In recent weeks we have seen a steady increase in Sale and Purchase (S&P) activity, despite the downward pressure that the dry market has been experiencing both on the spot and period front.
This week we interview the shipping executive of an established tanker owner to discuss his views on the impending 2020 sulphur cap requirements and how they will impact vessel owners from an operational perspective.
Earlier this month, the US re-imposed sanctions on Iran, banning global exports threatening heavy penalties on any country that continues to trade with the middle-eastern nation.
Recently the tanker market has shown some signs of improvement and through-out the industry there has been a sense of positivity in the last few weeks, in stark contrast to the the downward spiral that represented the first three quarters of 2018.
Less than 15 months remain until the IMO 2020 sulphur cap regulations come in to force and with this date looming, ship owners who have yet to address the situation are being forced to make prompt decisions in order to comply and continue to trade come January 2020 and beyond.
Hurricane Florence has halted shipping in key south eastern ports as it approaches, with landfall expected today between North and South Carolina.
In 2018 so far, some 17 VLCCs have been ordered, which has expanded the orderbook by 17.0% in terms of vessel numbers, according to Alibra data. Of these ships, all but two are to be built at South Korean yards. One has been ordered in China and another in Japan.
The long term impact of Donald Trump’s steel import tariff of 25%, effective from March 2018, remains to be seen for the US domestic economy, however the potential for a wider trade war with China is shortly to come to a hilt.