According to the United Nations trade organ, the world merchant fleet expanded by 7.2 per cent in 2007 to 1.12 billion deadweight tonnes (dwt) at the beginning of 2008. By that percentage increase, the organisation said there was a gain of 82 million dwt over the corresponding period of previous year.The organisation attributed the increase to the historical high demand for shipping capacity that was responded to by the world shipping industry by ordering new tonnage, especially in the dry bulk sector.The UNCTAD review of Maritime transport, copy of which was mailed to The Guardian few days ago, said vessel orders were at their highest level ever, reaching 10,053 ships with a total tonnage of 495 million dwt, including 222 million dwt of dry bulk carriers. According to the organisation, the tonnage of dry bulk ships on order at the end of 2007 was 72 times higher than it was in 2002. It said since mid 2007, dry bulk orders outstrip those of any other vessel type.
Thursday, February 12, 2009
World shipping tonnage capacity hits 1.12 billion deadweight
THE world merchant fleet increased astronomically between 2007 and 2008, according to the review of maritime transport by the United Nation Conference on Trade and Development (UNCTAD).
According to the United Nations trade organ, the world merchant fleet expanded by 7.2 per cent in 2007 to 1.12 billion deadweight tonnes (dwt) at the beginning of 2008. By that percentage increase, the organisation said there was a gain of 82 million dwt over the corresponding period of previous year.The organisation attributed the increase to the historical high demand for shipping capacity that was responded to by the world shipping industry by ordering new tonnage, especially in the dry bulk sector.The UNCTAD review of Maritime transport, copy of which was mailed to The Guardian few days ago, said vessel orders were at their highest level ever, reaching 10,053 ships with a total tonnage of 495 million dwt, including 222 million dwt of dry bulk carriers. According to the organisation, the tonnage of dry bulk ships on order at the end of 2007 was 72 times higher than it was in 2002. It said since mid 2007, dry bulk orders outstrip those of any other vessel type.Read More
According to the United Nations trade organ, the world merchant fleet expanded by 7.2 per cent in 2007 to 1.12 billion deadweight tonnes (dwt) at the beginning of 2008. By that percentage increase, the organisation said there was a gain of 82 million dwt over the corresponding period of previous year.The organisation attributed the increase to the historical high demand for shipping capacity that was responded to by the world shipping industry by ordering new tonnage, especially in the dry bulk sector.The UNCTAD review of Maritime transport, copy of which was mailed to The Guardian few days ago, said vessel orders were at their highest level ever, reaching 10,053 ships with a total tonnage of 495 million dwt, including 222 million dwt of dry bulk carriers. According to the organisation, the tonnage of dry bulk ships on order at the end of 2007 was 72 times higher than it was in 2002. It said since mid 2007, dry bulk orders outstrip those of any other vessel type.
A2SEA bags British wind power contract
The Danish offshore construction company A2SEA has signed up with Fluor Limited for installation of a number of wind turbines off the British east coast.
A2SEA will use their jack-up rig the Sea Jack, which is purpose-built to accommodate three complete 3.6 mW turbines on each operation. The wind turbine power plant will be installed on the Greater Gobbard project as from the spring of 2010. A2SEA and Fluor Limited (the plant-owner) will operate from Great Yarmouth east port.A2SEA’s Sea Jack has done work on a number of wind power plants and is presently working on the Horns Rev 2-project off the Danish coast outside Esbjerg.
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CNPC 'eyes PetroChina asset move'
China National Petroleum Corporation (CNPC) is set to inject some of its overseas assets into its listed unit, PetroChina, according to reports.
The China Business News , citing unnamed sources, said CNPC, PetroChina's parent company, may gradually inject some "non-sensitive" overseas assets into PetroChina, but did not specify the timetable or the nature and size of these assets. The group's oil output overseas came to 62.2 million tonnes (1.25 million barrels per day) in 2008, with its natural gas output at 6.73 billion cubic metres, the report said, without providing comparative figures. While it continues to focus on slashing its operating cost, PetroChina has no plans to cut its capital expenditure this year from its 2008 level of roughly 200 billion yuan ($29.27 billion), it added.
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FFAs softening, dry bulk’s charge in danger
Dalian: Forward freight arrangements (FFAs) are pointing to an end to the mini-boom seen in dry bulk rates this month.
New York financier Dahlman Rose observed that FFAs have declined for the past two days, the first reversal since February 2. The financier also noted that spot market rates “are losing steam and could soften in the coming days.”This view is backed by Norway’s Fearnley’s and comes as the Baltic Dry Index rose more than 4% yesterday to crest the 2,000 level. “[O]n the back of an FFA market declining significantly,” Fearnley’s warned in a weekly report, “the sentiment could be turning. The low prices of commodities have been, in our opinion, a major factor in the resurgence of the market in the last 3 weeks, but amid continuing reports of companies having problems (e.g. Samsun filing for protection) and a market increasingly driven by paper (thus the 'yoyo effects'), this could bring back a 'wait to see what happens' situation.”
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New York financier Dahlman Rose observed that FFAs have declined for the past two days, the first reversal since February 2. The financier also noted that spot market rates “are losing steam and could soften in the coming days.”This view is backed by Norway’s Fearnley’s and comes as the Baltic Dry Index rose more than 4% yesterday to crest the 2,000 level. “[O]n the back of an FFA market declining significantly,” Fearnley’s warned in a weekly report, “the sentiment could be turning. The low prices of commodities have been, in our opinion, a major factor in the resurgence of the market in the last 3 weeks, but amid continuing reports of companies having problems (e.g. Samsun filing for protection) and a market increasingly driven by paper (thus the 'yoyo effects'), this could bring back a 'wait to see what happens' situation.”
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Proposals for new Panama Canal locks
The proposals to design and build the new set of locks for the Panama Canal will be submitted on March 3.
The four prequalified consortia, containing more than 30 companies, will submit their proposals to design and build the new set of locks that will constitute the core of the Canal’s new lane of traffic. The Panama Canal Authority (ACP) has put in place a sophisticated process to select the winner for what will be the largest contract under the US$5.25 billion program. The ACP said that the selection process would build off the ACP’s existing expansion contracting process and would ensure a fair, rigorous and transparent selection. On March 3, consortia submissions will be separated into two submissions: price and technical proposals. The price proposals will be moved to an independent and secure environment and will not be reviewed until the technical proposals have been evaluated and points computed.
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