testata inforMARE
30 September 2023 - Year XXVII
Independent journal on economy and transport policy
04:44 GMT+2
FORUM of Shipping
and Logistics


The consolidation of tonnage and the general recovery of the petrochemical industry, where the majority of this segment is mainly dedicated, generated a substantial strengthening of freight rates, badly needed by a few owners after two years of poor results.

Thanks to a shortage of products in most industrial areas (mainly Europe) and the availability of competitive product from Asia, long-haul ethylene voyages from South East Asia and Korea to West options were possible, and propylene movements from the USA and South America to Europe became more regular. Such longer trips put some pressure on ship's availability.

Butadiene / C4 transatlantic moved up to $130 per mt by the third quarter and then fell slightly over the last quarter. The ethylene market was as usual affected by the product demand created by plant outages and scheduled turnarounds in Europe.

Some signs of slowing down were however observed during the fourth quarter, when increased idle times and prompt availability of tonnage arose.

One should also note the Navigator 22,000 cbm ships delivered during 2000 have now all finished their trading on LPG short-term time charters in the East and West of Suez, with the exception of a single ethylene trip from South East Asia to Europe.

10 ships were reported ordered in this sector, among which :

  • four ethylene carriers 8,200 / 8,400 cbm at Chinese yard by Norwegian owners,
  • one 8,600 cbm semi-ref type ex-Japanese yard by Japanese owners,
  • two ethylene 9,000 cbm ex-Italian yard by Italian owners,
  • one fully-ref 22,000 cbm ex-Korea, and
  • two semi-ref 22,500 cbm ex-Japan by Naftomar.



5,600 cum, blt 1999 by Kodja Bahari - Owned by Gaschem Pool, Hamburg

Although not as affected by concentration as the larger tonnage categories, this segment was fairly active, and a firm upward trend was observed until September. Depending on vessel size and specifications, the average increase of freight earnings can be assessed at around 20 % over last year earnings, 15 % for small pressure-type vessels and up to 30 % for some large semi-ref type ships.

Petrochemical activity represented a good share in this upturn, with additional production coming from Asia at competitive prices and shortage of products in Europe. However, despite the advent of winter months in the Northern hemisphere, signs of stability or even a weakening appeared as from mid September, due to :

  • LPG prices reaching uncompetitive levels to be used as feedstock.,
  • abnormally warm temperatures for the season,
  • slowdown of demand for petrochemical products.

Considering that we seem to be entering a late mild winter and that the shipping market is not far from being balanced, it might take very little to see a possible reverse trend.

As stated before, the newbuilding activity has been rather limited in this segment except for several 4,100 to 7,500 cbm pressure-type vessels contracted by Japanese owners and fixed to LPG traders on long-term time charter periods, mostly intended to trade in LPG markets.

lpg tc 3-20000 cbm

lpg spot



At the dawn of year 2001, with some signs of weakening in demand and product prices and the slowdown in the U.S. growth and its possible side effects, we dare to say that the gas industry as a whole, both on the producer and perhaps more on the shipowning side, has shown clear signs of wisdom over these past twelve months ! Why ?

Despite a high degree of volatility, most players have been very cautious in taking new positions or starting new investments, always attempting not to disrupt too quickly the overall balance of the markets.

We have seen some commodities prices going up by more than 200 % whilst the main freight increases have, on average, hardly risen over 35%. This clearly shows that the upturn of the market was, in general, more beneficial to the product than to the ship in terms of earnings.

Compared to the levels recently achieved on the oil tanker market, where increases sometimes exceeding 500 % occurred within a much wider and less consolidated market, there are some reasons to be satisfied with the proportionally more limited variations observed in the LPG markets !

Growing too fast may mean problems for the year ahead. Obviously such an attitude does not mean that owners refuse to make higher profits, but may be attributed to a more reasoned calculation between huge immediate profits as against lower but steady long-term returns.

Limited scrapping, often due to ongoing debts still outstanding on older tonnage, and a controlled pace for new building have also contributed to avoid an excess of over-capacity of tonnage.

Considering the high degree of concentration of the fleet and industry mergers which came into effect last year, and its limited impact observed in 2000, we have every reason to believe that the LPG industry is moving in a mature and sound direction.

Let it be the same venue for 2001 !

6,500 cum prs, blt 1995 by Asakawa - Owned by Marathon Shipping, on long term charter to Naftomar Shipping and Trading, Athens


The LPG carriers second-hand market


  • VLGC over 70,000 cbm

The only sale reported in this category during the year was the 'World Rainbow' 70,000 cbm 1971-built, sold to Naftomar at auction in Korea for US$ 2.6 million.

  • Large LPG carriers between 50,000 and 70,000 cbm

The disposal of the Pemex fleet was completed this year in July with the sale of the 'Cantarell' 57,000 cbm 1980-built to the joint venture between General Ore and Solvang. It is interesting to point out that it was necessary for the sellers to organise several consecutive auctions (with at each time a reduced reserve price) before finally succeeding to sell the ship at US$ 9 million. Last year comparable units from the same fleet were able to obtain US$ 15 and 11 million.

  • 20,000 to 50,000 cbm carriers

Under the same conditions as described above, Pemex sold to the joint venture between Ultragas (Chili) and Solvang the 'Nuevo Laredo' 22,000 cbm 1978-built for US$ 6 million. Another possibility in this segment was illustrated by the decision taken by Spic (India) to quit the LPG market and to propose the 'Spic Diamond' 22,500 cbm 1991-built for sale at the beginning of the year. Once again Naftomar grabbed this opportunity and obtained the vessel at US$ 21.5 million.

  • 12,000 to 20,000 cbm carriers

Due to the fact that there is no real seller in this category, the result is the same one as the year before, with no sale being reported.

  • 3,000 to 12,000 cbm carriers

Contrary to last year, the second-hand pressurised tanker market did not see many sales, however semi-refrigerated and in particular recent ethylene carriers were able to benefit from improved market condition to change hands.

For example, at the beginning of the year Gaz Atlantique (France) succeeded in taking control of the 'Tarquin Glen' and 'Tarquin Grove' (same owners) 3,200 cbm 1991 and 1992-built, for close to US$ 18 million en bloc. A few months later, the same sellers parted with the ethylene carrier 'Tarquin Navigator' and 'Tarquin Rover' 7,000 cbm 1995-built for US$ 35 million en bloc passing to the control of Antony Veder.

At the same time Naftomar was selling for US$ 17.5 million their 7,500 cbm ethylene carrier 1994-built 'Pugliola' to Othelo International, who continued the charter party attached to the vessel.

At the end of the year Agip sold to other Italian owners the 'Agip Sardegna' 4,000 cbm 1992-built ethylene carrier with the 'Agip Syracusa' 3,000 cbm 1983-built pressurised type at a reported price of US$ 14.5 millions en bloc .

There are still a few potential sale candidates on the market which are all close to or in excess of 20 years old. We may wonder whether any of these will attract potential buyers in the future, as 'age' becomes more and more a sensitive subject.

Shipping and Shipbuilding Markets in 2000


In the first half of 2023 the revenues of the Greek shipowner group Attica increased by 21.3%
In the first half of 2023 the revenues of the Greek shipowner group Attica increased by 21.3%
The traffic of passengers and vehicles carried by the fleet is growing.
In the June-August quarter, the Carnival cruise group finally left the pandemic behind its backs.
In the June-August quarter, the Carnival cruise group finally left the pandemic behind its backs.
New historical record of revenue. Close to the historic peak of 2019 the number of passengers boarded ships
Last month the volumes of goods handled by the ports of Genoa and Savona-I went down -9.3% percent and -15.5% percent.
In the first eight months of 2023, pushups were -5.8% percent and -3.2% percent, respectively.
Two proposed alternatives so that European transhiment ports do not lose competitiveness with new emission standards
36 contributions were made in the framework of the consultation launched by the European Commission.
Amendment proposal of the maritime cluster-Italian port in the subject of cold ironing
It has been sent to the Senate by Assshipowners, Assiterminal, Assocostieri, Assologistic, Assomarinas, Assoports and Confitweapon
In the second quarter of this year, container traffic in Eurokai's terminals fell by -5.8% percent.
In the second quarter of this year, container traffic in Eurokai's terminals fell by -5.8% percent.
In Germany Eurogate has handled 1.6 million teu (-9.6%) and in Italy Contship 411mila teu (-9.6%). In the other foreign terminals the traffic was 773mila teu (+ 0.8%)
New historical record of monthly traffic of shipping containers handled by Chinese ports
New historical record of monthly traffic of shipping containers handled by Chinese ports
In August, the new record of international goods passed through sea port airports was also marked.
CMA CGM has ordered eight dual-fuel container carriers from 9,200 methanol-fueled teu to SWS
CMA CGM has ordered eight dual-fuel container carriers from 9,200 methanol-fueled teu to SWS
They will be 299.9 meters long and wide 45.6
The reform of the port rules-the Filt-Cgil and Fit-Cisl-must put the work at the centre of the work.
The two unions highlight the need for the Ministry of Transport to regulate the port market
Assoports, well the action of the Ministry of the Environment to simplify the rules on dredging
The reform-observing Giampieri and Patroni Griffi-should also be completed with regard to the use of sediment in the realization of port works
Le Aziende informano
C. Steinweg - GMT S.r.l., il vostro partner logistico nella regione del Mediterraneo
L'azienda ha sede a Genova come ufficio regionale del gruppo Steinweg per il Mediterraneo centrale, la Costa Adriatica e il Nord Africa ed è l'operatore leader nella logistica dei metalli in Italia
UNCTAD expects annual growth around 3% of goods transported by global container carriers in the period 2024-2028
UNCTAD expects annual growth around 3% of goods transported by global container carriers in the period 2024-2028
The expected rise is decidedly less than the 7% percent rise in the previous three decades. This year the expected increase is 1.2% percent after falling -3.7% percent in 2022.
The Canadian government will consider whether the Viterra-Bunge merger will have a negative impact on national ports.
Public consultation with industry stakeholders
Historical record of semi-annual traffic of containers in the port of Thessaloniki
In the first six months of 2023, 255,192 teu (+ 11.3%) were handled.
Oceania Cruises and Regent Seven Seas applaud the plan of excavation of the Canale Vittorio Emanuele III
Oceania Cruises and Regent Seven Seas applaud the plan of excavation of the Canale Vittorio Emanuele III
It would allow the Cruserists to have easy access to Venice.
BLS Cargo buys ten new locomotives for transalpine services with Italy
They will be delivered by Siemens Mobility in 2026
Medway / Medlog (MSC group) chosen as the industrial partner of the Spanish Renfe Mercancías
The company of the shipowner group will go to the control of the railway transport branch of the Iberian group's goods
ITF denounces that even the attempted suicide of a seaport removes companies and authorities to assist abandoned crews
The incredible and dramatic affair of the personnel of three ships of the Turkish Sea Lion Shipping
The value of seafarers ' wages will be increased by 6%
Agreement between ITF and the Joint Negotiating Group for the period 2024-2027
Romania wants to buy the Moldovan river port of Giurgiulesti
A new road and rail bridge on the Danube will also be planned.
On October 11 in Genoa a workshop by the Young Group of Assagents on the Trend of Noli
It will be held at Palazzo San Giorgio
On Sunday in Japan, the ferry company MOL Sunflower will become operational
Fleet of ten ro-pax ships and five ro-ro ships employed on six maritime routes
Rexi, inserted amendments on concessions, self-transport, Third Valico and dam of Genoa
A uniform criterion for updating the Istat criterion is introduced on maritime concessions, the Deputy Minister explained.
Cornetto will leave Managing Director assignments in the Going Gateway and Reefer Terminal
Go Ligure
The companies are looking for a new CEO
Interport of Gorizia, inaugurated a workshop for the repair of railway wagons
It was carried out by Adriafer Rail Services
OK to extend the concession to Fuorimuro until December 31
The company operates the rail manoeuvring services in the port of Genoa
At the container terminal of PSA Genova Pra ' a second container ship has arrived from 24,000 teu
The MSC Mette is over 400 meters long and 61 wide
Ban on electrification of ro-pax benches of the port of Ancona
The plant will have to be made by June 2026
Convention between Assshipowners, Confitweapon and Ministry of Defence
It is aimed at support for the professional relocation of the voluntary freezes
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
Captrain Italia enhances the services via Ventimiglia and Domodossola to make up for the blocks on the Frejus and Gotthard axis
Italy is in danger of being cut off from the rest of Europe, the company said.
In the second quarter of this year, French ports handled 1.21 million containers (-12.7%)
The Défense
The overall traffic in goods decreased by -2.0%
The works for new road links in the Porto Canale of Cagliari are tender.
A connection road will be carried out between the new ro-ro terminal and SS 195
At the Interport of Gorizia, the digitalization of the logistic operation of the cold pole is enhanced
Gorizia / Turin
Acquired the provision of the WMS of Generix Group
Approved the new Statutes of the Federation of the Sea
Mattioli : We give more concreteness to a modern idea of the blue economy
The new passenger station in the port of Barletta is inaugurated.
At Brindisi, a partial reunion at the port of the maritime demanial area "ex Pol"
Fincantieri is guaranteed a long-term financing of 800 million euros.
"sustainability linked" credit line guaranteed by SACE
Starlite Ferries renews the deal with Accelleron
Concerns the provision of care services for turbochargers installed on ships
Fercam has inaugurated its new warehouse in Alexandria.
It has an area of 1,950 square meters plus 290 of offices
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
On October 11 in Genoa a workshop by the Young Group of Assagents on the Trend of Noli
It will be held at Palazzo San Giorgio
Conference on the Promotion of Health in the Port Workers of the Straits
It will be held on October 2 in Messina
››› Meetings File
España demanda una revisión instantánea de los puertos vecinos de transbordo
(El Mercantil)
Shipping minister resigns in aftermath of ferry passenger's death
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del presidente Daniele Rossi
Napoli, 30 settembre 2020
››› File
Concluded the adjustment of Gallarate station to freight trains from 750 metres
Investment by Italian Railway Network of three million euros
It concluded the clearance operations of the freight train wagons derailed in the base tunnel of the Gotthard
Turkish shipyard Med Marine delivers a new tugboat to the Vernicos Scafi
It is the first means of new construction of the fleet of the Greek-Italian joint venture
Kenya Ports Authority privatizes benches at ports of Lamu and Mombasa
Launched an international competition that also includes a special economic zone
Last month, freight traffic in the port of Taranto increased by 6.9% percent.
In the first eight months of 2023, a decline of -4.0%
New paints to contain the propagation of fires on ships and construction sites
Messina Group has taken delivery of its second full container ship
Has a transport capacity of 4,600 teu
Approda in Genoa the first container ship of the FIM service of HMM
Scalo to container terminal of PSA Italy
First meeting of the technical table on security of work in the port
Among the proposals, insert some port job profiles between the "usurante/gravest" job categories
Hapag-Lloyd will equip all of its internet connection ships through the Starlink satellite network
Success of tests started in May
In the June-August period, FedEx Group revenues fell by -6.7% percent.
Net profit marked a growth of 23.2%
Cooperation of ICHCA and PEMA to improve the safety of handling goods
Spearport, necessary to minimize red tape in ports
Botta : paper documents are an absurdity in the age of digitalization
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio
No part may be reproduced without the express permission of the publisher
Search on inforMARE Presentation
Feed RSS Advertising spaces

inforMARE in Pdf