The Baltic Exchange advises panellists that with the prevalence of 'slow steaming' they should assume that if steaming at 12kts laden/13kts ballast, Capesize vessels will consume 44 tonnes per day (NDAS). The London market exchange has provided its shipbroker panel members with further guidance on the way in which they assess the capesize market. The move has followed extensive market consultation and reflects the need for greater precision on the slow steaming characteristics of the Baltic capesize vessel type. The Chairman of the Baltic Exchange’s Freight Indices & Futures Committee Guy Campbell said: “This guidance does not imply any change to the index definition. Our timecharter rates are assessments of the prevailing market for the Baltic reference vessel on the defined route. Slower speeds are currently the norm, so we are providing panellists with the information they need to allow their assessments to accurately reflect the market.” Users of Baltic information should note that the Baltic Exchange already expects panellists reporting timecharter routes to consider prevailing market conditions. This includes consideration of comparable fixtures concluded, as well as the likely steaming speed and consumption of the Baltic defined vessel in the prevailing environment for freight rates and bunker costs.
Jones joins the Baltic Exchange from ICAP Shipping Singapore where he was director of sale & purchase. He will replace Philip Williams who retires from the role in April, and he will be based at the Exchange's Singapore office. Baltic Exchange Chief Executive Jeremy Penn said: “We’re delighted to welcome Chris Jones to the team. The Baltic Exchange’s presence has grown significantly in Asia with our Singapore office leading the drive
Petrospot Limited has recently published Legal Issues in Bunkering: An Introduction to the Law Relating to the Sale and Use of Marine Fuels: a new book by barrister and legal consultant Trevor Harrison. The book offers an accessible overview of the legal aspects of bunkering, distilling salient points and summarizing the more arcane elements of the subject. The book is not intended as a substitute for professional help or casebooks on shipping law
Marine services company McQuilling draw attention to an opportunity to watch a video of their analysts discussing the April 2014 tanker spot market activity. The video is available at: http://bit.ly/1qxOVG5 About McQuilling McQuilling is a privately-owned marine services company, providing transportation services to clients in the shipping, commodity and financial services industries. It represents broad commercial experience and is one of the few firms that sit on both the
According to a Jan. 8 Report from Bloomberg, the cost of shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, declined on a surplus of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia to Japan voyage declined 0.3 percent to 49.69 Worldscale points, according to the London based Baltic Exchange. (Source: Bloomberg)
Iron-Ore carrier daily rates rebound as China spends US$158-billion. Iron-ore ships are poised to earn more than operating costs for the first time this year as rates rally on speculation Chinese steel mills will accelerate imports because of a 1 trillion-yuan ($158 billion) building program, reports Bloomberg Business News. Capesizes, each carrying 160,000 metric tons of ore, will earn $12,500 a day in the fourth quarter
Uncertainties in laytime definitions currently used in charter parties have been addressed in the latest Laytime Definitions of Charter Parties 2013, created by a shipping industry working group consisting of BIMCO, the Baltic Exchange, Comitė Maritime International (CMI) and the Federation of National Associations of Shipbrokers and Agents (FONASBA). The new document sets out statements of meaning of words and phrases commonly used in the context of laytime and reflects
Reuters - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 19 points to 1,562. The Baltic's capesize index rose 43 points or 1.4 percent to 3,023 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal
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, supramax and handysize dry bulk transport vessels, fell 27 points, or 2.62 percent, to 1,002. The Baltic's capesize index fell 76 points, or 4.08 percent, to 1,789 points.
Losses widen for oil tankers hauling 2-million barrel crude cargoes on the industry's benchmark route According to Bloomberg, VLCC's on the Saudi Arabia-to-Japan voyage are losing $5,529 a day, according to data accessed by Bloomberg from the Baltic Exchange in London. Returns have been negative for 18 sessions in a row and were at minus $5,130 on July 27. The ships were earning $41,093 on April 2, the highest level this year.
Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.
Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14
Rates for capesize bulk carriers on key Asian routes are again likely to fall as the volume of tonnage limits any price gains from an increase in chartering activity, brokers said. Freight rates for a voyage from Australia to China have steadily fallen since Sept
Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said.
Crude oil tanker earnings on the major Middle East route were steady this week, helped by light bookings although rates have yet to rebound after a recent surge late last month. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Thursday
Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability, ship brokers said. But there could be brighter prospects in the coming weeks on rates for voyages from
The Shipping Professional Network London (SPNL) has released their full Future London report, an initiative that gathered the views and opinions of London’s young shipping professionals on what needs to be done for London to retain and improve its position as a global maritime capital
Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.
Guy Campbell of the China Navigation Company has been appointed by the Baltic Exchange Board of Directors as Chairman for a two year term of office. He replaces Quentin Soanes who served as Chairman from 2012. Welcoming the appointment, Baltic Exchange Chief Executive Jeremy Penn said:
London's Baltic Exchange informs that the achievements of Eyal Ofer, the principal of ship management company Zodiac Group, have been celebrated with the award of honorary life membership of the Exchange. The prestigious award was last awarded in 2009 to the late Sammy Ofer, KBE
London's Baltic Exchange and clearing house LCH.Clearnet are in talks about a tie-up over the Baltic's freight derivatives platform, the two groups said on Friday. Volumes have remained low on the loss-making Baltex multilateral trading facility since it started in June 2011
Star Bulk Carriers Corp said it would buy Oceanbulk Shipping LLC and Oceanbulk Carriers LLC in an all-stock deal to create the largest U.S.-listed dry bulk shipper. Star Bulk is issuing 54.104 million new shares to buy the Oceanbulk companies
Long-range clean tanker rates stayed firm on Monday extending a recent rally with firmer cargo demand bolstering sentiment further. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W117
Long-range clean tanker rates rallied on Wednesday as buoyant demand for cargoes reduced vessel availability with expectations of further gains. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W111
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