Shanghai-based Chinese shipping company COSCO SHIPPING Energy Transportation has issued a profit warning based on the preliminary assessment by the board of the unaudited consolidated management accounts.
It expects to post a net loss of between RMB235 million to RMB305 million ($34.5 million to $44.8 million) for the six months ended 30 June 2018, compared to net profit of RMB865 million for the same period of 2017.
The loss in net profit of the Group was mainly attributable to the following factors:
During the first half of 2018, the further decline in crude oil inventory, and the unfavourable impact arising from the geographical events, for instance, the slowing down of the growth rate of crude oil import of importers such as the PRC and the decrease in crude oil export in Venezuela, had phasing effect on the increase in demand in the international crude oil shipping market.
From the supply perspective, even though the demolition of aged vessels soared to a record high in the first half of the year, the freight rates continued to fluctuate at low level as it took time to digest the substantial additional capacity at the early stage.
The freight rate of the very large crude carrier (“VLCC”) Middle EastChina (TD3C) shipping route was only WS 43.22, representing a decrease of 18.5% over the last corresponding period on the same basis.
Meanwhile, the international fuel oil price increased by approximately 28% year-on-year, the daily revenues of main types of vessels in the international crude oil shipping market in the first half of the year fell to a historical low for the nearly two decades, and the average daily revenue of the VLCC was only USD5,468 per day, representing a decrease of approximately 78% year-on-year.
The daily revenue of other types of major crude oil shipping vessels decreased by approximately 60% year-on-year.
Published: 27 July, 2018
According to MPA data, 4.12 million metric tonnes of various bunker fuels were sold at the port of Singapore in February; this is more than 3.87 million mt in February 2020.
‘Financial incentive to fit a scrubber remains strong,’ believes Maritime Strategies International.
Programme will have a special emphasis on the potential application of the system for methanol-fuelled Maersk vessels.
Intends to organise a hearing of the winding up application at 10.00 am on 23 November, 2018.
Both will co-invest in the Salamander project which is aimed to produce 11,000 mt of biomethane annually, starting in 2026, according to the firms.
Latest extension of MaritimeSG Together Package intended to provide continued support for regional ferry services sector and Singaporean seafarers.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
Headway will launch a new fuel supply system suitable for alternative bunker fuels such as hydrogen and ammonia; to focus on procurement and construction of carbon capture systems in 2023 following R&D.
Competition for FAME from aviation and road transportation sectors have resulted in some shipowners resorting to adopt more readily available CNSL blends as biofuel for vessels, explains Steve Bee.
