Last updateΠαρ, 20 Μαϊ 2022 7pm

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Press Release on the Joint Statement of the ASA SPC 34th Interim Meeting 2022 held on 18 April 2022

asaThe 34th Interim Meeting of ASA SPC was held online on 18 April 2022 due to precautionary measures against COVID-19. The meeting was chaired by Mr Keiji Tomoda, Vice President of the Japanese Shipowners’ Association and participated in by 24 delegates from ASA member associations of ASEAN, Chinese Taipei, Hong Kong, Japan and Korea, as per the participants list attached. The meeting was called to order by the Chairman at 2:30 pm JST. ASA SPC members were reminded of the importance of full compliance with all applicable competition laws throughout the entire programme and the meeting was conducted with counsel present, as in previous meetings. The outline of the meeting is as follows:

1. External Factors Affecting the Shipping Industry
Current various external factors surrounding the shipping industry such as the influence of the COVID-19 Pandemic, the Ukraine Crisis and new green responsibilities were discussed. Delegates reaffirmed their firm determination to carry out their tasks as global logistic providers so as to minimise supply chain disruptions in cooperation with all stakeholders, while recognising the priority of crew safety.

2. Developments of International Maritime Policy
Broad policy issues concerning international maritime industry were discussed. Mr Helio Vicente, Manager (Shipping Policy) of the International Chamber of Shipping (ICS), made a presentation on ICS’s recent engagements on the issues of COVID-19, protectionism, trade and so forth. Delegates appreciated ICS’s efforts to date and echoed his emphasis on the importance of reopening the WTO negotiations for the liberalisation of maritime services as soon as possible. With regard to the Canal Issues, the discussion concentrated on the recent developments on tolls at the two greatest canals around the globe, the Suez Canal and the Panama Canal, both of which underpin international logistics in an uncertain situation. Delegates reaffirmed the critical importance for such a global infrastructure of avoiding a sudden and significant change of the tolls and charges, as well as to secure a sufficient prior notice and appropriate explanation by the Authorities. In this connection, Delegates expressed their confusion against new surcharges introduced on 1 March 2022 with only 48 hours prior notice, then to be revised on 1 May 2022 by the Suez Canal Authority (SCA), which resulted in roughly a 7 to 20% toll increase for many types of vessels, in addition to a 6% tariff hike for most types of vessels, implemented on 1 February 2022. The Committee shared its concern that high uncertainty in the mechanism of operating the surcharge may damage the stability and reliability of the Canal, recognised that it was enormously important for the industry to jointly raise our united voice to the SCA and confirmed to continue tackling this issue with close cooperation with other international organisations such as the ICS so as to reflect all stakeholders’ propositions. As for the Panama Canal, Delegates were also disappointed by the proposal for the new toll system dated 1 April 2022 by the Panama Canal Authority (ACP), as the mark-up for some types of vessels may exceed 100% in 2025, compared with the current toll. While some positive elements are included in the proposal such as a sufficient prior notice period with a formal consultation mechanism, Delegates shared a recognition that such a significant toll hike may not be compatible to the long term sustainability required to a global infrastructure and confirmed that we should submit our comments to the ACP during the formal consultation period to urge the ACP to avoid radical rate increases, based on the current unprecedented market condition.

3. Anti-Corruption Issue
The Committee reported recent developments on Anti-Bribery issues such as the discussion at the IMO and activities by the Maritime Anti-Corruption Network (MACN). Delegates renewed their determination to combat any kinds of corruption and were encouraged by a recent SCA circular, proclaiming its zero-tolerance policy against any act of facilitation payment or gift during the Suez Canal transit as one of the significant fruits from the efforts of all stakeholders concerning this issue.

4. Anti-trust Immunity and US Legislative Developments
The latest developments concerning the review of the current anti-trust immunity system in a number of jurisdictions were reported by Mr Robert K. Magovern, Vice Chair of Transportation and Trade at Cozen O’Connor and the SPC’s legal counsel. Delegates reconfirmed the ASA’s long-standing policy that the anti-trust immunity system for cooperative carrier shipping agreements was indispensable for the healthy development of the liner shipping industry and the maintenance of a reliable service to the entire trading community. The Committee commended the ASA for its active support of industry efforts to maintain anti-trust exemptions for liner shipping agreements and urged continued activity in this regard. Mr Magovern also made a presentation on developments regarding recent US legislative developments such as the pending US Ocean Shipping Reform Act (OSRA) bills. Delegates agreed to keep watching the developing situation. Before the conclusion of the meeting (4:30 pm JST), the Chairman announced his intention that the next SPC meeting would be held in Singapore in autumn this year if the situation allowed.
The ASA Shipping Policy Committee (SPC) is a forum for the members of ASA associations to discuss maritime policy issues such as regulation, taxation, trade policy, customs, canals, infrastructure and the macro economy, and policy public relations.

The Asian Shipowners’ Association (ASA) is a voluntary organization of the shipowner associations of Australia, China, Chinese Taipei, Hong Kong, Japan, Korea and the Federation of ASEAN Shipowners’ Associations comprising shipping associations of ASEAN countries. The aims of the ASA are to promote the interests of Asian shipowners. Between annual ASA meetings, the ongoing work is carried out by five Standing Committees: The Seafarers Committee (SC), the Ship Insurance and Liability Committee (SILC), the Safe Navigation and Environment Committee (SNEC), the Shipping Policy Committee (SPC), and the Ship Recycling Committee (SRC). It has been estimated that ASA shipowners and managers control and operate around 50% of the world's cargo carrying fleet.

Market Commentary by Xclusiv

chinabuildingThe lock down in Shanghai continues with information suggesting another month of restrictions. The surging coronavirus cases have driven major shipyards into lockdown. Chinese authorities have ordered Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard and Shanghai Waigaoqiao Shipbuilding to halt operations since the end of March and many shipowners have been warned that there will be delays to newbuilding deliveries.

The effects of the Covid surge in China are adding to the uncertainty about the future fuels, vessel designs and technology that will be required to meet coming decarbonisation regulations, factors that have restrained new ship ordering particularly for bulkers and tankers recently. Furthermore, non-dry bulk and non-tanker ship orders are filling the shipyards, which further limits the scope for new ship contracts in the dry / wet segment.

The Bulk Carrier orderbook trend over the past 10 years is downward, having dropped from over 2,500 ships which were on order in April 2012 to around 760 ships on order as of April 2022. The tanker orderbook also follows the same decreasing trend as Bulkers, as it decreased to 528 ships on order in April 2022 from 1,500 ships on order ten years back. On the other hand, the Container orderbook is the big winner as it has a significant increase over the last 10 years. It is worth mentioning that in October 2020 there were only 310 containers on order (a ten-year low) but it has rapidly shot up to 867 ships on order (ten years high) in April 2022. This is an increase of 180% in just one and a half year.
Orderbook to fleet ratio in DWT/TEU has also significantly decreased within the last ten years for Bulkers and Tankers. In April 2012, the ratio was 34% for Bulkers and 17% for Tankers and in April 2022 the ratio is below 7% for both, a fall of 80% and 60% respectively. Specifically, the Bulker & Tanker Orderbook to Fleet ratios as of April 2022 (Bulker 6.59% & Tanker 6.38%) are the lowest since 1996. Containers have again the “lions share” with an 215% increase in the orderbook to fleet ratio since October 2020 (ten years low point), and a slight increase of around 6% since April 2012.

As we mentioned before the main reasons that affect Tanker and Bulker orderbook negatively are mainly the uncertainty concerning the new emission policies as it is not known yet nor what kind of fuel will prevail neither which technology to adopt, the very high newbuilding prices compared to the lower rates. On the other hand, the strong earnings and healthy balance sheets for all the container ships owners, the high cashflows generated since mid-2020 that were in need to be re-invested, the very high rates created mainly through significant lower vessel supply than demand and high port congestion, have given the chance for owners to renew their fleet with larger and more efficient ships and driving the containers orders to record high numbers.

Many analysts and owners believe that until zero-emission-ready ships become commercially viable, and the requisite fuelling infrastructure is being built out globally, the bulker and tanker orderbooks will stick in “shallow waters”, remaining at historically low levels.

Sale and Purchase:

Despite the volatility in the dry bulk market during the past month, as well as Easter & Ramadan holidays, the S&P dry bulk activity remains strong. Following the previous week’s Capesize sales, the “Aquamarine”- 182K/2009 Odense Staalskibvaerft sold for USD 26.5mills to clients of Alpha Bulkers, while clients of Chartworld shipping acquired the 3-year older BWTS fitted “Aquascope”- 174K/2006 SWS sold for USD 19.7 mills. On the Ultramax sector, the BWTS fitted “Navigare Bacca” - 61K/2016 Imabari sold for USD 32.5 mills to Bangladeshi buyers. The Supramax “NZ Shanghai” - 55K/2010 Jiangsu Qinfeng sold via auction for USD 16.9 mills. Lastly, the Handysize “Promise 3” - 32K/2010 Samho changed hands for USD 17.2 mills.

The uptick of the spot rates in the tanker sector has increased the volume of S&P transactions. On the VLCC sector, clients of Euronav acquired the “Chelsea” - 300K/2020 Daewoo & the “Ghillie”- 300K/2019 Daewoo for USD 181 mills enbloc. Furthermore, the Scrubber fitted Aframax “Banda Sea”- 106K/2007 Sumitomo sold for USD 21 mills to Greek buyers. MR vessels have dominated the tanker S&P transactions with 47% of the total transactions in the MR segment. The BWTS fitted “Largo Sea”- 50K/2016 SPP found new owners for excess USD 30 mills. Moreover, the “Songa Pride” - 50K/2016 Brodotrogir & the “Trogir Kairos I”- 50K/2015 Brodotrogir sold for USD 50.5 mills enbloc to clients of Hammonia Schiffsholding, while the 13-year “Forres Park” - 47K/2009 HMD sold for mid/ high USD 16 mills. Finally, on the MR1 sector, clients of Chemikalien Seetransport acquired the BWTS fitted & ICE 1A “Seaways Cape Horn” - 38K/2006 HMD , the “Seaways Ambrose” - 38K/2006 HMD & the “Seaways Canaveral” - 38K/2006 HMD for USD 10.5 mills each, with long subjects to buyers, while the BWTS fitted & ICE 1A “Seaways Chania” - 37K/2006 HMD sold for USD 10.5 mills to clients of Transka Tankers, with long subjects to buyers.


Green Awards 2022atticaAttica Group parent company of SUPERFAST FERRIES, BLUE STAR FERRIES and HELLENIC SEAWAYS is pleased to announce its distinction in the GREEN AWARDS 2022 organized by Boussias Communications under the auspices of the Greek Environmental Scientists Association.

The official announcement of winners took place in Athens, on 17th March and Attica Group was honoured with the Silver award in the category:
Green Business / Industry Process
Seasmiles BIOCARD
Pillar 3 – Development / Operations / Technology
for the Seasmiles Biocard of the Seasmiles Loyalty & Rewards programme.
Attica Group faithful to its commitment to adopt environmentally sustainable practices, was the first company to introduce biodegradable cards in the Greek passenger shipping in an effort to reduce its environmental footprint and protect the environment.
The Green Awards aim at promoting and rewarding companies whose products and services are the outcome of innovation and excellence. They also act as motivation towards continuous improvement based on the introduction of sustainable technologies and practices for the reduction of carbon footprint so that the final product is considered Green, Eco-Friendly, Recyclable, Reusable and ZERO Waste, contributing to the Green Economy and Eco Living.
Given annually by an Evaluation Committee of representatives from Bodies, Institutions, Universities and entrepreneurs, the Green Awards are particularly noteworthy.
The Seasmiles Loyalty Scheme is available to passengers sailing with SUPERFAST FERRIES, BLUE STAR FERRIES and HELLENIC SEAWAYS to Cyclades, the Dodecanese, the North-East Aegean islands, the Saronic islands, Sporades and Crete, as well as in the Greece – Italy routes offering exclusive benefits, discounts and special offers to its members.

Attica Group is engaged in passenger shipping through SUPERFAST FERRIES, BLUE STAR FERRIES, HELLENIC SEAWAYS and AFRICA MOROCCO LINK operating 31 vessels providing modern, high-quality transportation services in Greece and abroad. Attica’s vessels serve 60 unique destinations in 4 countries, connecting 71 ports and transporting more than 7 million passengers, 1 million passenger vehicles and 400,000 trucks every year.

PPA S.A. Held annual Hellenic Fund and Asset Management Association briefing

0ΟΛΠαεροφωτό23The annual briefing on the company’s 2021 yearly financial results to the Hellenic Fund and Asset Management Association was held via teleconference in the presence of PPA’s CFO, Ms. Li Jin, as well as 24 analysts and representatives of investment companies.


Posidonia 2022 Photo2A significant number of marine industry-focused tech startups from around the world will showcase their solutions and platforms during Posidonia Exhibition 2022 to be held at Athens’ Metropolitan Expo Centre from 6-10 June.

Pressure on the dry bulk cargo market continues

Bulk carrier 1BDI, Iakovos (Jack) Archontakis
Commercial Manager TMC MARITIME CO.

Fotios-Evangelos Karlis
Chartering Department TMC MARITIME CO.

The dry bulk cargo market continued dropping, with the most significant fall the one of Capes and the rest sizes are following.

Oil prices eased for a second consecutive week

oil timi 231513756Oil prices eased for a second consecutive week with WTI standing at around USD 97/ barrel & brent at USD 101/ barrel. Following the US’ decision to release 1 million barrel/ day oil for the next 6 months, but also IEA’s announcement to release 60 million barrels, S. Korea & Japan decided to release oil from their reserves with the aim of taming rising oil prices and slowing inflation.

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