Shipping News revived

[ombugge]

Stopford calls time on globalisation - Splash247

Stopford said that the period of globalisation seen for most of the past 50 years had required “big ships” on deepsea trades. This era was coming to a close, he said.
“I think we’re probably moving back to an era where we’re going to see a lot more focus on the shortsea trades and the integration of maritime regions with shortsea shipping,” Stopford said.

[spowiednick]

I will be damned!!! Excuse my french but is this what USCG is doing now???

[ombugge]

Are you ready for the great new world in shipping?:
https://splash247.com/tomorrows-seafarer-today/

[Hogsnort]

I can see a requirement to educate owners on what is required to recruit the skills that are being demanded of the crew.

[spowiednick]

Do You really mean „great” new world as i rather see all the makings of BRAVE new world. ?

The number of unlicenced guys who command the ships remotely , telling the licenced mariners how to run the ship from navigation to engineering Has grown expotentially. Most of them have never made a dime doing seafarers job but make fortunes talking about it.

Somebody mentioned the yearly salary of the Exxon Valdez Master and recalculated it to present day. Well , the difference between the two values went into the pockets of all those „ yapping dogs” and industry parasites.

Name me also Dr. Bugge a period when seafarers did not have to learn sth new since 1876.

And rarely i do hear or read abt what so called managers have to learn and how? And some really are like the effing all knowing plantation owners.

One more thing. Are You asking the gerontocrats running this show here or the visiting rookies ?

[Memel]

Predatory and Crony capitalism is not free and open Capatalism. Bur then real capitalism rarely exists due to the continued intrusion of governmen regs, fees, grants, exemptions and using targeted regulations and tax codes to benefit the “winners” versus “losers” also to comply to the bidding of the Globalist-Socialist-One world government Marxist drivers at the UN and WEF.

[ombugge]

Sourcing the next generation at sea - Splash247

Crewing specialist Danica’s latest seafarer survey suggests the crew employment market has tipped in favour of seafarers.
“The root cause for today’s wage increases is the combination of a general shortage of very competent seafarers and a better financial situation for most vessel owners,” says Henrik Jensen, CEO of Danica Crewing Specialists. “And, with a surplus of job offers, seafarers can afford to be picky.”

[ombugge]

Chinese seafarers see strongest increase in wages - Splash247

The strong wage growth rate is clearly visible in the dry sector (see chart below), where the Chinese growth rate has exceeded 5%. However, wage increases can be significantly different between sectors and seafarer ranks, and between nationalities.

[ombugge]

Built to sell?:

Yasa Shipping offloads newbuilding to TMC - Splash247

Brokers reported that the handysize bulker fetched $34m, a new benchmark.
Yasa Daisy was the sixth in a series of 10 vessels commissioned from the same yard by Yasa.
Yasa is also reported selling a sister ship, Yasa Violet, which delivered in March this year although no taker has been revealed for this even younger vessel.

YASA DAISY, Cargo Vessel, MMSI 538010914 | Trackipi

With new name:

[ombugge]

What IEA’s 2029 peak oil forecast means for the tanker trades - Splash247

The bulk of this demand growth, as expected will come from India and China, and other emerging Asian nations,
The key drivers behind the decline in oil demand are the shift towards electric vehicles and the substitution of oil with gas or renewables in the power sector. According to the IEA, the growing penetration of electric vehicles will displace 6m barrels per day of gasoline and diesel demand by 2030.

“If the IEA predictions come to fruition, crude tankers that are being ordered now should be seen as replacement tonnage rather than growth capacity,” Poten maintained.
Analysts at rival broker Gibson pointed out that although peak demand is in sight, the overall volume of cargo that will need to be shipped is still large.

The IEA report:

Slowing demand growth and surging supply put global oil markets on course for...

In parallel, a surge in global oil production capacity, led by the United States and other producers in the Americas, is expected to outstrip demand growth between now and 2030. Total supply capacity is forecast to rise to nearly 114 million barrels a day by 2030 – a staggering 8 million barrels per day above projected global demand, the report finds. This would result in levels of spare capacity never seen before other than at the height of the Covid-19 lockdowns in 2020. Spare capacity at such levels could have significant consequences for oil markets – including for producer economies in OPEC and beyond, as well as for the US shale industry.

[ombugge]

MOL takes over Gearbulk from Kristian Jebsen - Splash247

Gearbulk has a fleet of 60 vessels plus a number of ships on order in China. No price has been revealed for the takeover.
MOL is well-versed in buying into Norwegian maritime assets. Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore are some of MOL’s Norwegian investments in recent years.

Fleet - Gearbulk

[spowiednick]

Are those shore side slackers(IMO) crazy ??? To help Yemeni gov. to clean up???
Wonder if IMO blokes are reading the news on gCaptain or other maritime news joints . But milking others seems to be their favourite sport.

Let’s vote here to make Dr.Sal a special Maritime news Ambasador in IMO so He can brief them in depth WTF is going on in & with shipping daily.

IMO Calls for Spill Response Aid Following Sinking of MV Rubymar (gcaptain.com)

[ombugge]

Torm snaps up eight MRs in $340m deal - Splash247

The vessels were all built at South Korea’s Hyundai Mipo Dockyard in 2014 and 2015, and six of the vessels have been fitted with scrubbers.

PS> Could any of them be heading for a flag change to US?

[ombugge]

Trafigura buys Gearbulk out of High Heat Tankers venture - Splash247

In addition, Trafigura has decided to expand the fleet with a newbuild 17,500 dwt IMO II specialised tanker to be delivered in the third quarter of 2026 from Chengxi Shipyard in China.
“This decision demonstrates our long term commitment to the specialised high heat tanker segment with the most modern and energy efficient vessels available,” said Andrea Olivi, global head of wet freight for Trafigura.

[ombugge]

Macro problems on the horizon - Splash247

In 2008 the trigger was the drop of the real estate market. What could it be in 2024, 2025 or 2026? Our bet is that the level of indebtedness in the system which has reached unsustainable levels will be the catalyst for the next financial debacle. Simply put the world is buried under $300trn of debt and counting.

Stay tuned: we will explain why this is a problem next month. Meantime, enjoy your holidays.

[ombugge]

JP Morgan takes over US carrier Bold Ocean - Splash247

More work for US mariners?:

The new strategic ownership group will be pursuing growth opportunities to expand the company’s US flag fleet and logistical services, Bold Ocean said

[ombugge]

Rajalingam steps down at MISC with AET head taking over - Splash247

Rajalingam – known in local shipping circles as Captain Raja – is quitting his role as president and CEO of MISC to pursue other interests with the board announcing Zahid Osman will step up to succeed him.

Will be interesting to see where Capt. Raja pops up next. (He is not the type to retire young and enjoy a life of leisure)

[ombugge]

Belships outfit Lighthouse Navigation rebrands as Norwegian Bulk Carriers -...

https://lighthousenavigation.com/

[ombugge]

ESG is in the news today:

The shipping industry’s long voyage toward supply chain transparency - Splash247

Despite some residual cynicism around the topic of ESG in the shipping industry, vessel operators are beginning to address it with greater seriousness. However there is a need for these often internal dialogues to evolve from an arm’s length view to recognition of the near term risks.

Poseidon Principles expands to assess ESG standards in shipping - Splash247

Launched in June 2019, the Poseidon Principles initially brought together 11 financial institutions and has since grown to include 35 leading banks that represent 80% of the global ship finance portfolio. The Poseidon Principles establish common global standards that align with international climate goals, allowing financial institutions to responsibly manage their portfolios. The initiative has inspired similar transparency efforts in other sectors, such as steel, aluminium, and aviation, demonstrating how financial institutions can play a crucial role in accelerating climate action through increased transparency.

[ombugge]

Shiping is dependent on a vibrant world market for goods and commodities, which is dependent on a functioning finance market and stability of the US$.
Here is some more for you to worry about:

Simply put the world is buried under $315trn of debt and counting. This number is the number published by the Institute of International Finance (IIF) back in Q1 2024. The number was $307trn in Q4 2023 meaning a 2.6% increase in one quarter. This is 2.4 times world GDP and represents $41,000 of debt per living human being. This is huge but in itself doesn’t tell us how sustainable or not it is.

Source; How big a problem is the mounting global debt? - Splash247