Oneglobal Shipping Market Report 2023 Oct

2023-10-30 11:06By： Xinde Marine News

Economy:

The world was shocked when Hamas attacked Israel on 7 October 2023. The situation has created extreme oil supply uncertainty, and the elevated geopolitical tensions pose a high risk to the global economy. WTO cuts world trade forecast as manufacturing slowdown bites. Jobs markets remain strong despite high inflation and interest rate rises. Economists predict that the transatlantic gap will widen in the coming years. Chinese investors’ sales of US stocks and bonds hit a four-year high. China proposes a stock stabilization fund to lift economic confidence.

Bulk Carrier:

The low rainy season has benefited the seaborne trade of iron ore and Capesize spots. Ship speeds are being monitored carefully this year following the introduction on January 1 of the IMO’s CII and EEXI regulations, whereby slow steaming is seen as 开心 way of complying with the new green regulations. The world’s first LNG-fuelled panamax bulk carrier has started operating. Hong Kong-based Parakou Group’s fleet sale is gathering pace, taking advantage of the accelerating prices in dry cargo.

Tanker:

The IEA forecasts that the Chinese oil demand in 2023 will reach 16.29m barrels per day, 1.6m per day higher than in 2022. Chinese oil demand for 2024 is more uncertain, with an increase of only 0.6m barrels per day for 2024. In the new building side, no Suezmax slots are left in China for 2026. Scorpio Tankers has revealed a series of more than 20 vessel repurchases to cut its financial costs further.

Containership:

The charter market has been consistently under pressure as more new tonnage is delivered to the supply side. This year, the pre-Christmas stock demand peak did not give containership more upside lifting. Methanol-powered ships represent 52% of all new containership ordered this year. Dubai’s state-owned ports giant DP World has acquired a California-based containerized car shipping specialist to target the growing PCTC market.

Gas carrier:

The LNG market remains high as winter heating demand is driving the high market. French energy major TotalEnergies has sealed a gas supply deal with QatarEnergy for up to 3.5m tons a year for 27 years. LNG New building stays high and pushed MOL returned to Samsung Heavy Industries with more LNG carrier orders. Malaysian Bumi Armada has received approval in principle from the ABS for a new FLNG infrastructure solution.

Offshore:

Disclaimer

The above product summary provides a general overview of the terms and conditions of the insurance policy. It does not necessarily address every aspect of the policy terms. It is not the intended to be, and should not be, used to replace specific advice related to individual situation and this should not been seen as legal, accounting or tax advice. The coverage is subject to full terms, conditions and exclusions of the policy.

The views and opinions expressed are those of the author and do not reflect the official position of Oneglobal. The company and its employees hold no responsibility for errors of fact, market changes and/or any losses incurred as a result of the content obtained in this document. Any forecasts and/or trends reported are based on the author’s assumption which may vary from actual situation due to volatile changes. It does not warrant its completeness or accuracy and should not be relied upon. Users are recommended to exercise judgement and discretion while using this information.

Data Resource: FT, Clarksons, Splash 247, Xinde, Hellenic Shipping News

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.

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