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Oneglobal shipping report 2023 July

Posttime：2023-07-31 08:45:00 Hits：291

Economy:

US borrowing costs hit a 16-year high, and it puts the GDP growth cost at a high level since the last time seen in 2007. China’s slowing economic recovery pushed Beijing to try to avoid a potentially deflationary cycle. Western leaders bet on India and hope its population and economy to grow rapidly over the coming decades. As Chinese cars speed into global markets, the PCTC market could be a great opportunity for new investors in shipping. European takes more in LNG shipments from the US to secure its demand after the Ukraine war shut off gas supplies from Russia.

Bulk Carrier:

Australian resource and energy exports climbed 9% but are forecast to slide over the next two years as some energy prices have dropped back to levels last seen in 2019. U.S. corn export dominance is challenged by Brazil. Russia 2022- 2023 has an estimated record of 58-59 million tons of grain exports. Activity in the second-hand vessel market has been low over the past few months as a result of high asset prices vs. lower charter rates.

Prices of secondhand tankers have reached their highest level in 15 years. However, the charter market has shown significant down correction. Fortunately, the shipyards are 87.3% full for 2025 and 80% covered for 2026, which helped to keep the high new building price and hence to support the secondhand value. As the order-to-fleet ratio is extremely low, the tanker market still has a good prospect for investment.

Containership:

The new containerships delivered in the first six months of the year have reached nearly 1m teu, and full-year deliveries are set to reach 2.2m teu in 2023, beating the previous high of 1.7m teu delivered in 2015. By the end of 2025, the global containership fleet will have reached 30m teu, 15% larger than current levels. Meanwhile, methanol continues its attention for alternative fuel investment; Maersk has taken delivery of the world’s first methanol-fuelled container vessel.

The LNG spot charter market is slowly moving up. NYK contracted for two 174,000 cu m units at Hyundai Samho Heavy Industries, worth a total of around $525m. GasLog has completed a merger with its affiliate GasLog Partners. COSCO Shipping and PetroChina are ordering new builds at CSSC-affiliated Hudong-Zhonghua Shipbuilding for two additional 174,000 cum LNG. China Gas team with CSSC Shipping and Wah Kwong for pair of new LNG builds.

Offshore:

The offshore charter market has reached its highest level since 2014. UK Octopus Energy is to invest $20bn through its generation unit in offshore wind by 2030. Copenhagen Infrastructure Partners (CIP) reached its target fund size of €12bn, which would make it the world’s largest greenfield renewable energy fund. BW Offshore has sold another African- based FPSO vessel. The Australian Government is looking to help decarbonize the economy with year-round clean energy generation.

Disclaimer

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

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

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

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