As the battle lines continue to be drawn over exhaust gas cleaning systems on ships Precious Shipping md Khalid Hashim warns that the discharge waste water from open-loop scrubbers “will comeback to haunt us”.
The global dry bulk shipping market is expected to see flat rates and a marginal fleet growth in 2019, with potential near-term positive prospect following a temporary truce in trade war between China and US.
The Baltic Dry Index (BDI) will continue to stay under pressure as shipowners are not scrapping enough vessels even as demand has grown, pointing to a slow market recovery up until 2020, warned Khalid Hashim, managing director of Precious Shipping.
A packed audience of nearly 200 heard strong opinions as to whether or not the maritime industry is ready to embrace smart shipping at a parliamentary-style debate held on the opening day of the Seatrade Maritime Middle East event in Dubai on Monday.
Are the maritime industries about to be revolutionised by smart shipping or is the sector not yet ready for the fourth industrial revolution? It is a highly emotive subject and the Parliamentary Debate at Seatrade Maritime Middle East will see six leading industry executives, all with strong opinions debate the motion: “This House believes the shipping industry is not yet ready to embrace smart shipping”.
The bunker industry is the latest to make use of the growing application of blockchain technology in the maritime sphere with Blockchain Labs for Open Collaboration (BLOC) announcing through its subsidiary Maritime Blockchain Labs (MBL), the establishment of a consortium to address traceability and transparency in the marine fuel supply chain.
Already a strong advocate of the switch to low sulphur fuel oil instead of using scrubbers, Precious Shipping md Khalid Hashim suggested that not only is a switch to cleaner burning fuel the right thing to do, but could also be positive for the market.
Dry bulk shipowners are not helping their own cause by a failure to scrap vessels, which will lead to an “extremely volatile” market recovery warns Precious Shipping.
Precious Shipping has lost an arbitration over excessive fuel consumption on ultramax bulkers built at Taizhou Sanfu Ship Engineering in China.