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
China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity and embrace a brighter future together. The plan consists two segments - One is centered on the Asian land mass and
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Recently, The Namibian reported the existence of a "confidential letter from Namibia's ambassador to China, Ringo Abed, to Namibia's foreign minister stating that 'a Chinese delegation will visit Namibia ... for discussions ... on the way forward regarding plans for the proposed naval
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday as lack of demand took a toll on rates for most of the vessel segments. The index, which factors in the average daily earnings of capesize, panamax
As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion that would allow it to handle the world's biggest ships. Workers are now installing giant
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity. The index, which factors in the average daily earnings of capesize, panamax
The basic nature of maritime casualties, salvage and wreck removal has evolved rapidly over the last few years. Ships and offshore constructions have become more technologically elaborate, and in many cases simply bigger and more complex than ever
European, Turkish and Chinese recyclers are set to benefit from strict new EU rules on breaking up old ships, but the practice of dismantling them on beaches in South Asia at great human and environmental cost will still be hard to stop.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday on higher rates for capesize vessels. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued to rise on Monday, supported by positive capesize and smaller vessel rates. The index, which factors in the average daily earnings of capesize, panamax
China asked the United States to take no position on the South China Sea issue after US Navy Officer Robert Thomas promised to back the Association of Southeast Asian Nations (ASEAN) in patrolling areas of the waterway. "We hope the United States will strictly honor its
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday, propelled by higher rates across all vessel segments. The index, which factors in the average daily earnings of capesize, panamax
Diana Containerships Inc. announces agreement to acquire two Panamax container vessels Through two separate wholly-owned subsidiaries, Diana Containerships Inc. has signed two Memoranda of Agreement to purchase two Panamax container vessels from an unaffiliated third party.
Budget constraints are jeopardising Malaysia's defence spending plans, which include replacing ageing fighter jets and beefing up its maritime capabilities, at a time when Beijing is growing more assertive in the disputed South China Sea.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, was lifted on Thursday by higher demand across all vessel segments. The index, which factors in the average daily earnings of capesize, panamax