE is adopting suction sails.

Gas carrier

Say No To LNG, a global shipping campaign, has launched this month, with its backers saying they aim to debunk the “myth” that LNG is a climate- friendly alternative marine fuel alternative. If the campaign extends to other industries, it may create massive pressure on the long-term LNG market. LNG’s order book now stands at a record level, 50% of the existing fleet. Luckily the floating liquefied natural gas sector is poised for $35bn in engineering, procurement, and construction contracts, which will be awarded through to the end of 2027.

Offshore

Offshore is attracting capital. Emanuele Lauro-led offshore wind player Eneti and offshore drilling giant Transocean are looking to join forces in the rapidly growing offshore wind services sector. Saipem seals a $280m drillship contract extension with Eni. Chinese yard CIMC Raffles has revealed an order from fellow construction firm CRCC Harbour & Channel Engineering Bureau Group for the construction of an offshore wind turbine installation vessel (WTIV). A new group called Zephyrus Marine has sealed a deal with Japan- based shipyard Mirai Ships to build a zero-carbon offshore wind service vessel.

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Source: Xinde Marine News