Bungling pirates attacked a tanker off Malaysia last month to steal its oil cargo only to find the vessel was empty and were later arrested by the authorities.
Newbuilding orders across most shipping markets have started to drop off after a whopping $10bn was committed in the first quarter of 2018, but the prevailing trends suggest little has changed from the boom and bust cyclical mentality of ship owners aided and abetted by the prevailing attitude of financiers, according to VesselsValue.
BW Group has made another consolidation move in the tanker sector, this time in the product tanker space, acquiring a 36.3% stake in Hafnia Tankers taking its shareholding in the Danish-based shipowner to 43.5%.
Certain segments of the secondhand vessels market are set to do very well over the next two years. According to the VesselsValue & ViaMar’s Market Asset Value Forecast for the second quarter, LR1 product tankers, handysize bulkers and panamax container ships are seen benfitting the most from an upturn in market conditions, although all segments are seen rising
Euronav is now the owner of the world's only two ultra large crude carriers (ULCCs) - the biggest tankers in the world.
The brewing trade war between the US and China is seen having varied effects on different parts of the shipping industry. While much will depend on if and when the tariffs actually kick in, analysts seem to agree that the worst effects will be felt by the container shipping industry, exacerbating an already difficult situation with oversupply of capacity and slowing global trade.
For tanker owners, there is much at stake on 22 June when OPEC oil ministers gather in Vienna for what is likely to be a particularly bad-tempered meeting.
Bahrain shipyard ASRY has been contracted by Arab Maritime Petroleum Transport Co (AMPTC) to install ballast water treatment systems (BWTS) on part of its fleet.
Come 2025 the switch to electric vehicles (EV) will start to impact the demand for gasoline, which will be bad news for shipping.
Crude tanker owners are going to have to wait another 12 to 18 months for a gradual cyclical recovery, although the second half of 2018 will be significantly better than the first according to DVB Bank.