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.
Thai Prime Minister Chuan Leekpai has denied reports the government plans to build a canal across southern Thailand, bypassing the busy Malacca Straits shipping lane, as reported in last week's Maritime Week. He said that while the idea is still being studied, the construction of a canal is not a simple issue and no decision has been made. If the study found it feasible to construct the canal, the country might build it, he said.
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
Offshore Systems International Ltd signed the subcontract agreement to supply ECPINS® electronic navigation systems to the Portuguese Navy. The contract is valued at approximately $580 million. OSI's partner in Portugal and the prime contractor for the installation is SICOM - Sistemas de Comunições, Lda, of Lisbon, Portugal.
Van Oord has been awarded a contract for dredging and maintenance work for the western access channel to the port of Surabaya in Indonesia. The client is Indonesian port company PT Pelabuhan Indonesia III (Persero). The contract is worth over EUR 50
Jochen Gutschmidt, head of global transport procurement at Nestle, asked the Global Liner Shipping Conference in Hamburg last week: “Why is cargo waiting in Asia for two weeks?” Using data from Drewry’s latest 'Container Forecaster', just published
China's navy on Tuesday denied, in a roundabout way, that it snubbed Japan by not inviting it to join in a naval fleet review as part of an international symposium, saying the two events had never been linked in the first place. U.S. officials have said the United States was invited to join the
International maritime logistics expert Cory Logistics, part of Braemar Shipping Services plc, has formed a joint venture with universal supply chain specialist Navarm Limited to create a single source provider for a full suite of maritime and land based services for the nuclear new build industry
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an 11th straight session on Tuesday, mainly driven by a heavy drop in capesize vessel rates. The overall index, which factors in the average daily earnings of capesize, panamax
On April 8, 2014 the Deputy Prime Minister and Minister for Infrastructure and Regional Development, the Hon Warren Truss MP, announced the release of an options paper on approaches to regulating coastal shipping in Australia. The Department is currently seeking views from interested parties
The port of Miami's total debt is set to pass $1 billion after Miami-Dade County commissioners approved a $225 million bond offering on Tuesday to meet existing lending agreements and pay the balance on a nearly finished underground tunnel connecting the island-port to nearby highways.
The Baltic Exchange main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday for a 12th straight session on weak rates for capesize vessels. The overall index, which factors in the average daily earnings of capesize, panamax
GAC said a new exchange rate has come into effect in Venezuela for services rendered to foreign-flagged vessels performing international trading. The official rate, as per SICAD II public currency exchange auctions, is BsF. 49.06 per USD.
WR Systems, Ltd. of Norfolk, Va. has been awarded a delivery order on the SeaPort-e contract with NSWC, Dahlgren Division for support services to Combat Direction Systems Activity, Dam Neck (CDSADN) Rapid Response Engineering Capability in the areas of software, hardware
A.S.A.P. announced it now offers a quick-to-service small outboard engine filter – an ingenious design from Parker-Racor. According to A.S.A.P., no tools are required for servicing, quick release connectors and a patented priming system
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a 13th straight session as vessel rates continued to soften. The overall index, which factors in the average daily earnings of capesize, panamax
Australia's Padbury Mining Ltd said it had secured almost $6.5 billion in funding to build a new deepwater port and railway at Oakajee in Western Australia, potentially opening a new export hub for the region's iron ore riches. Plans for a port at Oakajee in Western Australia's Midwest
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a 14th straight session on Friday, driven mainly by falling capesize rates. The overall index, which factors in the average daily earnings of capesize, panamax
There’s no denying that the wave owners rode into 2014 on was a welcome way to start the new year (at least from their perspective). Earnings in the large crude tanker segment reached levels that hadn’t been obtained in three years and in the smaller dirty segment