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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.


Alfa Laval Debuts PureNOx Prime

PureNOx Prime (Image: Alfa Laval)

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


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


Russian JV Close Acquisition of Prime Shipping

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  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


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.


MSC Jade Sails with MAN's Biggest Engine

The MSC Jade pictured during sea trials (Photo: MSC)

The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service.   Built by Doosan Engine in Korea and rated at 75,570 kW (103,000 horsepower), the engine is an MAN B&W 11G95ME-C9.5 two-stroke type that acts as prime mover aboard the MSC Jade. The 19,437-teu container vessel is operated by Mediterranean Shipping Company (MSC), the global container shipping company


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


France: "Multiple STX Shareholder" Solution Preferred

France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday.   "We are working with the aim that the state can remain a minority shareholder, we want a multiple shareholder solution


Spot box rates rise above 5-year average - Drewry

Image Drewry

Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1


Spot Box Rates Rise Above 5-Year Average

Graph: Drewry Shipping Consultants Limited

 Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years, said a report by Drewry.   The latest weekly reading is $1,770/40ft container for the composite index


Asia Dry Bulk-Capesize Rates Firm as Weather Delays Weigh

File Image: a large bulk carrier underway (CREDIT: BSM)

Brazil-China rates climb to a 15-month high; about 80 capesize, panamax ships waiting to unload around Tianjin.   Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain firm for at least two more weeks as bad weather conditions in China and Australia help


Multipurpose Shipping Freight Rates to Improve by End 2017

Graph:  Drewry Shipping Consultants Limited

 The multipurpose shipping market will see the first signs of recovery by the end of 2017, following in the steps of the dry bulk and container shipping markets, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry.


Multipurpose Shipping Freight Rates Expected to Improve

Photo: Drewry Maritime Research

The multipurpose shipping market will see the first signs of recovery by the end of 2017, following in the steps of the dry bulk and container shipping markets, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry.


India, Indonesia Firm Up Maritime Co-operation

Indian Prime Minister, Narendra Modi and the President of Indonesia, Joko Widodo at the Joint Press Statement. Photo: PIB, Govt of India

 Asia’s most populous democracies and emerging powers, have firmed up a blueprint for enhancing maritime cooperation and resolved to jointly combat terror. India and Indonesia enjoy a good maritime partnership.   India has backed Indonesia on the latter’s escalating dispute


Freight Rates Jump after Hanjin Collapse

Photo: Hanjin Shpiping Co

 The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea.   It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down


Vessel Earnings and Global Fleet Trends

Graph: Clarkson Research Services

 Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016.   The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping


Austal delivers Gabrielle Giffords (LCS 10)

Former U.S. Rep. Gabrielle Giffords waves to a crowd in front of the littoral combat ship, USS Gabrielle Giffords (LCS 10), during the ship’s christening ceremony on June 13, 2015. US Navy photo.

Austal delivered the fifth Independence-variant littoral combat ship (LCS), the future USS Gabrielle Giffords (LCS 10), to the U.S. Navy on December 23, exactly six months from the date LCS 8 was handed over, at an official document signing ceremony held aboard the ship.


Obama's Arctic Ban and Aftermath

Photo courtesy: BP p.l.c.

 US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters.   Vowing that his successor won’t be able to reverse his actions, President Obama on Tuesday used executive authority to permanently ban


Asia Tankers-VLCC Rates to Slide on Lower Cargo Volumes

File Image: A so-called SuezMax tanker transits the Suez Canal (CREDIT: Suez Canal Authority)

34 VLCC MidEast cargoes fixed for early Jan -Reuters terminal; only nine fixed so far for mid-Jan.   Freight rates for very large crude carriers (VLCCs), which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be


Santa’s Sleigh Dreaming Of A Bright Christmas

Graph: Clarksons Research

 In the shipping world, ‘Santa’s Sleigh’ is the big containership fleet, which carries the goods from manufacturers in Asia to the retailers in Europe and North America in good time for consumers to prepare for the holiday season, says Clarksons Research.  


Shipbuilding Looks Up in India

Photo: PIB, Govt of India

 Global recession in the shipbuilding industry has affected the financial position of a number of yards especially in the private sector.    Due to market downturn post 2008 and the lack of government policy support, all shipyards other than the defense shipyards are facing


Asia Dry Bulk-Capesize Rates to Firm on Tight Tonnage, Ample Cargo

File Image: a large bulk carrier underway (CREDIT: BSM)

Just handful of ships for Brazil loading in early January; coal, South African iron ore cargoes support rates.   Freight rates for large capesize dry cargo ships on key Asian routes could diverge with rates from Brazil to China nudging higher on a shortage of tonnage and those from






 
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