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Growth in Chinese Crude Oil Freight Carriers
Ocean freight carriers in China's exploding freight industry will be expected to face-the-music if China experiences an oil spill as tragic and damaging to Mother Earth as the Exxon Valdez in Alaska or Erika oil spill in Europe. There are certainly professionals in the ocean freight industry that figure China will have to experience its own Exxon Valdez before China's shipping industry will look-up and pay attention to the increasing concern over China's unrelenting growth in shipping transport and the growing problem with pollution produced by China'a ocean freight carrier industry.

What's the probability of an Exxon Valdez or Erika scale oil spill on China's freight carrying waterways? Considering the growth in the shipping of oil in China it might only be a matter of time before China experiences its own oil spill, such as the Erika spill in Europe 10 years ago. This isn't necessarily a comment about the safety standards of the world's shippng industry, but a statistical norm that in some cases increases as each day passes without an oil spill occurring on China's waterways. Once a spill occurs though the probabilies change and it could actually be that it might take an oil spill on the scale of the Exxon Valdez or Erika incident before China will begin to make changes in the way it transports oil.

This it could certainly be argued was the case with shipowners in Europe and the United States, who seemingly became a galvanized weapon for change in the ocean crude oil transport industry, after the shipping industry confronted the public outcry over the problems caused for Mother Nature after the Exxon Valdez and Erika oil spills.

China would be better served by looking at the problems created by the Exxon Valdez and Erika oil spills and even the recent problems with crude oil in the Gulf of Mexico and learning from the lessons that others in the ocean freight carrier industry have learned the hard way. This isn't a likely scenario, considering human nature, but it's still a possibility that we should try to pass onto our Chinese cousins.
Posted on 14 Oct 2010 by Momentum
Panamax Ocean Freight Carriers Still Popular
Panamax bulkers are smaller cousins to their larger capesize brethren of ocean freight carriers designed that are designed and built to transport dry-bulk freight like salt, coal and iron ore to destinations around the world. The latest sources from around the ocean bulk shipping tradewinds indicates that panamaxes are still a popular ocean freight vessel for transporting bulk freight, but at present the panamax fleet is only a shadow of the size of the capesize fleet sailing the oceans blue today. Panamax ocean freight vessels number around 1491 according to sources and the capesize fleet is quite a bit larger.

Panamax owners are still smiling though because their vessels still have a sizable lead in freight rates over their larger capesize cousins at present. Sources indicate that there could be a very large surplus of panamax vessels going forward into the century of the environement though. The balance between the rate at which owners are selling their older panamaxes for scrap and cancellations of new ship orders is expected to become even more unbalanced as panamaxes begin to arrive. The rate at which owners are selling-off older panamaxes is also not expected to keep pace with the new panamaxes that will be arriving as the ocean freight shipping industry travels farther into the century of the environment.

Sources around the banking industry indicate that there are 466 new panamaxes on the order books of the world's shipyards, which represents a total of around 36 million dwt and about 33 percent of the present fleet. Present estimates by experts on the financial side of the freight shipping industry also indicate that around 180 million dwt in older panamaxes between the ages of 25 and 29 years will be heading to the scrapyards in the next few years. Do the math and one sees an unbalanced equation that could occur, unless some of these new panamaxes happen to be cancelled or more older panamaxes than first suggested happen to find their way into the hands of the breakers.

Panamaxes still continue to be the more popular workhorse for transporting dry-bulk ocean freight though, as 21 of the 43 ocean dry-bulk vessels chartered in February were panamax vessels. At the same time, freight rates for panamax vessels have been pretty strong and consistent, while capesize rates have been lower, especially on the Brazil-China route.
Posted on 13 Oct 2010 by Momentum

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