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.
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 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
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 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
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.
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
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
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.
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
The Union Cabinet of India has given its approval for signing of a shipping agreement between India and Jordan. The Union Cabinet was chaired by Prime Minister Narendra Modi. An official press release said the government had decided to sign the agreement with a view to
GOST (Global Ocean Security Technologies), celebrating its 10th year as a world leader in marine security, tracking, monitoring and video surveillance systems, announced today the successful recovery of a stolen vessel in the Bahamas.
Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday on increased rates for bigger vessels. The overall index, which factors in average daily earnings of capesize, panamax
The Prime Minister Narendra Modi's 'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the Shipping Ministry projecting a quantum jump in the volume of cargo and passengers moved through water transport
Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa. Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.
The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose further on Friday mostly on higher capesize rates. The index tracks rates for ships carrying dry bulk commodities. The overall index, which factors in average daily earnings of capesize
EU foreign ministers meet in Luxembourg; 24 corpses carried off Italian patrol ship in Malta. Death toll from Sunday's shipwreck off Libya still unclear. European Union foreign ministers gathered in Luxembourg on Monday under pressure to produce more than words as bodies were brought ashore in
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday primarily because of higher rates for the large vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
The U.N. refugee agency on Tuesday urged European leaders to put the protection of migrants at the center of debate over the crisis in the Mediterranean and to do more to help Greece and Italy cope. After as many as 900 people drowned in a ship off the coast of Libya this weekend
South Korea said on Wednesday it will raise the Sewol ferry that sank a year ago, killing more than 300 people, most of them children, yielding to pressure from mourning families who have called for a deeper investigation into the disaster.
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v YM New Jersey, a 2006-built Panamax container vessel of approximately 5
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Wednesday on lower capesize rates. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
General Dynamics NASSCO has been awarded a $24.1 million contract by the U.S. Navy for Littoral Combat Ships (LCS) sustainment execution in support of LCS' home-ported in or visiting San Diego. General Dynamics NASSCO is a business unit of General Dynamics (NYSE: GD).