IMDO Review: Waterford Dredging, Container Reliability Slips & VLCC Newbuilds Decline

22nd February 2016

A fleetmate of the dredger Freeway Credit: Photo: Boskalis

#IMDOreview -The Irish Maritime Development Office (IMDO) latest Weekly Market Review has among the following stories as outlined below.

Irish Maritime News: Waterford Estuary Dredging to Take Place as reported by Afloat.ie. The trailing suction hopper dredger, Freeway is working on removing silt from the shipping channel between Belview Port and out to the open sea.

Also reported on the IMDO Review and on our coverage is the Department of Transport which has outlined new SOLAS requirements for verification of the gross mass of shipping containers.

Global Container Market: Container Service Reliability Starts 2016 on a Disappointing Note. According to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors container service reliability started 2016 on a disappointing note as the average ontime performance slipped by 5.7 percentage points in January to 69.6%.

Tanker Market: VLGG Rates to Come Under. Further Pressure with the Delivery of 48 Vessels in 2016. Very Large Gas Carriers have fallen 68% from last year’s peaks and are currently near two year lows. The delivery of 48 vessels in 2016, in addition to the 35 delivered in 2015, is likely to dampen spot rates further according to shipping brokers this week.

Bulk Market: Freight Rates for Capesize Bulk. Carriers Likely to Remain Flat on Key Asian Routes. On key Asian routes, freight rates for capesize bulk carriers are likely to remain flat. This is because vessel supply is currently outpacing demand while at the same time higher bunker prices could support freight rates.

For more on the above stories and other news items, click the IMDO Market Review (Week 7) here.

In addition to further dedicated coverage visit Afloat.ie's Ports & Shipping news.

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About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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