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IMDO Shipping Review: Trade Surplus Increase, ShortSea No Profit to 2020, Old VLCC Values Rise and more

18th September 2013
IMDO Shipping Review: Trade Surplus Increase, ShortSea No Profit to 2020, Old VLCC Values Rise and more

#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.

Irish Economy: Growing trade surplus - Trade figures published by the CSO, indicate that the seasonally adjusted value of Irish exports increased by 3% in July, to just over €7.33bn.This, together with a 2% drop in the value of imports to €4.12bn meant that Ireland's seasonally-adjusted trade surplus grew by 8% to €3.21bn.The surplus had been gradually declining over the previous three months, having gone from €3.6bn in March to €2.96bn in June.

Short Sea Market: No profitability till 2020 - Europe's shortsea operators are predicted by Dutch consultancy Bloem Doze Nienhuis to have another six years of struggle before returning to profitability.

Their report suggests that supply and demand for shortsea remains unbalanced, with profitability not returning until 2020. The study of the main operators shows a cargo demand of around 1.8bn tonnes between 2005 and 2012, with the shortsea fleet increasing by 20% to 47m dwt. In 2012 and the first half of 2013 freight rates reached new all-time lows.

Tanker Market: Old VLCC values rise -The incentive to scrap older VLCCs has decreased after Japan'sNYK line sold a 14-year-old 281,050dwt VLCCfor $21m, a large increase on its current scrap value.By contrast, in late July,OSX Leasing Groupsent a 1995-built, 301,862dwt tanker to Pakistani shipbreakers for $16.6m.

For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 37). In addition to Afloat.ie's dedicated Ports & Shipping News section.

 

Published in Ports & Shipping
Jehan Ashmore

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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