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PRIME RATE

Panamax Market May Get Jump Start From Active Atlantic

The panamax market may see a boost from increased activity in the Atlantic and more business coming from South America, brokers said on Wednesday. Prospects for the market in the short term looked positive, despite a slow pace in freight rates, they also said. Modern panamaxes booked for delivery in the Atlantic in May, followed by a voyage to South America could fetch up to $11,500 a day or even more after negotiations. Older vessels attracted lower rates, brokers said, giving as prime example the 1982-built 60,158 dwt Amolyntos chartered - for prompt delivery Boston for a voyage to South America, followed by redelivery Far East - at a daily rate of $8,700. Far East charterers had also shown interest in the short term market and quoted $11,500 a day for River Plate to the Far East panamax fixtures. Of the recent fixtures, the 2000 built 74,381 dwt Pacmonarch had been chartered at a daily rate of $11,800 by a major grain trader for early delivery in Gibraltar, with delivery options in the Middle and Far East, brokers said.


Panamax Market Should Enjoy Solid Week

Increased demand in the Atlantic is likely to keep Panamax trading into positive territory this week, shipbrokers said on Monday. They said Atlantic Capesize freight rates had risen in recent days, especially for Capesizes available for early loading positions and time-charters. Reports in the sector had suggested Belgium charterer Bocimar had time-chartered a number of Capesizes lately and freight rates had risen sharply on the back of anticipated demand in the area, shipbrokers said.


Maltese PM Visits Libya

Maltese Prime Minister Eddie Fenech Adami left last week for a two-day visit to Libya expected to focus on oil and shipping. Government sources said talks with Libyan leader Muammar Gaddafi were expected to focus on trade and the renewal of a contract for Libya to sell oil to Malta at favorable rates. A large delegation of Maltese businessmen and industrialists headed by Economic Services Minister Josef Bonnici will also be over in Libya


ABB to Supply Azipod Systems to Royal Navy

ABB has signed a contract with Appledore Shipbuilders, U.K. to supply the electric power plants and Compact Azipod propulsion systems for two survey vessels for the Royal Navy. The vessels, which are scheduled for delivery in 2002 and 2003, will be supplied under a contract with Vosper Thornycroft (U.K.) acting as prime contractor for the U.K. Ministry of Defence, which includes provision of support for 20 years. The ABB package for the vessel pair will include generators for the main power


World Floater Market Is Stable

The floating rig market was showing signs of stability in many of the world's major drilling basins. However, reports Offshore Data Services, demand for older, second-generation units continues to lag. Worldwide, 149 of the existing 179 floating drilling rigs are under contract and fleet utilization for these rigs is 83.2 percent. In its previous Offshore International Newsletter Market Outlook on floaters, which was published in July, utilization was 82


Finland to Develop LNG Import Terminal

On a visit to Qatar, Finland's PM conferred with government officials about the future import of LNG to serve neighbouring countries. According to the 'Gulf Times' Finnish company Gasum plans to build an LNG terminal that will serve as a distribution hub to other European countries and for that reason, as well as others of common interest, the Finnish Prime Minister Jyrki Katainen visited Doha to discuss the proposal with the Qatari side.


AMSC Awarded $10M ONR Contract

American Superconductor Corporation announced that it has finalized a contract amendment with the United States Navy's Office of Naval Research (ONR). Contract terms include an approval for a $10 million increase to AMSC's contract to design and build a 36.5 megawatt (MW) high temperature superconductor (HTS) propulsion motor for electric warships. The amendment adds $10 million to AMSC's backlog. AMSC also expects an additional contract modification to be completed by ONR within the next


Cat to Power Ferries for 2016 Olympics in Rio de Janeiro

Photo: Caterpillar Marine

First Cat 3500 Dual Fuel Generator Sets to Power Fast Ferries at 2016 Rio Olympics Caterpillar Marine and Cat Dealer Pon Power announced the first Cat 3512C marine generator sets with Dynamic Gas Blending (DGB) have been selected to power Assessoria Transporte Aquaviaro fast ferries for the 2016 Olympics in Rio de Janeiro, Brazil. A total of 28 Cat generator sets will be installed on seven aluminum-hull fast ferries


Vietnam PM: Chinese Oil Rig Threatens Peace

China's positioning of its biggest mobile oil rig in disputed waters in the South China Sea seriously threatens peace, stability, and maritime safety, Vietnam's prime minister said on Wednesday, urging the international community to condemn Beijing's action. Nguyen Tan Dung held two-way talks with Philippine President Benigno Aquino during an official two-day visit to Manila to discuss defence and security and economic and cultural ties.


Yarov Nominated for Head of United Shipbuilding Corp.

Yury Yarov, director of the Severnoye ship design bureau, has been nominated for president of the United Shipbuilding Corporation (USC), the Industry and Energy Ministry said recently. Yarov was deputy prime minister in 1992 - 1996 and occupied several positions in the presidential administration in 1996 - 1999. Russian President Vladimir Putin signed the USC -founding decrees last March. The corporation with authorized capital of $44m will integrate all state shipbuilding assets


India's Naval Help to Small Indian Ocean Nations

Narendra Modi (by Indian Prime Minister Website)

 Indian Prime Minister Narendra Modi assigned senior officials in the Ministry of Defence with a task to “identify” and “support” maritime needs of smaller nations in the IOR is being undertaken so as to counter the Chinese presence in the region


Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.   The overall index, which factors in average daily earnings of capesize, panamax


UK Will Force Fridman to sell N.Sea Assets

Britain is ready to force the sale of Russian oligarch Mikhail Fridman's recently acquired North Sea energy assets unless it receives unspecified assurances within the next week, Prime Minister David Cameron's spokesman said on Thursday. Britain on Wednesday wrote to Fridman's investment


Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae told an energy conference on Wednesday. "We have still not seen the bottom of the day rate fall," he said


Fiji Maritime Academy Bullish on Prospects

Pic: The Maritime Safety Authority of Fiji

 The Fiji Maritime Academy (FMA) is on the right track to become one of the finest maritime training institutions in the region. It has also achieved an important milestone after being awarded International Organisation for Standardisation (ISO) Certification.  


Hike in Service Tax at Indian Ports

  The Indian Ministry of Finance has advised an increase in service tax and applicable at all ports. The effective date has not yet been announced. The rate of Service Tax will increase from 12% plus Education Cesses to 14%. The 'Education Cess' and 'Secondary and Higher Education Cess'


Manila Port Congestion Eased: Palace

Manila International Container Terminal (by Philippine Ports Authority)

 Malacañang has declared that the congestion at the Port of Manila has been resolved, noting the various measures that the government and the private sector have implemented to address the problem.   Presidential Spokesperson Edwin Lacierda said the operations at the Port of


Liebherr Reports Record Year for Offshore Cranes

Four Liebherr BOS 4200-85s Litronic at the drill ship Platinum Explorer / Vantage Drilling. (Photo courtesy of Liebherr)

With 87 units delivered in 2014, Liebherr offshore cranes achieved a new per year delivery record, more than doubling its delivery numbers from 2012. And according to Liebherr, well filled order books allow for an optimistic 2015 forecast despite a generally unstable world economic development.


Sri Lanka Says No to Docking of Chinese Submarines

Image: The Directorate General of Merchant Shipping

 Sri Lanka declared that it will not allow Chinese submarines to dock in its waters as part of a new policy barring hosting of foreign submarines.   Sri Lanka's new Foreign Minister Mangala Samaraweera said on Saturday in Beijing that the new government in Colombo will not allow a


Asia-Europe Container Freight Rates Fell 6.5 pct

image: file photo

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.


US Keen in Maritime Cooperation with India

Malabar 2014 : A Multilateral Naval exercise(Photo: Indian Navy)

 The US is keen in exploring great opportunities for co-operation on maritime issues with India, Admiral Jonathan Greenert, Chief of Naval Operations told members of the House Committee on Appropriations during a hearing, says a report by PTI.  


Maersk Posts Record Profit Despite Pressure in Shipping Rates

Courtesy: Maersk Line

 Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015, though the shipping rates remain under pressure.   But 2015 is expected to yield less impressive results due to falling oil prices


Milaha Reports 32.8% Q4 Net Profit Increase

     Photo courtesy of Milaha

Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results.  It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share. The company said it increased its net profit 10% in 2014


Singapore Budget Sops for Maritime

Image: Singapore’s Maritime & Port Authority

 With a focus on improving maritime business sectors through a series of incentives to raise productivity, innovation, and internationalization the government of Singapore extended a number of its maritime incentives in its 2015 budget.  


India to Strengthen Naval Co-operation with Bangladesh

Image: Admiral Robin K. Dhowan at the Defence Headquarters in New Delhi (Indian Navy)

 In a move towards strengthening its defence ties with Bangladesh, India will be exploring new avenues for naval cooperation towards achieving comprehensive maritime security in the Bay of Bengal.   To this effect, Indian Chief of Naval Staff Admiral RK Dhowan reached Bangladesh on a






 
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