International Maritime Transport Section   

Our missions for  International Maritime Transport Market Analysis  by information bulletins on major supply and demand indicators in the sectors of shipping and shipbuilding.

 ECSEI is Continuous statistical evaluations of the shipping and shipbuilding markets, information on the development of seaborne trade and freight rates, data on major seaports of the world, as well as on shipping and goods traffic on sea canals and detailed statistical analyses of individual markets.

 ECSEI Market Analysis and study Included :

•  World Merchant Fleet
•  World Tanker Market
•  World Bulk Carrier Market
•  World Container and General Cargo Shipping
•  World Merchant Fleet by Ownership Patterns
•  World Passenger and Cruise Shipping /ISL Cruise Fleet Register
•  World Shipbuilding and Shipbuilders
•  Major Shipping Nations
•  World Seaborne Trade and World Port Traffic
•  The Future World Merchant Fleet - New Orders and Order Book
•  Ports and Sea Canals
•  Liner shipping

  The International Maritime Organization (IMO)

Our ECSEI Studies Included comprehensive regulatory framework for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, Maritime Security and the efficiency of shipping.

The Maritime Treaties:

• The Convention establishing the International Maritime Organization (IMO)
• The international safety of life at sea convention – SOLAS
• The convention for the prevention of pollution by ships - MARPOL
• The convention on standards of training for seafarers – STCW
• The International Convention on Search and Rescue
• The International Convention on Oil Pollution Preparedness, Response and Co-operation
• The International Convention on Civil Liability for Oil Pollution Damage
• The convention establishing the International Fund for Compensation for Oil Pollution Damage
• The Athens Convention covering liability and compensation for passengers at sea
• The Protocol on the Establishment of a Supplementary Fund for Oil Pollution Damage 2003
• International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001
• The International Ship and Port Facility Security Code (ISPS Code)
• The IMO recommendations governing every facet of shipping

  Legal Committee

• Liability and Compensation
• IMO and ILO Working Groups on Seafarer
• Removal of Wrecks
• IMO and UNCLOS
• Arrest of Ships Convention
• Liens and Mortgages Convention
• The Convention on Limitation of Liability for Maritime Claims
• The International Convention on Liability and Compensation for damage in Connection with the Carriage of Hazardous and Noxious substances (HNS)

  DRY BULK MARKET

 Dry bulk carriers transport large volume cargoes in ship loads. Major dry bulk commodities consist of industrial raw materials including iron ore, coal, grain, bauxite and alumina. Minor bulks such as soya beans/meal, steel products, phosphate rocks and sulphur also accounts for a significant part of the dry bulk trade. 

Dry bulk carriers are generally designed for simplicity and cheapness. However some of the small vessels are of higher technical designs in order to trade special cargoes such as cements and rocks. These vessels are somewhat similar to multipurpose vessels in both size and design.  

The ownership of dry bulk tonnage is highly dispersed compared to the ownership of crude oil tankers, chemical tankers and containerships. 

The dry cargo market is a large mixture of spot arrangements, time-charter agreements and industrial shipping.

  Baltic Dry Index 8 / 3 / 2009

    DRY BULK Market - September 21st, 2009

 New record levels of steel production in China this week have failed to impress the Cape market which fell  down to levels not seen since May this year. While discussions about the way iron ore prices will be settled in the future are still ongoing, current prices have been stabilizing thanks to European, Japanese  and Korean mills progressive come back on the market, in addition to the continuous buying spree of Chinese steel makers.  

Port congestion has also globally decreased last week but the number of ships waiting for discharge in loading and unloading ports in China and Brazil is still playing ping pong game well over the level of the table. On the grain front some good prospects have been announced this week for the winter harvest of corn and soybeans in the US, calling for a good export season from this area.  

In this unstable context some players still bet on the new building market to develop their business; this week the order for ten 35,000 tonners at Shanghai Shipyard has been revealed, while rumors about Vale looking for up to 20 VLOCs to enforce its new export strategy have circulated. 

Maybe the talks between STX Pan Ocean and Vale about long term iron ore shipping contract (300 Mt over 25 years) are not completely disconnected from this move,but no link has so far been made between the two operations.

  Capesize

 Lacking direction two weeks ago the Cape market has found its way (down) last week, with the BCI losing 486 points back to levels of May this year. The situation is different today as, while the market suffered from a lack of cargoes in the early months of 2009, the main worry is now an oversupply of tonnage.

Neither the Atlantic, nor the Pacific offered better conditions for those who were seeking places of refuge. Any confirmation of a stronger come back of European, Japanese and Korean still mills would be welcomed by the owners as it may come on top of China import flow which seems to be here to stay according to most commodity analysts.

Some period fixtures below 1 year have been reported last week with some maybe thinking that the market is bottoming out.

  Panamax

The Panamax market saw little change on the week (BPI +22 points & 4 TC’s +US$194). Rates in the east nudged up slightly after a purge at the start of the week by BHP Billiton, rumoured to have taken 5-6 ships to do an east Australian coal run to China option India.

Despite a general softening in the Atlantic, tonnage continued  to be tight in the north Atlantic, and charterers with US Gulf front haul stems continued to pick off the readily-available tonnage in the Far East wanting a longer duration round voyage rather than just short trips in the east at a marginal increase in rates. Period wise, a handful of short period fixtures at steady numbers, and on the longer term there was a deal done at a surprisingly improved US$23,000/day for 11/13 months, although this was a larger than index vessel for a prompt Atlantic delivery, the rate maybe also reflected the signature of the charterer…

Comparison of sizes

   Supra/Handy

The Handy market resisted much better than the bigger sizes, with Handysizes increasing about US$500 overall to finish around US$13,000/day on average, and Supras increasing by US$1,500 to finish around US$20,000/day on average.

Stems were sufficient to keep the market afloat. For Handysizes in the Atlantic the strong flow of fertilizers out of Cont down to ECSA, made ECSA the weakest loading zone, the first being US Gulf, the second being the Continent; with the overall TARV in the mid high teens and the PARV in the very low teens.