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17 juillet 2025 - Année XXIX
Journal indépendant d'économie et de politique des transports
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The tanker market in 2005

Crude oil transport
Refined oil products transport


Crude oil transport: the year of consolidation?

The rates and average returns obtained over the past twelve months allowed owners to continue benefiting from especially favourable conditions, as we shall see later in this study. This is even more remarkable in that the world fleet is in continuous expansion and because the rhythm of orders, although slightly tempered, is still far superior to what we saw prior to 2003. Thus the world demand for energy does not abate, helped in this respect by the remarkable economical development of some countries relatively absent from this scene only a few years ago.

If 2004 was the year of all records, 2005 was one that was far more 'reasonable'. We concluded our previous report with the prediction that rates could come back to the already heady averages seen in 2003. Perhaps it is by coincidence, but events have proved to follow our thinking and that various elements, which we shall examine later, show that the markets have consolidated. They also demonstrate that the signs of a brutal collapse in the short term, which some predicted, are not in fact in evidence.

A first observation: a sort of seasonality seems to be characterising the freight market more and more, with a first and last quarter undergoing extreme pressures in contrast to the middle period, which is often fairly flat. Even though weather conditions naturally continue to have a significant impact, with the stock build at the approach and during the winter, the year 2005 will be historic in this respect. The record number of hurricanes affecting the Caribbean zone (in particular New Orleans and American oil production facilities) had inevitable repercussions on oil prices, briefly breaking the $ 65 a barrel level before settling out around $ 55 at the end of the year. These climatic upheavals obviously had an influence on freight rates. However, the hurricanes are certainly not the only cause of the rise in rates. As we shall see further on, the transit of the Turkish straits, which is seeing a continuous rise in the volume of traffic coming from the Black Sea, experienced the traditional winter delays, which has also affected rates.

With regards to world energy statistics, the following table shows an increase in world oil demand of about 1.2 million barrels/day between 2004 and 2005, with prospects of a similar rise for 2006.



At the same time, supply sources are changing and one can see a growing share in the part of non-OPEC producers as well as countries from the former Soviet Union.

Before making a more detailed analysis on the evolution of freight rates within the main tanker sizes, it seems essential to take a brief look at changes that are happening within the main consuming countries and the effects these are having on shipping patterns.



We can thus see, even if it has somewhat slowed down, that the rate of growth of the Chinese economy remains particularly impressive and that the impact is in proportion to the scale of the country. Forecasts for 2006 show a demand for 7 million barrels per day and a GDP growth rate of 9 %.

Faced with the growth of the world fleet, which many consider to be a factor in the inevitable drop in freight rates, there is the compensating tendency to see an increase in transport needs in terms of ton-miles. To illustrate this, China and India, whose demands are continuously rising, are buying more and more light crudes from West Africa and even Algeria. It should be recalled that the trip West Africa / China is 70 % longer than a voyage from the Middle East Gulf to the same destination. For the same amount transported, this translates to a need of 28 VLCCs from West Africa compared to 17 from the Gulf. In the same manner, the drop in oil production from certain European fields is causing a lengthening in supply routes, and therefore an increase in voyage times for tankers.

VLCC

Two main observations can be made when looking at the freight graphs over the last three years. As we have already mentioned, the scenario of 'strong' first and last quarters with the middle of the year being calmer seems to be repeating itself. In addition, if we compare the average returns on the main routes, we see that the bottom prices reached in 2003 are always inferior to those of 2005, and that the peaks of 2005 were above those of 2003.
Therefore, apart from the year 2004 and, above all, its last quarter which was completely out of proportion, we can see on all benchmark routes that the average returns progressed from around $ 52,500 per day in 2003 to nearly $ 59,000 per day last year. This is even more significant if we take into account the strong upward pressure which prevailed last year on bunker prices. For example, the average price for fuel oil 380 cst was slightly below $170 per ton in Singapore in 2003 and above $ 270 last year'



However, it is worth noting that just on the Middle East Gulf ' East trade route, the rates and average returns rarely changed. This is largely due to the persistent influence of single-hulled tankers, which are largely paid off and are preponderant on this traffic. In practice, the safety standards imposed in Europe and the US are far from being systematically applied in the majority of importing countries, be it India, China, or even Japan.

It is important to remember that 15.6 % of the VLCC/ULCCs currently in service are over 15 years old and that 103 tankers (21.7 % of the fleet) are on order which will progressively come onto the market from now until 2010. One of the main question marks concerning the future of this sector relates to not only the evolution of the chartering policies in the countries we have mentioned, but also the attitude of the Middle East countries concerning the safety of their exports.

With OPEC members not having significantly changed their production quotas this year and Iraq not having yet recovered its pre-war production levels (despite huge efforts), one was also able to see a slight increase in the number of cargoes contracted on the spot market. On a monthly average basis their number fluctuated between 102 and 121 (an average of 112) over the last 12 months (compared to 108 in 2004).

As for the two principal consuming countries of single-hulled VLCCs (China and India) we can expect them to maintain their flow of imports with forecasted economic growth always near 9 % and 6.5 % respectively.

However, as was often the case this year, as soon as the rhythm of demand weakens, it is the owners of single-hulls who push rates down, always on Middle East to Far East movements.

Consequently, even taking into account the continuous rise in world demand for transport, the constant arrival of newbuildings on the market and the very few candidates for scrapping could give rise to the creation of a two-tiered market in 2006. Single-hulled tankers that are less than 20 years old (very largely a majority in this sector) are still far from being affected by the measures of their elimination taken by the IMO in the context of the Marpol Convention, and will continue to dominate the market East of Suez, with returns most likely to be inferior to those of 2005.



In contrast, modern double-hulled tankers should be able to resist this trend better as long as on one hand, charterers keep reinforcing their selection criteria (BP is following Total by imposing double-hulls as from 2006 as a chartering requirement), and on the other hand, the utilisation rate of these VLCCs loading out of West Africa for long voyages continues to rise. Evidence of this situation was given at the end of the year when rates out of the Gulf were dropping, whilst they remained firm and steady in the Western zone with returns of over $100,000 per day.

Additional proof of this tendency towards a two-tier market is the analysis of the 'eligible' fleet (taking into account the criteria of choice being imposed by the main charterers), showing that despite the sustained arrival of new units (some twenty in 2006), there are still no signs of tonnage surplus.

Suezmax

As with the VLCCs, freight rates have been fluctuating along the same lines over these past twelve months, with the start and end of the year seeing strong upward pressure and high returns, even better than what was envisaged by owners at the beginning of 2005.



Taking all routes into account and despite the strong hike in bunker prices, average returns, though below those of the preceding year, were above those of 2003, giving further sign of the consolidation of the market.

On two routes which are characteristic of this segment of the fleet, the weighted average for the year came out to around $ 43,000 per day for West Africa ' Gulf of Mexico voyages (compared to $ 35,000 per day in 2003), and slightly over $65,000 per day for cross-Mediterranean voyages (compared to $50,000 in 2003). For these same movements, the peaks achieved were slightly over $80,000 and $120,000 per day respectively, at the end of the year.

The age structure of this segment of the tanker fleet is being continuously rejuvenated, since as of today, nearly 83 % out of some 335 tankers in service are less than 15 years old and nearly 37 % are less than 5 years old. The average age of the world fleet is less than 9 years today.

However, the volume of tonnage on order (65 units of which 50 are to be delivered between 2006 and 2007), the strength of world demand, but above all, the geographical spread of traffic between the different zones, will play a vital role in determining whether rates can continue to hold up throughout 2006.

Compared to the VLCC category, an analysis of the eligible Suezmax fleet shows a real risk of overcapacity in tonnage as from the end of 2006'

Demand is becoming increasingly volatile out of West Africa as VLCCs are taking on a preponderant role and the Suezmax rates are often comparable to those being achieved by the bigger units. On the brighter side, the exploration and production, particularly in the deepwater offshore -notably in Angola- is continuously being developed with good prospects regarding future exports from this zone.



Whilst loadings from the North Sea and the Caribbean tend to be stable, we have been able to see a significant rise in loadings out of the Middle East Gulf, allowing a number of single-hulls, which have been relegated to this region to pocket some handsome profits with peak rates never seen before (WS 285 for voyages to China).

As was the case in 2003, and not far from those obtained in 2004, the average returns encountered in the Mediterranean were particularly beneficial to owners. Here, more than elsewhere, seasonal effects were emphasised with a winter period that was particularly sensitive to weather conditions. Bad weather combined with a growing traffic out of the Black Sea produced some extremely heavy and long bottlenecks for the transit of the Turkish straits, even more than in 2004. Thus at the end of the year, accumulated waiting times to transit the Dardanelles and the Bosphorus on a round trip basis was more than 20 days, affecting available tonnage as well as freight rates.

Two main uncertainties exist concerning the future of the Mediterranean market in 2006. Firstly, will Iraqi exports loading out of the Ceyhan terminal pick up after the numerous sabotage attempts this year against this pipeline? And secondly, will the coming into service of the C.P.C. pipeline (Caspian Pipeline Consortium), which should link the Caspian to the Ceyhan terminal from March, compete with the volume of Black Sea exports, or will it simply serve as an alternative exit in the event of bottlenecks through the Turkish straits?



Aframax

This category of tankers is undeniably where one finds the highest proportion of old units, since nearly 25 % of the 665 tankers currently in service are over 15 years old. With some rare exceptions, the old tankers continue to work East of Suez, with the majority being modern units in the West. Combined with this, the bunching in this size of ships is particularly bad. In fact, the orderbooks are still extremely full, with more than 100 ships due to come onto the market between 2006 and 2007!

Consequently, and more so than for the VLCC and Suezmax categories, an analysis of the eligible fleet clearly shows that we have already attained the same level of 'eligible' tonnage at the beginning of 2006 as the one that was reached at the end of 1999. This trend will continue for the next three years and at the end of 2008, the total fleet will reach over 65 million deadweight tons (only comprising double-hulls), compared to around 50 million dwt end 1999 (for tankers under 25 years ' single and double hulls). It goes without saying that, on one hand, world demand will not decrease and that, on the other hand, the configuration of the East of Suez market has to change quickly if owners want to avoid the start of a crisis'



Looking at the freight rates and returns achieved this year for the new double-hulled units, a very strong resemblance to the previous two years can be seen, the main significance being high levels at the beginning and end of the year and a much calmer middle period. Despite the very high bunker prices, returns on the main routes West of Suez are slightly below those of 2004, but remain considerably higher than those of 2003.



Similarly, for cross-Mediterranean voyages the time-charter equivalents for 2005 were close to an average of $45,000 per day, compared to $38,000 per day in 2003 and $54,000 per day in 2004. On short cross-North Sea movements the same average returns were $57,000, $46,000, and $64,000 per day respectively.

Whilst these averages remain very favourable to owners, one should remember the intrinsic volatility of the market. For instance, the extreme values registered on cross-Med voyages like Banias/Fos dropped to a low of WS 105 ($ 17,000 per day) in mid July, and then touched a high of WS320 ($ 81,500 per day) at the end of October. These erratic movements are often very difficult to predict, but it is nonetheless the case that the market reacts strongly on the upside. As for the Mediterranean market, the other essential element is the volume loading out of the Black Sea with the delays through the straits (already evoked earlier) having a big influence on available tonnage and thus the rates.

As for the traditional cross-North Sea movements, although there has been a slight decline in loadings out of the old terminals, traffic leaving the Baltic (particularly out of Primorsk) is continuously rising. However, contrary to past years, rates for ice-classed ships did not record any premiums during the winter period. This is largely due to the fact that this category today includes more and more new ships (18 units were delivered in 2005 and 44 are in the orderbooks).

In the Caribbean market, rates also fluctuated wildly over the last 12 months, with the levels going from WS 125 ($ 15,000 per day) at the end of July up to WS 360 ($ 70,000 per day) mid November. The weighted average for 2005 on trips to the US was WS 217.5, compared to WS 255 in 2004 and WS 207 in 2003.

Conclusions and prospects

As we have seen from this study, 2005, despite differing considerably from 2004, has been the second most profitable year for oil tanker owners since 1973. In addition, forecasts of energy consumption in general, and oil in particular, continue to increase steadily, with certain countries, which previously were discreet players, now progressively becoming predominant.

These results are all the more remarkable (compared to the already promising ones of 2003) in that the world tanker fleet recorded one of its highest growth in 2005 (more than 7 % increase over 2004).

The coming two years will again register a significant rejuvenation of the fleet with numerous new units coming into service.



Despite the price of steel tending to be lower, the cost of these new tankers is not dropping significantly (just marginally for Aframaxes).



At the same time, rates achieved during the last few months for long term charters are symbolic of the optimism which still prevails amongst owners. Thus on the basis of a one-year time charter for a modern unit, costs are around $55,000 per day for a VLCC, a little less than $40,000 per day for a Suezmax, and $35,000 per day for an Aframax.

However, based on a 5 year con-tract, rates work out to around $ 42,000, $ 35,000, and $ 25,000 per day respectively, proving that the strong growth in tonnage from now until 2008/2010 will, in the end, have some negative affect on freight levels.



Consequently, overall in 2006 one can expect that the average spot market rates to be at levels somewhat lower to those of 2005, but far from suggesting any 'crisis' which would be along the lines of what we witnessed some years ago.

In practice, on one hand, owners are much better organised today than ever in the past, and on the other, profits which the same owners have enjoyed over the past three years have been such, that they allow them to face temporarily less favourable market conditions in the months and years to come.

One of the unknowns which remains concerning the future of the freight market, includes the real rate of scrapping of the old single-hulls and whether this will take place before effective and mandatory measures are enforced by international organisations.

The crude tanker second-hand market

'Long may it last!'

These were the words used by Laetitia Bonaparte, the emperor's mother, hearing the good news about her son, Napoleon, which came to her 200 years ago in December 1805, after being victorious in the battle of Austerlitz, several weeks after having been defeated at Trafalgar.

Crude tanker owners are currently in a similar state of mind after last year. 2004 had been exceptional and the year 2005, all considered, has been very satisfactory as well. There must be many owners who would be more than happy to maintain current rates of return in the long term as well as the current values of their assets. But this remark implies that owners are aware that on the one hand, nothing is guaranteed and, on the other hand, choosing the moment of a sale or purchase is crucial in order to consolidate or keep their companies in business.

At the end of 2005, the value of ships, old or modern, single or double-hulled, was still very high. But we have seen over the past months, that the market has been divided into segments, and that several very characteristic and visible divergent trends appeared, in contrast to the end of the previous year, when prices of all ships were shooting up. In 2005, logic prevailed and, at last, only the values of double-hulled ships firmed up, while those of single-hulls weakened. This drop is partly linked to the lower rates that they obtain, but also to the investors' fears of seeing the commercial life of these tankers coming to an end in 2015, in the best case, and 2010 in the worst. As a result, single-hull values lost between 5 % and 15 % in a year. In comparison, the value of double-hull tankers was able to maintain the peak prices obtained in 2004, sometimes even exceeding them by a small percentage.

In April 2005, the guillotine came down on the IMO Category 1 tankers (pre-Marpol, non SBT), as well as those of Category 2 (post-Marpol SBT), built before 1978. The enforcement of this legislation had little effect on the market, as owners had anticipated these measures over the course of the past few years. The virtual absence of scrapping of this type of ship demonstrates this perfectly. Whilst there is no doubt that hurricanes Katrina and Rita wreaked havoc within the product tanker market, it is true that they also affected the crude tanker market. The increased activity, which these climatic catastrophes brought about, have allowed values of double-hulls to rise and prevented single-hulls from declining further after September.

As was the case last year, there were very few modern tankers candidates for sale. This obviously contributed to the increase in value of second-hand ships, as did the sustained high price level of newbuildings, for which shipyards are proposing later and later delivery dates. Another similarity has been the high number of ships sold en-bloc, most of the time to companies quoted on the stock exchange.

The second-hand market for VLCCs

Contrary to 2004, in which the sector saw a very sustained level of activity in terms of done deals (82 sales), 2005 was quite calm since there were only 34 units that changed hands. Throughout the year, owners remained very confident in the capacity and returns of their tankers and had no desire to dispose of them. The volume of transactions therefore returned to its usual pace, since if we look back at the previous years, 44 units were sold in 2003, 24 in 2002, and 37 in 2001.

As was the case during the previous year, only four VLCCs from the 1970s were sold for further trading or for conversion, such as the t/t 'Tai San', 310,990 dwt, built in 1977, for a price around $ 30 million. This vessel had been acquired by the seller in 2003 for $ 10.2 million.

Nine single-hulls, built between 1980 and 1995, were sold to mainly Asian buyers, and it is worth pointing out, amongst these, the healthy appetite shown by the company Titan Ocean. This owner acquired 6 out of the 9 units sold. It has intelligently been renewing its fleet, since he also appeared amongst the sellers of tankers built in the 1970s that we mentioned in the previous paragraph.

To illustrate this, we can mention the sale of m/t 'World Prelude', 265,243 dwt, built in 1988, to Singapore buyers for a price of $ 55 million in March 2005, and that of 'Vasant J. Sheth', 261,167 dwt, built in 1990, for $ 60 million in April.

The number of double-hull ships built after 1993 and sold this year has, therefore, been the core business, as 21 transactions have been registered. There were 31 deals in 2004, 23 in 2003, 5 in 2002, and 14 in 2001. It is, of course, the intrinsic structure of the VLCC fleet which explains the predominance of double-hulls in the second-hand market, since single-hulls only represent a meagre 27 % of the existing fleet in this category. These 21 transactions largely comprising either declaration of options, en-bloc sales, refinancing or sales to the KGs. Thus at the beginning of the year, we saw a declaration of purchase options being exercised on 'Front Century' and 'Front Champion', 308,000 dwt, built in 1998 and 1999 respectively, for a total of around $ 142 million. The beneficiary of these options was able to realise an immediate profit, as these same ships were subsequently refinanced by another company within the group for nearly $196 million. Amongst the en-bloc sales, we can also mention that of m/t 'Crude Guardian', 290,000 dwt, built in 1993, m/t 'Crude Creation', 300,000 dwt from 1998, m/t 'Crude Topaz', 319,000 dwt, built in 2002 and the hull 'Hyundai Samho 214', 319,000 dwt of 2005, for a total price of $ 477.5 million to European buyers. Individual sales of VLCCs were very scarce as we only recorded 5, including m/t 'Folk Star', 300,000 dwt, built in 1993, for a price of about $ 89.5 million in July.



This year only one VLCC went for scrap, so virtually nil, compared to 5, 27, and 36 respectively in the past 3 years, despite the very attractive prices being proposed by the scrapyards. At the same time, 31 new VLCCs joined the fleet this year and the orderbook stood at 103 vessels at the end of December 2005. This figure is similar to the 105 units recorded in 2004, and reveals that owners were still optimistic but reasonable, refusing to accept the extended delivery dates being proposed by the shipyards.

The Suezmax second-hand market

Ships from 120,000 to 200,000 dwt saw a impressive volume of transactions: 60 changed hands in 2005. We recorded 43 sales in 2004 and 53 the previous year.

Prices of this type of tanker have been relatively stable throughout the year, both for the most recent single-hulls (1990-1993) and for the double-hulls. Two major deals occurred in the year: one was the en-bloc sale of the single-hull Suezmax fleet of Genmar to Tanker Pacific (10 ships) for about $ 295 million, and the other was the en-bloc sale of the double-hull Suezmax fleet of Ceres Hellenic to Euronav (14 Suezmaxes et 2 Aframaxes) for $ 1,070 million. This year, again, en-bloc sales dominated the market, as only 10 ships out of the 60 were sold as individual units.

Two ships, built in the 1970s, changed hands for further trading, but these transactions were somewhat anecdotal, being a deal between North American owners on US flagged ships.

Twenty-two single-hulls, built between 1982 and 1993, were sold this year, of which ten Suezmaxes from the Genmar fleet. As with the VLCC category, we saw the large buying appetite being displayed by Ocean Tankers. This operator purchased 5 ships, including m/t 'Eclipse', 135,134 dwt, built in 1989, for a price of about $ 29.5 million in April. For reference, 15 deals of this type were reported in 2004, as was the case in 2003. The en-bloc acquisition by Tanker Pacific largely explains this increased volume for 2005.

Just like last year, the majority of deals was centred around modern double-hulls, namely 35 of them, compared to 30 in 2004 and 37 in 2003. Values remained very firm throughout the year and official sellers were non-existent. A good illustration was the sale in January of four hulls n' 1562, 1563, 1564, and 1565 of 160,000 dwt, being built by Hyundai Heavy for $ 80.5 million each, on the basis of a prompt delivery in 2005, and the sale in December of the hull 'Samho S271', for delivery early 2007 at a similar price (this last ship having been purchased one year earlier by its current seller for a price of $ 70 million). For ten year-old ships, values also remained firm. The sale of m/t 'Spetses', 148,500 dwt, built in 1996, for around $ 68.5 million, in May, is an example.

Only two Suezmaxes were sold for scrap this year, whereas 27 new ships entered the fleet (in 2004, the ratio was 10 demolitions for 26 deliveries). The shipyards' orderbook for the coming years (up until 2009) included 74 units at the end of December.

The Aframax and Panamax second-hand market

As with the VLCCs, Aframax sale and purchase activity declined, since only 66 tankers changed hands in 2005, compared to 114 the previous year. In addition to traditional Aframaxes, ships in this category also included some vessels of 60,000 to 80,000 dwt with a width exceeding 32.20 metres.

No sales for further trading of Aframax tankers built during the 1970s were reported this year.

Sales of single-hulled Aframaxes built after 1980 represent 40 transactions (there had been 45 the previous year) out of the total of 66. It is consequently the sales of modern double-hulls that have strongly decreased. A situation which already occurred last year has been repeated: buyers of single-hulls were mainly Chinese, Indonesian or international companies, based in the Far East. These owners have the opportunity of using these ships in their respective geographic zones. By and large, prices for these types of ships held up well throughout the year and only the oldest saw a drop in levels at the end of the year. This can be illustrated with the example of the sale of the m/t 'Tamyra', 86,843 dwt, built in 1983, for about $ 10.5 million, and the en-bloc sale of the m/t 'Sabine Spirit', 'Hudson Spirit', 'Columbia Spirit' of 81,300 dwt, built in 1988, for a combined price of $ 66 million. Another significant deal in this category done this year was the sale of 6 single-hull Aframaxes by Genmar to Seatankers, for a total price of $ 127.5 million.

Demand for modern double-hulled Aframaxes was, again, very strong, but deals remained scarce; only 26 sales in 2005, against 39 in 2004. Despite the volatility of the market, owners of this type of ship quite simply preferred to continue operating them rather than to selling them. The few sales reported showed strong values, higher than last year. For instance, the sale of the m/t 'Bravery' of 110,461 dwt, built in Croatia in 1994, which went for $ 42.5 million, and the sale of the m/t 'Queen River', 107,081 dwt built in 2003, for $62 million to Indian buyers. Few en-bloc sales were reported in this age category, which shows a lack in the number of quality candidates.

As with the largest size of tankers, very few Aframaxes were taken off for scrap this year; only 16 ships were demolished compared with 30, 35, and 20 respectively for the past three years. At the same time as the withdrawal of 16 from the fleet, 60 ships were delivered in 2005 and the orderbook has diminished, going from 182 to 162 ships in between the end of 2004 and the end of 2005.

The years follow one another, but are different for the Panamaxes since, in contrast to the previous year when the volume of transactions was low (29 sales in 2004), this year we have witnessed a pronounced enthusiasm on the part of buyers for this segment, with no less than 57 deals. The breakdown by age group shows roughly a quarter for the single-hulls, built between 1980 and 1991 (16 sales), with the remainder being double-hulls. The German KGs were particularly active and did not hesitate at the beginning of the year to acquire double-hulled Panamaxes for the purpose of placing them in pools.

For single-hulls, we can quote the following representative sales: the m/t 'Seaway L', 60,000 dwt, built in 1981, for $ 7.25 million and the m/t 'Mary Ann', 64,239 dwt, built in 1986, for $ 15.5 million. A handful of transactions of modern ships were realised en-bloc. For example, we had the en-bloc sale of the m/t 'Penyu Agar', 'Penyu Daun', 'Penyu Pipih', 'Penyu Sisik', 75,000 dwt, built between 2004 and 2006, for $ 200 million.

Fifteen Panamaxes were sold for scrap this year, compared to 13 and 15 respectively for the two preceding years. The fleet has therefore substantially increased in 2005, since 45 new units joined the fleet, without ships' values being affected. At the same time, the orderbook was reduced, going from 168 ships in December 2004 to 130 this year.

The second-hand market of OBO ships

This market has continued to progress, following its revival, which began last year, and has experienced considerable activity, with 16 ships having changed hands. We have seen a marked interest from Chinese buyers, who purchased 7 ships built between 1982 and 1985, of which the m/t 'Pasir 1', 75,470 dwt, built in 1982, and the 'Ariela', 75,590 dwt, built in 1983, sold en-bloc for $ 27 million.

Some more modern OBO ships found takers, notably with B+H, who managed to acquire and charter out no less than four units this year, including the 'Siboeva', 'Sibonancy', and 'Sibonata', 81,750 dwt, built between 1993 and 1994, which were all sold en-bloc for $ 112 million.

This year, we saw just one vessel sold for scrap, compared to four in 2004 and five in 2003.

* * *


Tomorrow's market

The shipyards' orderbook is adequately full to put the fear of any sudden and sustained drop of newbuilding prices aside. The value of the most modern ships in service should therefore remain firm, even if the large growth in new construction capacities could, in the long term, create a surplus of available tonnage. It is probable that the hurricanes of 2005 prevented the oldest ships from seeing their values decline more steeply at the end of the year, but 2006 could in this respect be less favourable.

We should remember that ships in the IMO Category 2 (post-Marpol, SBT) will progressively leave the fleet between now and 2010 and/or 2015, based on decisions which will be taken by certain countries and flags. In 2006, ships built between 1978 and 1979 are concerned. Many are questioning as to whether ships in the IMO Category 2 will begin to disappear between 2010 and 2015. Of course, we ask ourselves this question, but it seems somewhat premature to respond to this today.

Above all, we should keep in mind the effects that recent accidents have had on the structure of the fleet, but also the immediate repercussions on a given market of climatic changes and catastrophes, and, finally, the implications of some political or military decisions in the long term in certain geographical areas. We can only simply say that it is highly probable that we will see other similar crises between now and 2010.

On the other hand, ships are there, still active, often in very good shape and well maintained. If their owners are slowly shifting eastwards, and that certain countries, amongst them Japan, Singapore, and the Marshall Islands, have already confirmed that non-double hull tankers can continue to operate up until 2015, either under their domestic flag or within their territorial waters, it will then be up to the market to decide on their fate. Other countries will apply 'adapted' rules according to their own situation; for instance, the US will allow single-hull ships to use the Loop terminal up until 2015 and will apply the OPA in the meantime, whilst China, for its part, will accept single-hulls flying its own flag, etc.

Consequently, if the main importing countries consider the freight market to be too expensive, and that this situation might continue until 2010, why should they penalise themselves further by refusing to accept quality single-hull tankers within their waters?

As to whether the market will be 'too' expensive in 2010, that is another story'



The transport of refined oil products in 2005

'Nonetheless, except a major event, the year 2005 shows every sign of being propitious to product tanker owners.' was the conclusion to our article in last year's review. Twelve months later, we are pleased to report that our optimism was justified. The 2005 accounts have seen the consolidation of the excellent results registered in 2004 for owners of Handysize and MR vessels, and an improvement of 8 to 10 % for LR tankers owners. The time-charter market has also been active, recording 27 to 30 % higher rate levels for a one-year period.

As in 2003 and 2004, strong growth and development in Asia, particularly China, explains the good results of product tankers in this zone. The performance of ships working in the Atlantic zone was slightly below that seen in 2004, despite the sudden and unexpected hikes linked to the disasters caused by the hurricanes Katrina and Rita. Rates slipped gradually from December 2004 until May 2005, but continued to be above $ 20,000/day. The lowest levels recorded in the year occurred during the summer, with the market dropping to $ 12,000/day in August in the Atlantic zone, whilst at the same time maintaining a level of around $ 18,000/day East of Suez.

The predicted recovery at the beginning of Winter happened earlier than expected, due to the speculation brought on by the climatic catastrophes, which badly affected American refinery production. At the beginning of September, as in 2004, returns on MRs approached $ 40,000/day, whilst the LRs broke the $ 60,000/day barrier. As from mid-October, MRs saw their daily returns fall back to around $25,000/day, whereas the LRs were able to resist any price erosion until mid-November.

Contrary to the previous year, rates paid for time charters slowly caught up with the spot, making some charterers reluctant to take on long-term commitments at such high levels. However, there were numerous traders and operators who were unable (or did not wish) to postpone their commitments in such a volatile market, resigning themselves to paying record prices for short periods.

Owners rather preferred to settle for fixed prices as opposed to floating rate mechanisms indexed to the spot market or linked to some 'profit sharing' schemes.

This is why, although the market absorbed some 120 MRs and Handysizes delivered in 2005 (totalling 5.2 million dwt) without too much difficulty, it is rather preoccupying to think that in 2006, no less than 140 product tankers, including 81 MRs, will be delivered. In 2007, another 130 units, of which 75 are MRs, will join an already modern fleet.

The evolution of product tanker freight rates in 2005



The Handysize ships from 30,000 to 39,999 dwt

The average daily return for ships of 30,000 dwt was around $20,000/day, whereas Handy tankers obtained an average of $25,000/day. These results are identical to those of 2004, even though growth in the Euro zone remained very modest and, as in 2004, there was no ice premium on rates. The market seems to have found a balance at these levels, which explains why the rates for period charters are now very similar to those of the average daily returns. For ships just delivered, charterers are currently paying $20,000/day for periods of 3 years, and from $ 22,000 to $ 23,000/day for 2 years. At the end of the year, the estimate figure for a one-year charter was $ 26,500/day (without any business recorded at this level.)

The Medium Range ships from 40,000 to 49,999 dwt

The average daily return of these vessels was around $ 29,000/day. Ships operating in the Atlantic zone have been favoured less, despite the good standing of dirty products, than those operating East of Suez. The daily returns for cargoes of 37,000 tons ums Continent/Trans-Atlantic have swung between $ 12,500/day, at the bottom of the market in the summer, to $ 41,000/day in September, with the annual average working out at $ 27,000/day. A good part of the fleet was employed for transporting dirty products or crude oil, with the average return surpassing $31,000/day. East of Suez, the market was volatile, but the more numerous opportunities to optimise 'routeing' have allowed owners to obtain the same kind of returns. Trading arbitrages have helped favour the growth of longer voyages East/West (jet and gasoil) and West/East (ums and naphtha).

The strong standing of the market encouraged owners to considerably increase their offers for period business. Some thirty ships were fixed for over 30 months, of which a dozen for 5 years or more. While traders like Vitol, Trafigura or Glencore were again the principal participants in this market, one should also mention the intervention of ship operators such as Norden, Lauritzen or AP Moller, who did not hesitate to take on tonnage for periods of 3 to 5 years.

At the end of the year, one could estimate that a modern MR (less than 5 years) delivered end 2005 / beginning 2006 could obtain $27,500/day for 1 year, $ 24,000 for 2 years, $ 22,000 for 3 years, and near to $ 20,000 for 5 years. The ice premium remained high for long term time charters, since two ice-class 1A ships were chartered out for $ 25,000/day for 5 years and near to $ 30,000/day for 18 months (which includes 2 winters).

The Long Range ships from 50,000 to 90,000 dwt



Helped by naphtha demand coming from China, India, Japan, and Korea, but also by numerous movements of jet and gas oil towards Europe, the LR1s and the LR2s saw their daily returns increase by about 10 % compared to 2004. LR1s achieved an average of $34,000/day, whilst the LR2s were over $ 40,000/day.

The market remained very volatile and saw a strong seasonality, with the bottom being reached in May, when rates fell to around $ 20,000/day. In October however, the LR1s surpassed the $ 60,000/day mark and the LR2s hit their high spot of the year at $76,000/day.

Some twenty charters of at least 24 months were concluded at rates with the highest levels going to ships with the closest delivery dates. Some modern LR1s were chartered for 2 years at rates ranging from $ 29,000 to $ 31,000/day, whilst some LR2s achieved similar levels but for periods between 3 to 5 years.

The number of deliveries of new ships during 2006 puts the average returns for product tankers at risk, with the following being forecasted: 12 ships of 25,000 to 35,000 dwt for a tonnage of 371,000 dwt, 32 ships of 35,000 to 40,000 dwt, totalling 1,180,000 dwt, 91 ships of 40,000 to 55,000 dwt for 4,216,000 dwt, 58 ships of 55,000 to 90,000 dwt adding 500,000 dwt, to which some ten 'coated' Aframaxes will be added, totalling over 1,000,000 dwt.

At the end of 2006, the fleet of product tankers 'eligible' for the oil Majors will represent around 39.5 million dwt (an increase of 16 % over the year). During the course of 2006, it should therefore come back into line with the level that existed 6 years ago. This is not an unreasonable progression, if one takes into account that it corresponds fairly close to the world economic growth in the same period, and that in this interval the need of transport capacity expressed in ton-miles has also grown.

Nonetheless, the situation differs according to the type of ships under consideration. The fleet of 30,000-40,000 dwt (with an average age of 13.6 years at the end of 2005) will only grow by some 60 units in 2006, or some 9 % of the total of existing ships. On the other hand, the fleet of MRs (with an average age of 8.4 years at the end of 2005) will increase by 20 % within 2 years (over 150 units). But the demand for clean and dirty products destined for the American zone and the Far East remains high as well as other factors will help support the demand for modern tonnage.

Growth in the American economy being firm, movements of gasoline towards the US will continue to be the backbone of the MR traffic. The introduction of new standards (Energy Policy Act 2005) should also increase the volatility of an already tight market, and therefore translate into an increase in quantities to be carried.

It should also be noted that in 2005 the fuel oil market in the Atlantic zone was more erratic and on average more remunerative for owners than clean products, and has occupied over half of the available tonnage. The arrival on the market of modern Panamaxes and Aframaxes has not really had too much of an effect on the MRs.

In the Far East, the predominant phenomena continues to be the persistently high level of naphtha imports associated with an increase in regional movements, into and out of China.

Finally, the success of the shipping pools, notably Handymax and Panamax, has inspired MR owners, who now are able to obtain a certain critical mass and increase their presence for long term charters.

In addition, the appearance of new demand will bring with it an increased need for modern ships. Let us not forget that in 2005, about 20 % of tropical vegetable oil was transported to Europe (1.5 million tons) on modern ships built in Asian shipyards (principally South Korean). A third of the Handysizes and MRs delivered last year in Asia began their life with a vegoil voyage heading to the Mediterranean or UK-Continent. About 45 % of the tropical oil carried to Europe was shipped in double-hull vessels.

In contrast, the average age of ships used for carrying soy or sunflower oils out of South America is around 19 years. Less than 20 % of these ships are double-hull, which could have an effect, especially when new regulations for transporting vegetable oils come into effect in 2007. As a whole, the vegetable oil market should give full employment to around fifty Handysize or MR ships.



Conclusion

The product tankers fleet should enter its final phase of renewal during 2006. Even if demand for such ships continues to develop throughout 2006, notably thanks to American and Chinese appetites and despite the endemic weakness of growth in the Euro zone, we have some doubts about the ability of the market to absorb the volume of ships that will be committed over the next two years without any consequences.

The seasonal falls in rates could be deeper and longer in 2006 than in 2005, with the market gradually becoming less volatile, and average returns should consequently be slightly below levels achieved last year. Nonetheless, the persistent regional imbalances will continue to open up hedging possibilities, which will have a positive impact on the demand for product tankers.

Within the context of a more mature market, opportunities will be seized by the most dynamic and best organised players.

The product tankers second-hand market

The market continued its ascension this year, being aided by the quality of the most modern ships, the firmness of newbuilding costs and extensions on delivery dates. This progression, of course was underscored by a firm freight market, which itself was given a boost with the strong demand resulting from the effects of hurricanes Katrina and Rita. The firmness in prices has also been passed on to the older ships.

Apart from the traditional transactions concerning the MRs, which constituted the vast majority of negotiations, there was a marked interest this year for LR1s, a sector in which there were over twenty deals, with Scandinavian, German (KG), Greek and Italian owners being particularly active.

There was a notable transaction in January with the sale of 5 product tankers to Torm for around $250 million. Four of these ships belonged to the Malaysian Bulk Carriers Group (1 ship built in 2003 and 3 built by Samsung for delivery in March, September 2005 and January 2006). At the same time, Torm acquired two LR1s belonging to Wah Kwong (the first shared 50 % with J.B. Ugland Shipping a/s), to be delivered by the New Century shipyard in November 2006 and the other, already chartered out for 7 years, for delivery in January 2007. The value of this type of ship has been continuously increasing since the deal was made 12 months ago.

Elsewhere, a standard double-hull of 45,000 dwt, 5 years old, estimated at around $ 39.25 million in December 2004, appreciated to $43.5 million at the end of June and then $ 45.5 million in December 2005, an increase of nearly 16 % over the year.

The price hikes have also spread to single-hulls of 45,000 dwt and 20 years old, with the value rising from $ 9 to $ 10 million between January and December (+11 %).

On the other hand, there was little movement on single-hulls of 40,000 dwt built at the end of the 1980's, estimated at around $ 16-17 million at the end of 2004 and valued around $17-17.5 million a year later.

Double-hulls of 35,000 dwt built in 1995, with a price tag of around $20 million in January 2005 had a value of some $ 21 million at the end of the year.

In a market which is constantly on the move, one has to keep a close eye on the capacity in service, as well as the orderbooks. Nevertheless, one can be confident with regards to the evolution in the transport demand for refined products, to the extent that the market structure should continue to evolve favourably for owners throughout 2006.

Shipping and Shipbuilding Markets in 2005

I N D E X



›››Archives
DÈS LA PREMIÈRE PAGE
Début de l'échange d'informations entre les administrations publiques pour la numérisation du secteur maritime
Rome
La première réunion opérationnelle au commandement général des garde-côtes à Rome
La Plateforme des carburants maritimes propres propose des mesures pour soutenir la production et la distribution de carburants marins propres
COSCO Shipping Ports établit de nouveaux records mensuels et trimestriels de trafic de conteneurs
Hong Kong
Au cours de la période avril-juin, 29,4 millions d'EVP ont été traités (+4,5%)
Forte augmentation des cas de marins abandonnant leurs navires
Londres
2 286 membres d'équipage de 222 navires impliqués début 2025
Le trafic mondial de fret a connu une forte croissance au premier trimestre de cette année en prévision de nouveaux tarifs
Le trafic mondial de fret a connu une forte croissance au premier trimestre de cette année en prévision de nouveaux tarifs
Genève
L'Amérique du Nord a connu la plus forte croissance trimestrielle des importations
Dans le port d'Anvers-Bruges, les conteneurs et le matériel roulant augmentent tandis que d'autres types de marchandises diminuent
Anvers
Les embouteillages persistent à l'aéroport, la situation côté ville devenant critique
Une étude dénonce le retard des ports européens à s'équiper d'installations de repassage à froid.
Bruxelles/Pozzallo
L'appel d'offres pour l'électrification des quais du port de Pozzallo a commencé.
T&E propose d'inclure davantage de ports de transbordement hors UE pour éviter les fuites de carbone
Bruxelles
L'association appelle la Commission européenne à réduire le seuil actuel de 65 % du trafic de transbordement
Federlogistica demande la création immédiate d'une salle de contrôle des tarifs
Gênes
Le fret conteneurisé traité via le port de Singapour a chuté de 2,9 % au deuxième trimestre.
Singapour
Le nombre total de conteneurs EVP a augmenté de +8,6 %
En mai dernier, les transits de navires par le canal de Suez ont diminué de -6,8 %
En mai dernier, les transits de navires par le canal de Suez ont diminué de -6,8 %
Caire
La tendance négative s'est poursuivie en juin et début juillet
Les opérateurs de terminaux ne sont pas du tout satisfaits d’une politique qui ne semble pas s’intéresser aux ports
Rome
Cognolato : Il est essentiel de clore les procès en cours sur plusieurs fronts.
Le plus grand navire jamais accosté au port Canale de Cagliari, au terminal MITO.
Milan
Le porte-conteneurs « MSC Venice » d'une capacité de 16 652 EVP est arrivé hier
Les 5 et 6 novembre à Lisbonne se tiendra un sommet convoqué par l'ILA contre l'automatisation dans le secteur maritime et portuaire
Les 5 et 6 novembre à Lisbonne se tiendra un sommet convoqué par l'ILA contre l'automatisation dans le secteur maritime et portuaire
Bergen-Nord/Metzingen
Le sud-coréen HD Hyundai, en collaboration avec l'allemand NEURA Robotics, développera et testera des robots de soudage dans les chantiers navals
Le bilan de l’horrible attaque contre le vraquier Eternity C en mer Rouge reste encore incertain.
Mandaluyong/Londres/Bruxelles
Déclaration conjointe de l'ICS, de la BIMCO, des armateurs européens, d'Intercargo et d'Intertanko
Le Aziende informanoSponsored Article
Accelleron consolida le partnership con Somas e Geislinger per sostenere l'efficienza e la sostenibilità del settore marittimo
Au premier semestre 2025, les marchandises en vrac ont augmenté et les marchandises générales ont diminué dans le port de Marseille-Fos
Marseille
Le nombre de passagers de croisière augmente de +5%
Le Sénat a approuvé la loi-cadre sur les interports
Rome
L'UIR donne au système interportuaire italien un cadre réglementaire moderne, ordonné et cohérent
Carlo De Ruvo a été élu président de la Confetra
Rome
Parmi les défis, l’expansion incontrôlée des grands groupes logistiques et leur concentration
Le nombre d'attaques de pirates sur les navires reste élevé au deuxième trimestre 2025
Le nombre d'attaques de pirates sur les navires reste élevé au deuxième trimestre 2025
Kuala Lumpur
Le nombre d'actes de violence contre les équipages diminue
Accord de fusion entre Telemar et le groupe TNL
Accord de fusion entre Telemar et le groupe TNL
Oslo/Athènes/Paris
L'un des trois principaux opérateurs du marché des services OT/IoT pour les secteurs maritime et des superyachts sera créé
Les attaques contre des navires en mer Rouge continuent de faire des morts parmi les marins
Portsmouth
Le vraquier battant pavillon libérien « Eternity C » visé
L'entreprise canadienne de construction navale Davie acquiert un deuxième chantier naval en Finlande
Helsinki/Pori
Il va acheter le chantier naval Enersense Offshore
Approbation d'un amendement sur les agences de recrutement de main-d'œuvre portuaire
Rome
Transformation immédiate en agences autorisées à fournir des travaux portuaires temporaires
Salvini nomme un dirigeant d'une compagnie maritime privée de Campanie à la présidence de l'AdSP régionale
Rome
Voici Eliseo Cuccaro, PDG d'Alilauro
Étendre l’application de la limite de 0,1 % de soufre dans les carburants marins à l’échelle mondiale
Étendre l’application de la limite de 0,1 % de soufre dans les carburants marins à l’échelle mondiale
Berlin
C'est ce que propose une analyse du Conseil international pour un transport propre.
L'OMI et l'UE condamnent les nouvelles attaques contre des navires en mer Rouge
Londres/Bruxelles
Dominguez : Nouvelle violation du droit international et de la liberté de navigation
Au premier semestre 2025, le trafic de conteneurs dans le port de Gioia Tauro a augmenté de +10,5%
Joie Taureau
2 186 211 EVP ont été traités
Un vraquier a été attaqué en mer Rouge
Portsmouth
L'équipage a abandonné le navire qui a commencé à prendre l'eau
Le gouvernement allemand alloue 400 millions d'euros pour soutenir la transition énergétique dans le secteur maritime et portuaire
Plus de 78 millions d'euros aux ports d'Augusta et de Tarente pour l'éolien offshore
Rome
Fonds répartis sur trois ans à partir de 2025
Au cours des trois premiers mois de 2025, le trafic de fret dans le port de La Spezia a diminué de -9,4%
L'épice
Au port de Marina di Carrara, une croissance de +3,7% a été enregistrée
Ruote Libere dénonce l'assouplissement des contrôles anti-mafia dans le secteur du transport routier
Modène
Franchini : l'obsession du ministre Salvini pour la construction du pont du détroit, même au prix d'un élargissement des contrôles
L'indice de connexion de l'Italie au réseau mondial de services maritimes conteneurisés a chuté pour le quatrième trimestre consécutif
L'indice de connexion de l'Italie au réseau mondial de services maritimes conteneurisés a chuté pour le quatrième trimestre consécutif
Genève
Les indices PLSCI des principaux ports nationaux en hausse par volume de trafic de conteneurs
Un projet de loi a été approuvé pour empêcher que la gestion des ports et aéroports de Corse soit confiée à des sociétés privées.
Paris
Il prévoit la création de l'Établissement Public du Commerce et de l'Industrie
L'Inde prévoit de désigner au moins un remorqueur pour les urgences en mer dans les principaux ports
Bombay
Actuellement, cela ne se produit que dans les ports de Mumbai et de Chennai.
Projet d'extension du terminal international Total d'Algésiras de HMM et CMA CGM
Séoul
Un investissement de 150 millions d'euros est prévu. La capacité sera portée à 2,8 millions d'EVP.
Réunion de la Commission européenne pour définir la stratégie de développement des ports et de l'industrie maritime de l'UE
Bruxelles
Appel à communications avant le 28 juillet
Assarmatori demande du soutien aux marins italiens employés sur les lignes courtes et au renouvellement des flottes de ferries
Assarmatori demande du soutien aux marins italiens employés sur les lignes courtes et au renouvellement des flottes de ferries
Rome
Messine : le régime des aides d'État doit être repensé pour les chantiers navals européens
Au cours des quatre premiers mois de 2025, le trafic maritime de conteneurs entre l'Asie et l'Europe a augmenté de +4,8%
Tokyo
Les expéditions vers les ports asiatiques ont chuté de 6,4 %. Les volumes déchargés en Europe ont augmenté de 9,0 %.
L’impact sur l’Italie d’une éventuelle fermeture de la route maritime à travers le détroit d’Ormuz serait significatif
Rome
La flotte marchande de produits énergétiques contrôlée par l'industrie maritime italienne intéressée par ces trafics s'élève à environ 80 unités.
Le trafic de fret dans les ports maritimes chinois a augmenté de +3,7% le mois dernier
Le trafic de fret dans les ports maritimes chinois a augmenté de +3,7% le mois dernier
Pékin
Les conteneurs ont représenté 26,7 millions d'EVP (+6,1%)
En 2024, 576 conteneurs ont été perdus en mer sur plus de 250 millions transportés par les navires
Washington
Environ 200 personnes sont tombées de porte-conteneurs dans la région du Cap de Bonne-Espérance
FMC remet en question l'accord exemptant les sociétés du World Shipping Council des règles antitrust américaines
Washington
Pendant ce temps, Sola, nommé par Trump le 20 janvier à la présidence de l'agence fédérale, quitte son poste aujourd'hui.
Le secteur maritime et portuaire européen critique la réforme des règles douanières communautaires
Bruxelles
Note de CLECAT, ECASBA, armateurs européens, ESPO, Feport et WSC
Le Conseil de l'UE s'accorde sur une réforme du code des douanes de l'Union
Bruxelles
Le CLECAT s’inquiète de la persistance de la notion de « personne responsable unique » dans le texte
Au cours des trois premiers mois de 2025, le trafic de fret dans le port de Civitavecchia a augmenté de +2,4%
Civitavecchia
Augmentation de +9,9% à Gaeta et baisse de -17,1% à Fiumicino
OMC : Les nouveaux tarifs douaniers ont donné un coup de pouce au commerce qui ne devrait pas durer
Genève
La reprise est portée par les importateurs qui ont anticipé leurs achats en prévision des hausses tarifaires attendues.
Le constructeur naval japonais Imabari Shipbuilding acquiert le contrôle de son compatriote japonais JMU
Imabari/Tokyo
La part de propriété est passée de 30 % à 60 %
Terminal Investments Limited du groupe MSC acquiert 50 % du capital de Barcelona Europe South Terminal
Barcelone
La transaction a été autorisée par l'Autorité Portuaire de Barcelone
Il n'existe pas de décret d'application de la loi SalvaMare et les citoyens italiens paient pour la gestion des déchets pêchés qui n'est pas effectuée
Rome
La Fondation Marevivo et la Fédération de la Mer le rapportent
En cinq ans et demi, 1 244 tonnes de drogue ont été saisies dans les ports de l'UE
En cinq ans et demi, 1 244 tonnes de drogue ont été saisies dans les ports de l'UE
Lisbonne
Les plus grandes quantités transitent par les ports de Belgique, d'Espagne, des Pays-Bas, d'Italie et d'Allemagne.
La Convention internationale sur le recyclage des navires entrera en vigueur demain
Copenhague
BIMCO exhorte l'UE à inclure les chantiers navals indiens dans la liste européenne des installations de recyclage de navires
Assologistica présente le projet « Cruscotto » pour garantir la transparence et la légalité dans le secteur de la logistique
Milan
Ruggerone : c'est une infrastructure de confiance entre clients et opérateurs
Agents fédéraux, les croisières ne peuvent et ne doivent pas devenir la cible d'une campagne de haine aveugle
Agents fédéraux, les croisières ne peuvent et ne doivent pas devenir la cible d'une campagne de haine aveugle
Rome
Un « Pacte pour la mer » proposé avec des solutions pour lutter contre le surtourisme dont les navires à passagers ne sont pas responsables
Nouvelle étape dans la construction du réseau de transport souterrain de marchandises en Suisse
Nouvelle étape dans la construction du réseau de transport souterrain de marchandises en Suisse
Bern
Cargo sous terrain prévoit de construire un système de 500 kilomètres d'ici le milieu du siècle
Carnival enregistre des bénéfices records pour la période mars-mai
Carnival enregistre des bénéfices records pour la période mars-mai
Miami
Le nombre de croisiéristes embarqués a également atteint un pic ce trimestre
Federlogistica : Activer des chantiers ferroviaires sans plan coordonné est imprudent.
Gênes
Falteri : Isoler le port de Gênes du réseau ferroviaire pendant trois semaines mettrait en difficulté toute l'Italie du Nord.
Des terminaux polyvalents privatisés dans huit ports saoudiens
Des terminaux polyvalents privatisés dans huit ports saoudiens
Riyad
Quatre seront exploités par Saudi Global Ports et quatre par Red Sea Gateway Terminal
Lancement d'un débat public sur le projet de jetée VIII dans le port de Trieste
Lancement d'un débat public sur le projet de jetée VIII dans le port de Trieste
Trieste
Un investissement total de 315,8 millions d'euros est prévu
Des consultations informelles ont commencé sur la proposition préliminaire du nouveau plan directeur du port d'Ancône.
Ancône
Onze réunions prévues en juillet
Accord de programme pour les interventions préparatoires et fonctionnelles pour la construction du pont sur le détroit de Messine
Rome
Il a été signé aujourd'hui à Rome
Assiterminal exhorte à ne pas apporter les sédiments du projet de dragage de Bagnoli dans le port de Naples.
Gênes
Cognolato et Ferrari : Il est essentiel de sauvegarder la pleine fonctionnalité des activités du port commercial.
Projet de développement d'une station écologique de traitement des eaux usées des navires
Naples
Initiative du Groupe napolitain du Débarquement de Cenere et Iello
Le trafic de conteneurs au port de Long Beach a chuté de 3,4 % au deuxième trimestre.
Long Beach
Une baisse de -16,4% a été enregistrée en juin
Paolo Pessina a été nommé vice-président de Conftrasporto-Confcommercio.
Rome
Il est président de la fédération nationale des agents et courtiers maritimes
Le trafic de conteneurs dans le port de Hong Kong a diminué de -8,2% au deuxième trimestre
Hong Kong
Une baisse de -13,7% a été enregistrée en juin
L'entreprise de logistique Nord Ovest, basée à Cuneo, enregistre des résultats financiers en croissance.
Coin
Les travaux de construction d'un nouveau dépôt à Mondovì seront achevés début 2026.
Le trafic de conteneurs au port de Los Angeles augmente en raison des craintes de nouveaux tarifs
Los Angeles
Le mois de juin a enregistré le volume le plus élevé jamais enregistré pour ce mois
Le Comité de gestion de l'Autorité portuaire maritime de Sardaigne a adopté le DPSS
Cagliari
Feu vert pour la concession à MITO et le recours contre le rejet du projet de dragage d'Olbia.
Trois événements à Gênes pour trois nouveaux navires de croisière Explora Journeys.
Gênes
Un lancement technique, une pose de pièces et la découpe de la première tôle ont été réalisés au chantier naval Fincantieri
Grimaldi vend 5% du Terminal Darsena Toscana à la Compagnie Portuaire de Livourne
Naples/Livourne
Option d'achat de 5 % supplémentaires du capital social
Matteo Gasparato nommé président de l'Autorité portuaire de la mer Adriatique du Nord
Rome
Il a été nommé commissaire extraordinaire de la même autorité portuaire
Signature d'un accord de concession attribuant la gestion du port de Tartous à DP World
Damas
Sa durée de vie est de 30 ans
LES DÉPARTS
Visual Sailing List
Départ
Destination:
- liste alphabétique
- liste des nations
- zones géographiques
Rencontre à Rome entre les dirigeants de l'ESPO et d'Assoporti
Rome
Parmi les thèmes abordés, la compétitivité des ports européens dans le contexte mondial actuel
La compagnie aérienne chinoise OOCL signale une baisse trimestrielle des revenus de ses services réguliers
Hong Kong
Le fret transporté par les navires de la compagnie augmente
Collaboration entre l'Autorité des ports maritimes ukrainiens et l'Autorité des ports maritimes de la Ligurie occidentale
Rome
Accord d'une durée initiale de cinq ans
Enquête en Allemagne sur les perspectives des entreprises des secteurs maritime, portuaire et de la construction navale
Hambourg
Les armateurs sont plus inquiets. Perspectives positives pour les ports et les chantiers navals.
Port d'Augusta : Début des travaux d'un troisième pont reliant l'île au continent.
Augusta
Des travaux d'une valeur de plus de 20 millions d'euros
Vard signe un contrat avec InkFish pour un nouveau navire de recherche
Trieste
L'accord porte sur un montant de plus de 200 millions d'euros.
1,1 milliard d'euros seront investis dans le port de Hambourg pour renforcer le secteur des conteneurs
Hambourg
Meyer Turku a livré le nouveau navire de croisière Star of the Seas à Royal Caribbean
Turku
Il a une jauge brute de 250 800 tonnes
L'ESPO appelle à un financement accru pour les ports dans le prochain cadre financier pluriannuel de l'UE
Bruxelles
Les fonds du programme CEF se sont avérés loin d’être suffisants
Fincantieri livre le nouveau navire de croisière Oceania Allura à Oceania Cruises.
Miami/Trieste
Deux navires supplémentaires de classe Sonata ont été convertis en commandes.
Uniport : Le transport des débris de Bagnoli vers le port de Naples retarderait le dragage tant attendu.
Rome
Legora de Feo : Il faut trouver des solutions alternatives.
Les sociétés taïwanaises Evergreen, Yang Ming et WHL ont enregistré de fortes baisses de leurs revenus trimestriels.
Keelung/Taipei
Au cours de la période avril-juin, il a baissé respectivement de -18,7%, -26,5% et -8,6%.
La création du Tableau de bord d’information pour la gestion des marchés publics privés en logistique a été approuvée.
En mai, le trafic de fret dans le port de Ravenne a augmenté de +1,4%
Ravenne
Le transport de marchandises en vrac est en hausse, tandis que celui de marchandises diverses est en baisse.
L'UE approuve l'achat conjoint d'équipements portuaires par les opérateurs de terminaux
Bruxelles
La définition conjointe des spécifications techniques minimales des équipements est également autorisée.
Le groupe énergétique serbe EPS importera du charbon via le port monténégrin de Bar
Bar
Actuellement, les importations en provenance d'Indonésie transitent par le port de Constanta
Roue libre : le revirement du gouvernement sur les contrôles anti-mafia dans le secteur du transport routier est une évolution bienvenue.
Modène
Franchini : Si le gouvernement a réalisé qu'il avait fait une erreur, c'est une bonne nouvelle.
La Fondation Fincantieri et l'Université Luiss lancent un projet visant à renforcer la sécurité des infrastructures sous-marines.
Trieste
Parmi les objectifs, contribuer à la définition d'un cadre réglementaire spécifique
Agostinelli (AdSP Tirreno Meridionale e Ionio) : l'amendement qui permet la transformation anticipée de l'Agence Portuaire de Gioia Tauro est extrêmement important.
L'événement de Confindustria sur l'économie maritime aura lieu à Rome le 15 juillet.
Rome
Le document stratégique de la confédération sur le secteur sera présenté
Le Kerala réclame 1,1 milliard de dollars à MSC pour dommages et intérêts suite au naufrage du MSC Elsa 3
Thiruvananthapuram
Détention temporaire du navire « MSC Akuteta II » accordée
Trasportounito demande l'annulation de la procédure de renouvellement du Comité central du registre des transporteurs
Rome
Nouvelle saisie d'une cargaison de cocaïne dans le port de Gioia Tauro
Reggio de Calabre
16 sacs contenant 417 kilos de drogue ont été retrouvés dans un conteneur
MOL et Kinetics vont construire le premier centre de données flottant au monde
Tokyo
Il sera installé sur un navire de 9 731 tonneaux de jauge brute
Le terminal de Rijeka Gateway sera opérationnel début septembre
Copenhague
Le premier navire au deuxième terminal à conteneurs du port croate est attendu le 12 septembre
Falteri (Federlogistica) appelle à se concentrer sur le développement d'une logistique « polycentrique »
Gênes
La zone logistique simplifiée doit être la pierre angulaire de la stratégie
Tsuneishi Shipbuilding Co. a acquis Mitsui E&S Shipbuilding Co.
Hiroshima/Tokyo
Elle a été renommée Tsuneishi Solutions Tokyobay Co.
Pessina (Federagenti) : Le système logistique nord-européen est en difficulté. Profitons-en !
Rome
Une opportunité inattendue - souligne-t-il - pour les ports méditerranéens et italiens en particulier
MSC Croisières rejoint Carnival et Royal Caribbean pour capitaliser sur le chantier naval de Grand Bahama
Miami
Les négociations en cours depuis fin 2024 ont été conclues avec succès
Aux International Propeller Clubs, le prix Dorso pour la région méditerranéenne
Naples
En reconnaissance du rôle primordial joué par les opérateurs logistiques dans le trafic méditerranéen
ABB signe un accord de service avec la compagnie de croisière américaine Royal Caribbean
Zurich
Il a une durée de 15 ans et couvre 33 navires de la flotte.
P&O Maritime Logistics (DP World Group) va acquérir 51 % de NovaAlgoma Cement Carriers
Lugano
Nova Marine Holding et Algoma Central Corporation conserveront 49 %
Trafic de fret stable dans les ports de Gênes et de Savone-Vado Ligure en mai
Gênes
Une baisse de -2,4% a été enregistrée à l'aéroport de la capitale ligure ; une hausse de +7,2% a été enregistrée à l'aéroport de Savone
Consilium Safety Group étend sa présence en Turquie et sur le marché maritime
Göteborg
Acquisition d'Ares Marine
Fincantieri a ouvert une nouvelle antenne d'innovation en Corée du Sud
Séoul
Il est situé au cœur du quartier technologique de Séoul.
Les premiers wagons de fret InnoWay ont quitté l'usine de Bagnoli della Rosandra
Trieste
Une fois pleinement opérationnel, la production de plus de 1 000 wagons légers et jusqu'à 3 000 chariots par an est prévue.
Les commissaires des différents AdSP assument également les pouvoirs attribués aux comités de gestion
Rome
Dispositions pour les autorités portuaires de la mer Ionienne, de la mer Adriatique centrale et septentrionale, de la mer Ligure orientale et de la mer Tyrrhénienne septentrionale
INCICO, basé à Ferrare, acquiert Italiana Sistemi et se concentre sur l'ingénierie des transports
Ferrare/Naples
Elle est spécialisée dans l'ingénierie des infrastructures et des installations dans les secteurs ferroviaire et routier
Hupac annonce l'extension de la navette Duisbourg-Singen avec des connexions vers l'Italie
Bruit
Des départs quotidiens seront effectués
Le transfert de 80% du capital de Louis-Dreyfus Armateurs à InfraVia a été réalisé
Suresnes/Paris
La famille Louis-Dreyfus conserve les 20 % restants
Port de Gênes, feu vert pour la prolongation de la concession à Spinelli jusqu'au 30 septembre
Gênes
Ok aussi pour l'extension du groupe Campostano
Le Fonds maritime national a commencé la reconnaissance des bourses
Gênes
Elles sont accordées pour les formations de base et les cours de familiarisation à la sécurité.
RFI et le MIT signent la mise à jour du contrat de programme pour environ 2,1 milliards
Rome
Environ 500 millions d'euros attendus pour la gestion du réseau ferroviaire
San Giorgio del Porto livre un navire pour le soutage de gaz naturel liquéfié
Gênes
Il a été construit pour Genova Trasporti Marittimi
Raffaele Latrofa nommé président de l'AdSP de la mer Tyrrhénienne centre-nord
Rome
Il est l'adjoint au maire de Pise
Pisano (AdSP Liguria Orientale) : les ports de La Spezia et de Carrare se sont intégrés presque parfaitement
La Spezia/Bari
Le commissaire spécial de l'Autorité portuaire de la mer Adriatique du Sud a été nommé.
Le constructeur naval indien Mazagon Dock acquiert le contrôle du chantier naval de Colombo au Sri Lanka
Bombay
Investissement d'environ 53 millions de dollars
Le Commissaire de l'Autorité Portuaire de la Mer Ligure Occidentale s'est vu attribuer les pouvoirs et prérogatives du Comité de Gestion
Gênes
La mesure en attendant le rétablissement des organes de direction ordinaires
Le plan opérationnel triennal 2025-2027 de l'Autorité portuaire centrale de l'Adriatique a été approuvé
Ancône
Avis favorable du Sea Resource Partnership Body
La réunion publique du Centre international d'études sur les conteneurs se tiendra à Gênes le 2 juillet
Gênes
Il traitera des transformations physiques du conteneur et de la digitalisation des processus
Andrea Ormesani est le nouveau président de l'Assosped Venezia.
Venise
Le conseil d'administration a été renouvelé. Paolo Salvaro conserve son poste de secrétaire général.
Witte (ISU) : En 2024, le secteur du sauvetage de navires s'est stabilisé par rapport au niveau le plus bas d'il y a deux ans
Londres
PORTS
Ports Italiens:
Ancône Gênes Ravenne
Augusta Gioia Tauro Salerne
Bari La Spezia Savone
Brindisi Livourne Taranto
Cagliari Naples Trapani
Carrara Palerme Trieste
Civitavecchia Piombino Venise
Interports Italiens: liste Ports du Monde: Carte
BANQUE DES DONNÉES
Armateurs Réparateurs et Constructeurs de Navires
Transitaires Fournisseurs de Navires
Agences Maritimes Transporteurs routiers
MEETINGS
Événement de la Confindustria sur l'économie maritime à Rome le 15 juillet
Rome
La réunion publique du Centre international d'études sur les conteneurs se tiendra à Gênes le 2 juillet
Gênes
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REVUE DE LA PRESSE
Why Malta is objecting to a new price cap on Russian oil
(timesofmalta.com)
US has its eye on Greek ports
(Kathimerini)
››› Index Revue de la Presse
FORUM des opérateurs maritimes
et de la logistique
Intervento del presidente Tomaso Cognolato
Roma, 19 giugno 2025
››› Archives
Le finlandais Elomatic va installer des propulseurs de tunnel sur 11 navires de croisière Carnival
Turku
Les travaux débuteront à l'automne prochain et se termineront en 2028
L'assemblée des Assarmatori se tiendra à Rome le 1er juillet
Rome
« La Méditerranée à contre-courant » le thème de la rencontre
Fincantieri a livré le nouveau navire de croisière Viking Vesta à l'américain Viking
Trieste/Los Angeles
Il a été construit dans le chantier naval d'Ancône
Les garde-côtes de Gênes ont placé le porte-conteneurs PL Germany en détention administrative
Gênes
La Marine italienne a commandé deux nouveaux navires de combat polyvalents à Fincantieri.
Trieste
La commande passée à l'entreprise de construction navale s'élève à 700 millions d'euros
Le groupe MSC va gérer les services de croisière dans les ports de Bari et de Brindisi
Bari
Concession de dix ans avec possibilité de prolongation
La Kombiverkehr allemande renoue avec les bénéfices en 2024
Francfort-sur-le-Main
Le niveau des revenus est resté inchangé à 434,6 millions d'euros.
Deltamarin concevra les six nouveaux navires ro-pax commandés par Grimaldi pour les routes méditerranéennes
Turku
La pratique de la sous-traitance dans la logistique européenne crée un marché du travail parallèle où les droits ne sont pas appliqués
Bruxelles
Présentation du rapport « Désolé, nous vous avons sous-traité »
Demain, Grendi lancera le quatrième navire du groupe sur les routes à destination et en provenance de la Sardaigne
Milan
« Grendi Star », d'une capacité de charge de 2 800 mètres linéaires, reliera Marina di Carrara et Cagliari
Signature d'un contrat de soutien opérationnel aux frégates FREMM entre Orizzonte Sistemi Navali et l'OCCAR
Tarente
L'accord a une valeur totale d'environ 764 millions d'euros
Appel à réformer l'ensemble du système de formation des conducteurs dans le secteur des transports
Rome
Sept propositions présentées
Dans le port de Gioia Tauro, les soldats de la Guardia di Finanza ont saisi 228 kilos de cocaïne
Reggio de Calabre
Deux dockers arrêtés
Port de Livourne, nouvel observatoire pour trouver des solutions au problème de congestion portuaire
Livourne
Marilli : Nous chercherons des solutions pour parvenir à une éventuelle révocation de la taxe portuaire
Lockton PL Ferrari a clôturé le dernier exercice avec un chiffre d'affaires brut de 34 millions de dollars
Gênes
Le volume des primes d'assurance a atteint 350 millions
Le groupe polonais Trans Polonia acquiert la holding néerlandaise Nijman/Zeetank
Tczew
Elle est spécialisée dans le transport et la logistique de produits liquides et gazeux
d'Amico Tankers vend deux pétroliers construits en 2011 pour 36,2 millions de dollars
Luxembourg
Ils seront livrés aux acheteurs d'ici fin juillet et le 21 décembre.
L'Académie de la marine marchande italienne prévoit 13 nouveaux cours gratuits
Gênes
Plus de 300 postes disponibles
Une délégation de Wista Italie visite les ports de Catane et d'Augusta
Catane/août
L'association est composée de femmes qui occupent des postes à responsabilité dans les secteurs maritime, logistique et commercial.
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