The market remained quiet this week too, with few second hand concluded sales to report. With the Chinese returning to work after the Lunar New Year celebrations, we may see an increase in activity going forward. Precious Shipping have confirmed the sale of another one of their Supramax bulkers currently on order at India's ABG Shipyard. The vessel (Hull 315) is reported committed to Singapore based Buyers Global Bulk Carriers at US$ 28.1m.

The progress of negotiations for the PSI deal is still on the stream, while the fear of Greek default hunts the future of eurozone. The International Monetary Fund follows the warnings form the World Bank warnings for a worldwide economic recession, and revised sharply its predictions by emphasizing the defects from a euro failure. The IMF now expects a global economic growth by 3.3% in 2012, 0.7% points lower than September's forecast, while it estimates the euro's economy to shrink by 0.5% in 2012 with large declines in Italy and Spain by 2.2% and 1.7% respectively. The U.K. economy is estimated to expand by 0.6% percent before advancing by 2% in 2013, U.S by 1.8%, while Chinese growth has been reduced to 8.2 percent.

As the pilot clambers over the ship’s rail and makes his way to the bridge, how does the Master know that this is a competent person who is now about to advise him on the conduct of his ship into port? There is no shortage of anecdotal reports of Masters having to take over the con and countermand the orders of pilots who are standing the ship into danger. Pilots, for their part, respond by their own recollections of bridge teams who speak no known language and worrying lack of competence.

A quiet week is expected in view of the Lunar New Year holidays in the Far East, the Clarkson Hellas Weekly S&P Bulletin notes. Overaged handysize M/V KYKLADES (28,268 dwt 1982 blt Dalian) has reportedly been sold at auction in Greece for US$ 2.85m.In an auction in Denmark, another two Ocean Tankers’ vessels namely M/T HARTZI (15,441 dwt 1999 blt Aker Werft) sold to Wilmar Tankers, Singapore for US$ 7.3m and her sister M/T SKLEDROS (1999) to Greek interests at US$ 7m.

There is a tendency these days perhaps to be a bit blasé about bad weather. Whatever one’s view of climate change might be and the suggestion that weather is becoming more unpredictable and possibly violent, nobody can deny that shipping remains heavily weather-dependent. Indeed, it could be argued that we are likely to become more so if horsepower is to be penalised and slow steaming becomes “institutionalised”.

By Maria Bertzeletou - Golden Destiny

The week opened with a series of downgrades from Standard & Poor’s rating agency that pours double concerns for euro and worldwide prosperity in 2012. The World Bank cuts sharply its world economic growth expectations by warning that an escalation in the euro area debt crisis could push the world into a similar global crisis of September 2008. The World Bank predicts world economic growth of 2.5% in 2012 and  3.1%  in  2013,  well  below  the  3.6%  growth  predicted  for  each  year  in  June.

Pirate attacks against vessels in East and West Africa accounted for the majority of world attacks in 2011, signalling a rising trend, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed today. Of the 439 attacks reported to the IMB in 2011, 275 attacks took place off Somalia on the east coast and in the Gulf of Guinea on the west coast of Africa.The report showed a slight drop in the total number of recorded incidents of piracy and armed robbery worldwide, comparing the 439 recorded incidents of piracy and armed robbery in 2011 to 445 in 2010. The falling numbers come after four consecutive years of increased piracy and armed robbery worldwide.

By Maria Bertzeletou - Golden Destiny

Before the end of 2011, euro dropped to its lowest levels against the dollar (since September 2010) and Japanese currency yen (in tenyears) after Italian bond auction, with European leaders warning for a difficult year ahead. Economic data are suggesting that the eurozone is heading for recession in 2012 with the liquidity of European banks being a critical issue. Credit rating  agency  Fitch  has  already signalled possible downgrades for a number of euro countries, including Italy, till the end of January due to hefty sovereign debts. 

CAPE: Capesize business got the New Year off to a very slow start, with rates under continuing pressure. In the Atlantic, the key Tubarao/Qingdao route was reported well below $30.00,  with charterers offering $26.00. For Pacific business, Dampier/Qingdao was said  to have seen  $10.95, otherwise there was very  little concluded business to report. There was a tad more activity mid-week as traders were mostly  back  at  work. Not much fresh inquiry was heard in the Atlantic and there appeared to be a fairly long list of tonnage building.

In the NWE market, activity started off pretty quiet as players were reluctantly returning to the market after the holidays. As the week progressed there were a few spot enquiries and even fixtures seen with the market getting pretty tight due to adverse weather conditions in the area. The bad weather reportedly resulted in some major ports closing for a few days creating delays. As a result vessel availabilities have become rather tighter and there are only a few vessels available on prompt open dates...