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IMDO Shipping Review: Irish Port Volumes 2% Rise, Container Oversupply, Finnlines Profit Boost, Strong VLCC Market and Much More

28th August 2014
IMDO Shipping Review:  Irish Port Volumes 2% Rise, Container Oversupply, Finnlines Profit Boost, Strong VLCC Market and Much More

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

Irish Maritime Industry - Analysis released – As previously reported on Afloat.ie, Irish shipping and port activity rose by 2% in the second quarter of 2014 when compared to the corresponding period of 2013. The latest quarterly analysis according to iShipIndex also indicates that four of five principal freight segments grew in Q2 of 2014. For a more in-depth analysis click HERE.

Container Market: faces several more years of oversupply - AP Moller-Maersk chief executive Nils Andersen gave a broad ranging interview last week. He warned that Container operators four or five years of surplus capacity before demand catches up with supply is not as severe as some had feared, helped by better-than-expected volume growth in the Asia-Europe trades in recent months. But with an orderbook that still represents some 20% of existing capacity, it will take several years before the industry is back in equilibrium, Mr Andersen said in a telephone interview.

Short Sea Market: Finnlines Poised for Profit Boost as Rivals Suffer From EU Rules - Finnlines Oyj is geared to boost next year's profits as rivals stand to suffer under tighter environmental rules, while its modern ships will sail unhindered through the English Channel and Baltic Sea.

"This is a highly competitive business," Chief Financial Officer Tom Pippingskoeld said in an interview. "Considering our competitors with an older fleet, it may not be economical to install scrubbers on older vessels, since they are expensive. That may improve the market at the start of next year."

Tanker Market: Strong VLCC market looks set to continue - There is a positive outlook for an already strong VLCC spot market, analyst and broker sources have confirmed. DNB Securities' shipping analysts Nicolay Dyvik, Oyvind Berle and Petter Haugen cite a Reuters report, which said oil traders have started fixing crude tankers to bring North Sea, West African and Arab crude oil to South Africa for storage to repeat the super profits enjoyed in 2008-09.

For more of the above and other stories click here for PDF download of IMDO Weekly Markets Review (Week 35). In addition to Afloat.ie's dedicated Ports & Shipping News coverage.

 

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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