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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.


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


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


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


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.


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


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


Charterers Remain Optimistic Despite Small Downturn

Richard Greiner

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. They are, however, still higher than at the corresponding period twelve


Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.


India's Coal Imports Causing Port Congestion

Congestion at Paradip expected to ease in a week if rains stop; higher-than-usual congestion at some other ports too. Indian power and steel companies are importing shiploads of coal due to a severe shortage at home, leading to heavy congestion in one of the country's busiest ports that now has


Specialised Reefer Container Operators can Thrive: DMR

Stack with reefers: Photo CCL credit Danny Cornelissen from portpictures.nl

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'.


Japan's Minister Says Energy Policy Without Nuclear Difficult

Newly appointed trade and industry minister Yuko Obuchi is interviewed by media outlets on Thursday at METI’s offices in Tokyo

  Japan would find it difficult to formulate an energy policy without nuclear power given its lack of energy resources and the high cost of utilities for companies and households, the country's new trade minister said on Sunday. Yuko Obuchi


Tax Relief for Indian Seafarers

NUSI presents Cheque for the Relief of flood affected brothers and sisters in Jammu & Kashmir

  Indian seafarers serving on Indian flagged vessel are forced to pay income tax if their vessel touches two Indian ports during a voyage whereas Indians serving on foreign flag vessels were exempted from paying such a tax. This had cast a burden not only on the seafarers but Indian shipping


Ebola & the Shipping Industry: Latest McQuilling Analysis

Ebola outbreak distribution map: Image credit McQuilling/CDC

Although the Ebola epidemic has remained predominantly in West Africa, fears about the virus have spread globally and it is becoming a cause for concern in the transportation industry. From air to sea, companies are beginning to take precautionary measures including suspending flights to various


Prime Minister Solberg Visits DNV GL

Prime Minister Erna Solberg in discussion with Group President & CEO Henrik Madsen (Photo: Magnus Dorati)

Norway’s Prime Minister Erna Solberg visited DNV GL Høvik yesterday, September 16. Group President & CEO Henrik Madsen was host. “The Prime Minister was both enthusiastic and interested in DNV GL’s views on climate-friendly technologies in the industries we serve


Arctic Wreck Found after 169 Years

Photo: Parks Canada

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration. The wreck was found some 11 meters below the surface using a ROV recently acquired by Parks Canada


Scorpio Tankers Receive 7 More Newbuildings

Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered from Hyundai Samho Heavy Industries in September 2014. Upon delivery, each vessel began a voyage for 45 days at approximately $30


Greek Owners CPP Charter Out Three Tankships

MT Avax: Image courtesy of CPP

Capital Product Partners L.P. (CPP) an international diversified shipping company, says it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’. M/T ‘Alkiviadis’ (36,760 dwt


China, Sri Lanka to Launch FTA Talks

Chinese President Xi Jinping began a visit to Sri Lanka on Tuesday agreeing to open bilateral negotiations for a free trade pact as Beijing tightened its embrace of the island nation along a vital shipping route. Sri Lanka, located just off the southern tip of India


Upcoming Winter Tanker Market Same as Last Year?

Winter oil demand versus average annual demand: Image Poten & Partners

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the regular US baseball season is winding down, the fans are looking forward to the playoffs


Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Monday reached W37


Damen Shiprepair Dunkerque Offers Strategic Advantages

Damen Arno Dunkerque, general impression web.jpg

Acquired less than two years ago, Damen Shiprepair Dunkerque is a relatively new addition to the group’s worldwide network of ship repair and conversion yards. Originally called Arno Dunkerque, the shipyard was officially renamed Damen Shiprepair Dunkerque on September 1 this year and brings






 
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