A welcome sense of optimism on the future of shipping infused the opening day of the 15th biennial Maritime Cyprus conference taking place in Limassol this week, a line-up of heavyweight speakers, record attendance of over 850 delegates and the first of the week’s procession of evening receptions all adding to the positive vibe.
Stolt-Nielsen does not expect the chemical tanker market to improve until the later part of next year.
Sovcomflot (SCF) is ordering five LNG-powered aframaxes for Rosneft at Zvedza Shipbuilding Complex.
Following a relatively small oil spill off Athens 10 September, that authorities have been accused of handling poorly, Greece’s Prime Minister Alexis Tsipras and Shipping and Island Policy minister, Panagiotis Kouroumplis, have pledged a shake-up of the Hellenic Coast Guard, the way ship’s seaworthiness certificates are issued, and a review age limits.
An upturn in the tanker market is not seen until the end of 2018 as oversupply and newbuilding orders dog the market.
Thailand’s newly-listed Prima Marine (PRM) is planning to double the size of its fleet over the next three years, including the purchase of at least one VLCC and two FSO vessels, reports said.
The aftermath of Hurricane Harvey, and anticipation of the next storm, “Hurricane Irma”, have impacted the trading patterns for vessels in the US Jones Act trades, including MR sized tankers of 46,000 to 50,000 dwt and Articulated Tug Barges (ATBs).
Skies have cleared over Texas as what was Hurricane Harvey has now moved inland, but the damage, and the implications for shipping, are still unfolding.