Δευ08152022

Last updateΔευ, 15 Αυγ 2022 4pm

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“That’s all folks”...

bulker vessel 0098

“That’s all folks”. The magnificent return of the global shipping industry to Greece after 4 years has ended and Posidonia 2022 was the biggest exhibition in its hisory, with a new record of visitors. It must be noted that only on Wednesday, about 8.300 people visitors visited all the four halls of Metropolitan Expo, the venue of Posidonia 2022. The shipping industry has renewed its rendezvous for the Summer of 2024 back in Athens which will probably be a bigger exhibition than this last one.

This Posidonia was not overwhelmed by new ship models and pioneering methods about next generation technologies, mostly because the orderbook is full for the coming 2 years and the fact that alternative fuel technologies are not yet mature enough in order to help convince easily owners to invest money in newbuilding ships which adopt today’s known technologies. It seems that shipping industry is not in a hurry to reduce the CO2 emission and probably it is right. The transition towards technologies that produce less CO2 emissions, making shipping greener must be made carefully and with strategic planning so that the shipping industry doesn’t damage itself through this process. Lots of owners have expressed their concerns about the rush of the EU to add shipping industry in the Emissions Trading Systems (ETS) and they were right. Shipping is to be included in the EU ETS by January 1, 2023, but that start date is now seen as unlikely, given that a wider package of market reforms – including extending the ETS to shipping - was just blocked by the European Parliament draft legislation.

Are the Shipping industry’s CO2 emissions so significant to justify rushing decisions and taking premature actions? Probably not as numbers don’t lie. In the last 15 years, the industry has managed to reduce its CO2 emissions by 8%, while on the other hand, global CO2 emissions have increased by 18% since 2007. With world shipping fleet CO2 emissions being only 2.4% of the global CO2 emissions output, (down by 22% since 2007), it is more than clear that rushing decisions on the green transition are not necessary at all. Whatever has to be decided about shipping going “greener”, has to be above all doable and efficient.

Many Shipping companies are being proactive and are starting to take measures for the future. Being always one step ahead and adapting quickly, are the basis of the ingredients of the shipping industry’s success. Based on the Gas Carrier orderbook, 62% of the orders are alternative fuel capable and 1% alternative fuel ready. Container orderbook shows 22% orders for alternative fuel capable and 10% ready and bulkers orderbook has the lesser alternative fuels capable and ready orders, 7% and 1% respectively. The surprise is coming in the tanker orderbook though. Despite being the smaller orderbook in number of orders, tanker market “players” are showing the biggest guts as the 10% of the orderbook is alternative fuel ready ships (37) and 22% about alternative fuel capable (84). The distinction between capable and ready ships is crucial as alternative fuel ready ships are duel fuelled but alternative fuel capable ships have the infrastructure to be adjusted to use alternative fuels.

Sale and Purchase:

The pillar of the reconnections & resocializations, Posidonia 2022, affected the activity of dry sector, as only a handful of vessels changed hands during the past week. In the Capesize sector, European buyers acquired the “HL Pride” - 180K/2016 Dalian yard, for USD 45.3 mills. The BWTS fitted Ultramax “Navigare Boreas” - 61K/2016 Dacks was sold for high USD 29 mills basis T/C attached at a rate of low USD 20k/ day till August/ October 2023. Finally, in the Handysize sector, clients of Deval acquired the BWTS fitted “Anne Mette Bulker” - 38K/2012 Naikai for USD 23 mills.

On the other hand, the activity on the wet market has not been affected much by the “lights” of Posidonia as it remained at firm levels. The Suezmax “Nordic Moon” - 160K/2002 Samsung found new owners for USD 16 mills. On the MR2 sector, the BWTS fitted “Celsius Richmond” - 50K/2010 Onomichi was sold for excess USD 19.5 mills, while the three-year older “Cygnus” - 51K/2007 STX & her sister “Sextans” were sold for USD 30 mills both, to European buyers. Finally, the Chemical “Chem Eagle” - 25K/2008 Dae Sun changed hands for USD 9 mills, while the BWTS fitted & StSt “Chem Venus” - 20K/2004 Usuki was sold for USD 9.9 mills.

Xclusiv Shipbrokers Inc.

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