While a panel on the tanker and gas markets, as well as the container shipping session, at the Asian Logistics and Maritime Conference in Hong Kong almost unanimously agreed that scrubbers are not the solution to the emissions control issue, there was one contrarian view that they are needed for the industry to remain competitive.
The US shale gas phenomenon is having an effect on traditional trading patterns, and owners and operators will have to react to this, said Navig8 Group coo Andrew Hoare at the Asian Logistics and Maritime Conference's Tanker and Gas Market Outlook panel.
John Fredriksen's Frontline says that tanker rates in the third quarter of the year were at their weakest since 2013.
The United Nations Conference on Trade and Development (Unctad) has confirmed Greek shipowners remain the dominant force in the global industry, topping operators overall based on fleet capacity, while heading the wet and dry categories, and rising to third among containership fleets.
Renewal of the Greek fleet continues at pace as cash rich owners continue to build ships and buy ships.
Shin Yang Shipping Corp (SYS Corp) was hit by the continued weak shipping market seeing FY2017 net profit fall by a third to MYR5.3m ($1.25m) as revenue fell 8% to MYR 589.7m on lower revenue from the international shipping segment, with a 20% drop compared to the previous corresponding period.
Cosco Shipping Energy Transportation saw its performance slip in the first nine months of the year due to weak rates, the company said in a stock market announcement.
Japan “big three” shipowner Mitsui OSK Lines (MOL) reported a half-year net profit of JPY13.1bn ($116.4m) down 18.3% from JPY16.1bn a year earlier.