Global Economy & Project Cargo:
Political factors are shaping economic policies and markets. US wholesale prices declined unexpectedly in August. Trump's port fees will weaken China's shipbuilding dominance. Fleet owners are already rethinking orders from Chinese yards. China's industrial profits return to growth. European officials fear Trump is preparing to blame them for the Ukraine failure. Eurozone business activity grows at the fastest pace in 16 months. A financial meltdown in Africa will have a global impact.
Ship New Building:
Zodiac Maritime is returning to the newbuilding market with an order for five 6,000 TEU containerships in China. Seaspan Corporation has expanded its newbuilding pipeline with an order for two 11,800 TEU containerships at China. Jinhui Shipping and Transportation has booked three new ultramax bulk carriers at a Chinese yard. Turkish outfit Stella Tanker Gemi İşletmeciliği has ordered up to four new chemical tankers in China. The total new building index has dropped by another 1 compared to last month.
Selected Sectors Overview:
Dry Market
LNG Market:
Excelerate Energy has received an award letter from Iraq to develop the country’s first floating LNG import terminal. Eastern Pacific Shipping’s investment arm is set to take LNG carrier owner Cool Company (CoolCo) private, offering $9.65 per share. LNG carrier demolition sales have already reached an annual record with nearly 30% of the year still to go. China has gained another foothold in one of shipbuilding’s toughest segments with Dalian Shipbuilding Industry Co (DSIC) delivering its first LNG ship.
Swiss-based offshore drilling giant Transocean has announced contract fixtures for two of its ultra-deepwater drillships. Energy supermajor BP has reached a final investment decision on the Tiber-Guadalupe project in the US Gulf of Mexico. Belgian marine services and dredging group DEME has ordered a new methanol-ready offshore construction vessel (OCV). South Korea has awarded 689MW of offshore wind projects in the latest tender for fixed-bottom offshore wind..
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Goldsea International:
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