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Monthly Review of the Shipping Industry – May 2015

  • Global oil supply increased in Apr. ’15 by 3.2 m.b.d. (million barrels per day) on an annual basis, reaching 95.7 m.b.d. On a monthly basis there was no noticeable change, since the higher efficiency of the OPEC countries offset the decline in non-OPEC countries.

  • The number of active oil rigs in the USA fell in Mar. ’15 by 193 compared with Feb. ’15 reducing the total to 857.

  • During the period from the 3rd week of June’14 until the end of Jan.’15 it was observed that many charterers and ship owners were converting their tankers into floating oil storage units. In trying to find a sustainability valuation method for this investment option we have used the 12month Brent crude oil spread as a proxy variable.

  • The Shipping Container Performance Index increased from 119.9 units in Mar.’15 to 120.1 units in Apr.’15 indicating a modest growth in world trade. The world trade volume index increased at a greater rate in Mar.’15 (2.7% YoY) compared with Mar.’14 (2.4% YoY) due to the concurrent increase of growth of both exports and imports.

  • The expansion of the Panama Canal through the construction of a row of locks, will double the tonnage of ships which may pass through the canal. The volume of goods transported through the canal presented in 2014 an annual increase of 6.6% in the passage from the Atlantic to the Pacific Ocean and an 8% increase in the passage from the Pacific to the Atlantic Ocean. In 2014 approximately 12 thous. ships passed through the canal, just 89 ships short of 2013. This marginal reduction was not reflected in the net tonnage which was increased by 2% as well as in the cargo tonnage where there was an increase of 7.1%.

  • Key findings of the safety and shipping annual review carried out by the Allianz insurance company for 2014.

  • The trade in goods of Greece, including the value of ships during Mar.’15 and for the period Jan. - Mar.’15.

  • Traffic of passengers, goods and mobile units through Greek ports via merchant ships for the 3rd quarter of ’14 shows a positive annual change in all three categories.

  • The number of ships being dry-docked in the port of Piraeus in 2014 was 95 (2013: 83), an increase of 14.5% compared to the previous year.

  • The merchant fleet which is registered in Greece decreased in Mar.’15 by 2.8% YoY (Mar.’14: -2.1% YoY). The strength of the fleet in terms of tonnage marginally increased in Mar.’15 by 0.4% YoY (Mar.’14: 2.2%).

  • In Mar.’15, the deficit in the balance of ships decreased by €130.9 mn. YoY. As regards the period Jan.’15 - Feb.’15, the deficit in the balance of ships decreased by €319.1 mn. YoY.

  • In Apr.’15, the annual rate of decrease in bank financing of shipping companies reached €-11.3%, whilst the outstanding balance stood at €13,6 bn.



        

Ilias Lekkos

Group Chief Economist

                                                                                                                   

Dimitris Gavalas

Junior Economic Analyst