Oil product tanker demolition on track to break 11-year record
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.
So far this year, 10 crude oil and 38 oil product tankers have left the active trading fleet and the development in crude oil tanker demolition and that of oil product tankers continues to head in different directions. Crude oil cargo carrying capacity of just 1.45 million (m) DWT has left the market since the start of the year compared to 1.25m DWT of oil product tankers.
Exporters take steps to ease container shortage thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
(March 10): Some of the world’s biggest exporters in Asia are intervening to alleviate a shipping container shortage that jeopardizes their overseas trading. Government-owned Indian Railways has moved empty boxes to inland depots like Delhi from seaports for free. South Korea has deployed an extra nine vessels on the Trans-Pacific route to help local manufacturers, while China’s state-owned shipyard, Cosco Shipping Heavy Industry, has converted at least one freshly built paper-and-pulp carrier to transport the containers.
Exporters are taking unusual steps to ease container shortage
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Exporters are taking unusual steps to ease container shortageBy Ann Koh and Rajesh Kumar Singh, Bloomberg
Last Updated: Mar 10, 2021, 08:03 AM IST
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Among other things, Container Corp is moving containers to neighbouring countries such as Sri Lanka and Bangladesh to help ease the shortage. Typically the company would only move the boxes to facilitate domestic shipments. That has coincided with a turnaround in India’s trade, with both exports and imports witnessing two months of growth on run.
AFP
Even countries less reliant on exports are looking at ways to unclog global trade arteries.
By Ann Koh and Rajesh Kumar Singh (Bloomberg)
Some of the world’s biggest exporters in Asia are intervening to alleviate a shipping container shortage that jeopardizes their overseas trading.
Government-owned Indian Railways has moved empty boxes to inland depots like Delhi from seaports for free. South Korea has deployed an extra nine vessels on the Trans-Pacific route to help local manufacturers while China’s state-owned shipyard, Cosco Shipping Heavy Industry, has converted at least one freshly built paper-and-pulp carrier to transport the containers.
“The state has a far bigger role within shipping in Asia, with equity stakes in numerous shipping lines, shipyards and terminals,” said Simon Heaney, senior manager of container research at Drewry Shipping Consultants Ltd. “That influence is much less prevalent elsewhere in the world.”