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.
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
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)
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 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
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 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
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:
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
The cost of shipping Russian oil to northwest Europe had the biggest two-day jump since April as traders accelerated bookings of tankers to load at the end of this month, curbing the number available for charter, reports Bloomberg. Rates for Aframaxes shipping 100
Baltic Trading Limited has has agreed to acquire two 179,185 dwt Capesize vessels for an aggregate purchase price of $103.0 million. The two vessels, built in 2012 and 2011 by Hyundai Heavy Industries, are expected to be delivered to Baltic Trading by the end of the fourth quarter of 2013.
Baltic Trading Limited has successfully completed its previously announced public offering, issuing 12,650,000 new shares of common stock, which included the exercise in full of the underwriters' option to purchase up to 1,650,000 shares of common stock
Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A
Iron ore and coal shipping rates slid for a fifth day amid speculation storms in Australia are curbing demand for vessels. Australia is the world’s largest exporter of iron ore and coal used to make steel, according to data from Clarkson Plc (CKN), the world’s largest shipbroker
Rates to ship iron ore, coal and grains rose for the longest streak in almost a year on speculation Chinese demand increased. The Baltic Dry Index gained for a 15th straight session, adding 1.4 percent to 912 today, according to the Baltic Exchange, the London-based publisher of shipping costs
The industry-led Steering Group running the inaugural London International Shipping Week (LISW) has established an official Board of Advisors which will act as guardians of the event to ensure it maintains objectivity and furthers London’s role as a major global maritime center.
Exxon Mobil Corp. booked two tankers to haul oil to the U.S. Gulf Coast via the Suez Canal in May at what may be this year’s lowest rates, a shipbroker told Bloomberg.com. “The very large crude carriers, each able to haul 2 million barrels of oil
The U.K. Government has put its support firmly behind the inaugural London International Shipping Week (LISW) by confirming two of its Ministers as main speakers at the LISW Conference to be held at the Lloyd’s Building on Thursday, September 12.
U.K. Shipping minister says he is committed to putting the £31.7-billion shipping industry center-stage. Stephen Hammond, Parliamentary Under-Secretary of State for Transport, speaking at a Maritime London/Shipping Professional Network London event underlined the government’s
Maritime London will be leading a delegation of British maritime professionals to Athens, Greece, next month. The high level group will present to an audience of shipowners at the British Ambassador’s Residence on 17 June, 2013. The delegation will be accompanied by UK Shipping Minister
Baltic Trading Limitedhas agreed to acquire two 32,000 dwt Handysize vessels, for an aggregate purchase price of approximately $41.0 million. The acquisition is subject to the completion of customary documentation and closing conditions. The two vessels
The fifth annual Iron Ore and Coal World Shipping Summit will take place on October 1 in Athens, Greece. The conference will focus on the maritime transportation of iron ore and coal, making an attempt to forecast the trends of global economy; iron ore, coal and other commodities
Baltic Trading Limited has taken delivery of the 2010-built 'Baltic Fox' and the 2009-built 'Baltic Hare', two Handysize vessels of approximately 32,000 dwt. Both vessels have entered into the Clipper Logger Pool, a spot market-related Handysize pool operated by Clipper Bulk.
Baltic Trading say they intend to use the net proceeds from the offering for future vessel acquisitions or as working capital and for general corporate purposes. Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering