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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


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


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


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


Japan to Bid on Aussie Sub Replacement Contract

Japan will join competitive bidding to sell Australia a fleet of stealth submarines, the government said on Monday, a move expected to require Tokyo to supply Canberra with classified data. The development comes as Prime Minister Shinzo Abe moves to strengthen security ties with ally the United States and some countries in the region including Australia in the face of China's rapid military modernisation and maritime expansion.


Container Equipment Leasing Rates Hit Record Lows

Development of per diem rental rates and ex-factory prices for newbuild 20ft standard container placed on long-term operating lease (LTL), 2004-16 (Source: Drewry Maritime Research)

Container equipment rental rates came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a 10-year low, while lease rates had fallen to an all-time low, according to the latest edition of the Container Leasing report published by global shipping consultancy Drewry


Asia Dry Bulk-Capesize Rates Steady

Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher


Harris Receives $15 Million Contract to Provide Acoustic Sensors

Virginia-class submarines are equipped with acoustic sensors to help track ships. U.S. Navy photo

 Harris Corp received a $15 million, 4 year follow-on contract to provide acoustic sensors for installation on the U.S. Navy’s Virginia-class submarines.   The sensors are designed to facilitate data sharing between the LWWAA system and the submarine’s combat platform for


Asia-Europe Box Rates Down 23 pct

file image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.  


Jaccar Inks Gas Carrier Financing Deal with ICBC leasing

Signature of a Memorandum of Understanding between JACCAR Holdings

 JACCAR Holdings informed that  Mr. Li Keqiang – Prime Minister of the People’s Republic of China - during his recent state visit to France signed Memorandam of Understanding  with Mr. Manuel Valls, Prime Minister of France


Maersk Eyes Greek Ports

Photo: Piraeus Port Authority S.A

 APM Terminals, part of A.P. Moller-Maersk, said it is interested in buying into the Greek ports Piraeus and Thessaloniki, slated for privatization if a new bailout deal is agreed between Athens and the European Union, reports Reuters.  


Brazil: Discount Rate Unveiled for Port Auctions

The Brazilian government on Tuesday unveiled the discount rate that will be used to calculate internal rate of returns on as many as 29 port operation licenses that will be auctioned off to investors this year. In a statement, the finance ministry update the calculation for the so-called


Maersk Line Seeks to Raise Asia-Europe Freight Rate

Photo courtesy of Maersk

Maersk Line, the world's largest container shipping company, told its clients on Tuesday it would raise the freight rate from Far East Asia to Europe by $1,000 per 20-foot container (TEU) as of Aug 1. The company declined to say what the current rate was or what the new rate would be as numbers


Brakes on Thai Plan to Buy Submarines

Pic: Chinese Military

 The proposal to buy three Chinese submarines has been put on hold and would not be put into consideration by the Cabinet yet, said Deputy Prime Minister General Prawit Wongsuwan.   Prawit said this month the navy had approved a 36 billion baht ($1


Rotterdam Oil Terminal Shelved as Russians Balk

Rotterdam, Europe's largest port, said on Thursday that plans to build an oil storage terminal for 1 billion euros ($1.1 billion) had been cancelled after its Russian partner raised concerns over the project's feasibility. The project, intended to store Urals crude oil and oil products


Ukraine, Frontera Sign Construction of LNG Terminal

Photo: NJSC Naftogaz

 Ukraine's NJSC Naftogaz signed a memorandum of understanding with U.S. Frontera Resources on the construction of a liquefied natural gas (LNG) terminal in Ukraine, according to Ukrainian Prime Minister Arseniy Yatsenyuk.   "U.S


Iran Offers India Bigger Role in Developing Port of Chabahar

The port of Chabahar. Photo by Iranian Projects

 The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests.   According to a Reuter's report


Newport International Boat Show to Kick Off

Newport International Boat Show

  Set for September 17-20th, 2015 on Newport Harbor is the Newport International Boat Show (NIBS), which flaunts its destination and sailing history to attendees making their fall travel plans. NIBS is the kick-off to the boat show season and a prime time to experience fall in New England


Vallianz Signs $458mln Contracts to Extend OSV Charters

Image: Vallianz Holdings

 Singapore's Vallianz Holdings has signed new contracts worth up to US$458 million (S$628 million) that involve lengthening the charter duration of 19 of its offshore support vessels (OSV) with an existing customer in the Middle East.  


JIP Produces Next-generation LNG Carrier Design

The LNGreen concept uses existing technology to improve energy efficiency and performance. (Image: DNV GL)

LNGreen: next-generation LNG carrier concept by DNV GL, HHI, GTT and GasLog   The LNGreen joint industry project brought together experts from DNV GL and industry specialists from GTT, Hyundai Heavy Industries (HHI) and the shipowner GasLog to develop a state-of-the-art next-generation LNG






 
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