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
As the implementation of Tier III NOx limits approaches, Exhaust Gas Recirculation (EGR) is rapidly maturing. Now Alfa Laval has introduced Alfa Laval PureNOx Prime, a smaller, leaner and streamlined version of its EGR water treatment system for EGR engines operating with low-sulphur fuel. Many ship owners are considering their choice for compliance with Tier III NOx limits, which will soon apply in the North American and U.S
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
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.
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 Russian Joint Venture between Rosneft, Sberbank Investments and Pietro Barbaro S.p.A. closed the acquisition of the Pietro Barbaro Group shipping assets in the Russian Federation (100% share of Prime Shipping group of companies). Prime Shipping is one of the leaders of the Russian river and sea transportation tanker market. The deal was financed by Sberbank. The acquisition of a logistics asset will allow Rosneft to strengthen its positions in the river transportation market
Gangavaram Port, the deepest and the most modern port in the country, has created yet another historical milestone record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.V. Cape Asia in 24 hours. This achievement stands out as the fastest discharge rate in the history of
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. Spot freight rates on the world's busiest routes soared as a
French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the French contractor who said last week the deal would create jobs in France. Valls stopped off in Australia while headed to New Zealand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened. The overall index, which factors in rates for capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, supported by higher demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
France's state-owned naval contractor DCNS Group has won a A$50bn ($40 billion) contract to build 12 submarines for the Australian Navy, beating bids from Japan and Germany. Malcolm Turnbull, Australia’s prime minister, announced that DCNS awarded tender over Germany and Japan
Fleet of 12 submarines to be built in South Australia; decision has political implications at home, abroad. France has beaten Japan and Germany to win a A$50 billion ($40 billion) deal to build a fleet of 12 submarines for Australia, one of the world's most lucrative defence contracts
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, primarily helped by higher demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
Austal Limited has been awarded a not-to-exceed $9,937,228 modification to a previously awarded Littoral Combat Ship (LCS) contract to provide procurement and engineering efforts in support of scope changes on fiscal 2015 and fiscal 2016 ships.
France has expressed its willingness to help Libya’s new unity government with maritime security as the fledgling administration seeks to assert its authority over the chaos-wracked country, reports AFP. "We must wait for [Libyan] Prime Minister [Fayez Sarraj] to tell us
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by stronger demand for capesizes and smaller shipping vessels. The overall index, which factors in rates for capesize, panamax
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by lower rates for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo, could slip further next week as more tonnage becomes available with the easing of recent tanker
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels