The world's largest freight forwarder saw a major uplift in volume and profit in the first half of the year.
There is renewed optimism for the Suezmax sector’s prospects, as the orderbook is limited and more tonnage is expected to be scrapped as the sulphur deadline draws near.
Scrap sales have slowed following a drop in steel prices in India and depreciation of the Indian currency.
Bulkers totalling just less than 3.1 million dwt were sold for scrap in the first six months of this year, down by 67% compared with last year.
With less than 18 months to go until the regulations come into force, concern is mounting that the refinery industry will fail to produce enough low-sulphur fuels to meet demand, especially at an affordable price.
Shipping Corporation of India has sold its LPG carrier pair for demolition amid the depressed market following the slump in local steel prices.
Six VLGCs have been scrapped or sold for scrap so far in 2018 compared with just three in the past two years.
Fighting has continued to disrupt crude exports from Libya, with the National Oil Corporation (NOC) declaring further force majeures on 2 July and rival factions flouting these restrictions.
Trade tensions between the US and China could persist through to 2019, and possibly 2020, said Australia’s Department of Industry, Innovation, and Science, just before a round of US tariffs on USD50 billion worth of Chinese goods kicks off on 6 July.
Surging regional exports, stronger than average cargo demand, soaring vessel charter rates, and higher freight rates point to positive outlook for intra-Asia carriers