Baltic Exchange

New Book on Legal Aspects of Bunkering

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, but it will certainly educate the reader about the key legal topics and, importantly, guide him in the right direction should a contract go wrong. Among its highlights, the book covers the following issues: • the law of contract • sellers’ terms and conditions • charterparty relationships • time charters and bunker clauses • quantity and quality disputes • claims in tort • defaults • ship arrest • dispute resolution • important case reviews • international conventions • national legislation on environmental issues relevant to bunkering • oil pollution and limitations of liability • plus extensive appendices offering further detail on contracts, arrest, anti-corruption and other key issues The book's author, Trevor Harrison, practices as a maritime arbitrator, mediator and consultant, with particular expertise in bunkering

Arabian Gulf Tanker Rates Decline

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)

Diana Shipping Announces Charter Contract for MV Triton

Diana Shipping Inc. announced that it has entered into a time charter contract with Cargill International S.A. for its Panamax dry bulk carrier, the Triton, for a minimum 33 to maximum 36 months period at a gross daily charter hire rate of $24,400. The charterer has the option to employ the vessel for a further 11-13 month period at a daily rate based on the average rate of four pre-determined time charter routes as published by the Baltic Exchange

North Sea Tankers Reverse Trend

North Sea tanker rates have reversed a three-month decline and are now making significant gains, brokers said. "Everyone's come out of the woodwork to look for tankers for dates from the 20th (of March) onwards," said a London broker. "There's a big increase in demand." He said that the market for Aframaxes (80,000 tonners) that usually ply the North Sea trades had been helped by the fact that the million-barrel tankers that had recently been competing for North Sea cargoes had now

Tankship Charter Rates Slump on Persian Gulf to Asia Route

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.

Iron-Ore Ship Rates Rise as China Spends

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

North Sea Tanker Markets are Lowest in One Year

North Sea tanker markets have tumbled further in the last few days to levels not seen in over a year, brokers said on Wednesday. "The Aframaxes (80,000 tons) are definitely in trouble," said a London broker. "The last (fixture) seen was at W120 ($0.64 per barrel), but I think even that's a bit generous. It's hard to judge as there's nothing being done." Oslo brokers said that Laguna had fixed a ship for an 80,000 ton cargo from Ventspils to northern Europe at W117.5 ($0

Sumitomo Mitsui to Double Overseas Banking Staff

According to a Bloomberg report, Sumitomo Mitsui Financial Group Inc. will double its overseas banking staff that works on financing for ship construction, as Japan's biggest arranger of such deals tries to take advantage of surging demand for vessels. China's appetite for iron ore will boost demand for vessels with cargo capacity of more than 100,000 tons by 44 percent between last year and 2010, according to a report last month by Mitsui O.S.K. Lines Ltd

Institute of Chartered Shipbrokers Calls for Teamwork

People in shipping must operate as members of a team, according to Anthony Cooke, president of the Institute of Chartered Shipbrokers, speaking at the Institute's annual prize-giving lunch held at Draper's Hall, London on September 25, 2003. "They must know, not only what they are doing, but also what the other parts of the transport chain are doing. They must be flexible and innovative and they must trust and be trusted. This is what the ICS is for:

Braemar Shipping Appoints New Chief Executive

The board of Braemar Shipping Services PLC (“Braemar”, “the Group” or “the Company”) is pleased to announce the appointment of James Kidwell as Chief Executive with effect from today.   James Kidwell, age 50, is Group Finance Director and has worked for Braemar in that role since June 2002. He succeeds Alan Marsh, who will retire as chief executive today and from the board on 31st July 2012