Asian Panamax freight rates for dry bulk cargo bounced back this week and shipping agents said a recovery would become more evident with the start of South American export seasons in March. "Chartering activity is much more active than last week and we saw a substantial number of fixtures this week," said an executive at a shipping firm which operates Panamax-class business. For the benchmark U.S. Gulf to Japan route, freight rates were quoted higher on Friday at $21.775 per ton against $21.164 one week earlier, while freight rates in the Pacific were at $16.986 compared to $16.614. Brokers attributed the pullback in freight rates partly to ship owners raising prices on expectations of brisk cargo demand later in March when South American farmers began to export their crops. Persistent vessel demand for coal or iron ore shipments from Australia or Indonesia to northeastern Asian nations also offered support to the freight market, brokers said. Despite an expected arrival of a large number of newly-built vessels beginning from March or April, brokers said growing demand from South America would help offset the negative factor. One domestic shipbroker optimistically forecast that freight rates for the U.S. Gulf to Japan route could rise to as high as $24-25 with the Pacific route firming to a peak of $18-19.
Asian Panamax freight rates for dry bulk cargo in the Pacific market edged higher this week on the back of pre-Lunar New Year holiday grain purchases and persistent coal shipments, shipping agents said. But brokers said they expected freight rates to show signs of weakness next week as several Asian countries would be on holiday. "Chartering activity will slow down next week as many countries in the Asian region close for the Chinese New Year," said one domestic broker
Asian Panamax freight rates for dry bulk cargo market edged lower this week on slowing demand and brokers said on Friday a recovery was likely to come only in mid-March with the start of the South American export season. For the benchmark U.S. Gulf to Japan route, freight rates were quoted lower at US$21.42 per ton compared to $22.19 one week ago, while spot freight rates for the U.S. Pacific route were quoted at US$16.83 per ton, down from $17.28.
Sub-Capesize sectors, previously better performers than Capes, now face an equally uncertain future according to recent Drewry analysis. Demand for Panamax ships improved over the 2nd quarter 2012, primarily due to an increase in grain volumes and Asian coal imports. Significant increases in vessel demand on the transatlantic grain route employed a sizeable fleet of Panamax vessels, leading to an improvement in earnings
COSCO Corporation announce delivery of Capesize, Panamax bulk ships from Dalian & Zhoushan shipyards COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd has delivered a Capesize bulk carrier of 92,500 dwt, Ocean Emerald, to its Asian buyer. The delivery documents have been signed by COSCO Dalian and the buyer . The bulk carrier measures 229.165 meters in LOA, 37.996 meters in breadth and 20
With an eye on the growing Intra-Asian trade routes Germanischer Lloyd (GL) developed a novel container vessel design concept: the C-Dragon. C-Dragon measures 211.9m in length between perpendiculars and 37.3m wide, with a loading capacity of 3,736 TEU. The concept targets the actual condition with short roundtrips and many port calls and is designed to outperform cascading older tonnage in terms of fuel efficiency, port turnaround and cargo intake
The Subcommittee on Water Resources and Environment of the House Committee on Transportation and Infrastructure conducted a hearing on Asian carp and the Great Lakes. In his statement, Representative James Oberstar (D-MN) discussed the threat posed by the Asian carp to the Great Lakes ecosystem. Cameron Davis, Senior Advisor, Environmental Protection Agency (EPA), testified concerning EPA’s role in the process and the draft Asian Carp Control Strategy Framework
Panamax freight rates are expected to improve this week, although the Baltic Panamax Index rose just one point to 1,626 on March 12. Shipbrokers said Panamax freight rate movement for voyage charters has been tentatively positive recently, and while some timecharter rates have been marginally negative compared with previously done levels, the Panamax sector seems to be stabilizing ahead of an upward move. The only cause for concern was the decline in the Capesize sector
Navios Europe Inc. announced that it has taken delivery of four additional vessels out of the ten vessel acquisition from HSH Nordbank AG (HSH). Including these four vessels, Navios Europe has taken delivery of nine vessels in total. The remaining vessel is expected to be delivered by the end of 2013. Fleet Exhibit Tankers Vessel Vessel Type Built DWT
According to Braemar, 2011 is already a record year for dry bulk carrier demolition. In Jan-May 2011, 13.6m Dwt of bulkers have been scrapped, including 7.1m Dwt of Capesize (over 120k Dwt) bulkers. If scrapping continues at this pace for the balance of 2011, it could reach 32.6m Dwt, more than three times the previous record set in 2009. Demolition has previously peaked in years of credit crunches: In 2009, 11.7m Dwt of bulkers were scrapped following the global credit crunch
Total annual operating costs in the shipping industry fell by an average of 0.8 percent in 2014, said international accountant and shipping consultant Moore Stephens. This compares with the 0.3 percent average fall in costs recorded for 2013
Weak holiday demand to pressure rates lower. Rebound seen after China returns to market on Oct 8. Freight rates for capesize bulk carriers could come under pressure next week as lower cargo volumes due to holidays in China thwart shipowners efforts to push rates higher, ship brokers said.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax
Qatar has retained the crown of the biggest exporters of natural gas and the biggest exporter of liquid gas or LNG in the world, reports The Peninsula. The country exported nearly 77 million tonnes (MT) of Liquefied Natural Gas (LNG) in 2014 which was approximately one-third of
Brazil's Santos port authority has decided to reduce the drafts on some terminals, including the ones operated by Noble Agri, a local subsidiary of Asian commodities trader Noble Group, and Copersucar due to excess sediment, two shipping agencies said on Monday.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained unchanged on Monday. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Despite US President Barack Obama’s warning thatthe land reclamation work in the strategically important South China Sea would affect peaceful resolution of maritime disputes in the area, China might press on, reports SCMP.
PortMiami Deep Dredge gives businesses the infrastructure necessary for growth The completion of the PortMiami deep dredge project, which deepens the port’s main harbor channel from 42 feet to a depth of 52 feet to accommodate Post-Panamax ships
Danish shipping company said on Wednesday it has sold two dry bulk vessels to an undisclosed buyer and will hand back a leased bulker at the beginning of October, marking its exit from the dry bulk shipping industry. Torm Anholt and Torm Bornholm are both so-called Panamax vessels and both
Press release - Diana Containerships has signed a Memorandum of Agreement to sell to an unaffiliated third party the 1995-built vessel "Garnet" (formerly "APL Garnet") for demolition, with delivery due to the buyer by the end of September 2015
China made its pitch to ASEAN members to promote its Maritime Silk Road plans. China has said it will finish negotiations on upgrading the China-ASEAN Free Trade Area called CAFTA by the end of this year, said Vice-Premier Zhang Gaoli.
Shipowners confident rates will climb on tighter tonnage supply; Shipowners seek rates premium for Australian coal cargoes. Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said
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A China Ocean Shipping Company COSCO-China Shipping Container Lines (CSCL)merger makes financial sense, but would have huge implications for competition in the container shipping industry, according to Drewry Maritime Research.
Press Release - The 52-foot Charleston Harbor Deepening Project announced receipt of its Chief's Report from the U.S. Army Corps of Engineers, their final substantive approval required for the project to progress through construction. The report by Lieutenant General Thomas Bostick