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Costs Rise

Shipbuilding: COSCO Warns of Struggle if Credit Tightens

COSCO Corp (Singapore) , part of one of China's largest shipbuilding groups, warned that its customers could struggle to pay their bills as funding costs rise, after posting sales on credit at their highest level in 11 years.   The Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company said trade and other receivables -- sales for which the company has not received cash payment -- rose more than 60 percent so far this year to S$4.7 billion ($3.7 billion).   Reporting an almost 70 percent jump in third-quarter profit on Monday, the company said higher receivables reflected a rise in construction contracts in its marine engineering segment.   But the company said tougher credit conditions would hurt. "The availability and cost of credit may tighten, particularly with the unwinding of monetary policy stimulus, which may adversely affect the ability of customers to meet their financial obligations," the company said. Analysts agreed. "The high receivables may have something to do with some customers delaying payment," said Yeak Chee Keong, an analyst at brokerage Maybank Kim Eng. China's huge shipbuilding industry has been aggressively moving into building rigs and vessels for offshore oil and gas activities, as the market for the traditional ships remains in the doldrums due to persistent oversupply


Matson Increases Westbound Hawaii Service Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 5, 2014. The increase will be filed with the Surface Transportation Board. In addition, Matson will raise its terminal handling charge by $50 per westbound container and $25 per eastbound container, also effective January 5, 2014


Single Hull Tanker Ban Could Send Freight Rates Soaring

When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas


Tsakos Reports Profits Q2 2009

Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009. Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment. TEN deployed on average 46.0 vessels versus 44.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8% as compared with 97


Urgent Need to Cut Costs in UK North Sea

A STatoil rig in the North Sea (Photo courtesy of Statoil)

Britain's North Sea oil and gas industry faces a bleak future where more fields are likely to become uneconomic and shut in as platforms close - unless costs can be controlled, operators say. For some elderly platforms in the Northern North Sea, time is running out. If the industry does not get to grips with costs quickly, fresh investment is likely to dry up, forcing unsaleable rusting rigs to be abandoned. "From a cost point of view, the chickens are coming home to roost


Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.   Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows.   Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge cost of maintaining the more than $10 billion worth of


Report: Producing Oil, Gas More Costly

The cost of producing oil and gas has risen about 53 percent the past two years, and the trend is expected to continue this year, according to a report released Monday. Business Week reported that those same costs have climbed 67 percent since 2000, but most of the increase has come since the end of 2004, according to an analysis by Cambridge Energy Research Associates and its parent, IHS Inc., which together have created what they call the Upstream Capital Costs Index.


Hyundai Heavy Q3 Profit Drops

·        Higher steel costs weigh on margins ·        Outlook weakens but top players set to weather downturn Hyundai Heavy Industries Co Ltd 009540.KS reported on Oct 30 that its quarterly net profit fell by a third, hit by rising raw materials costs and losses from the weaker won. The shipbuilding industry faces declining orders and falling shipping demand amid a deepening global downturn


Canadian Committee of GL, Annual Meeting

"How to make ships more efficient?" This was the key question posed at the 15th Canadian Committee meeting of Germanischer Lloyd (GL). More than 20 representatives of the Canada and U.S. Flags, ship owners and operators, yards, consultants, and port authorities attended the event hosted by Executive Vice President Americas Capt. Kevin Coyne and Committee Chairman Peter Cairns from the Shipbuilding Association of Canada.


Surging Commodity Prices Drive up Coating Costs

International Paint Ltd. is set to initiate product price rises in response to spiraling global raw material costs.   “During 2010 the cost of raw materials critical to the manufacture of both our Marine and Protective Coatings’ product ranges increased significantly,” said Paul Westcott, Marine & Protective Coatings Commercial Director. “We have attempted to minimize the impact on our customers for as long as possible by leveraging our buying power and


US O&G Industry Reaps the Benefits of International Trade

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Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline


Somali Regional Antipiracy Chief Says Sacked over Illegal Fishing Comments

The head of anti-piracy operations in the semi-autonomous Puntland region of Somalia said he had been fired for speaking out about illegal fishing, which he claims could trigger a new outbreak of piracy in the Indian Ocean.   Pirates hijacked an oil tanker off Somalia last week


Shipping Confidence Steady despite Industry, Political Pressures

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Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.    In February 2017, the average confidence level expressed by respondents was 5


Falling Capesize Rates Weigh on Baltic Index

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 10 points, or 0


Baltic Index Boosted by Stronger Capesize Rates

File Image: A bulk vessel unloading in port (CREDIT: Lidian Neeleman AdobeStock)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, helped largely by stronger rates for capesizes.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


CMA CGM Returns to Net Profit in Q4

File photo: CMA CGM

CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.  


Wary of China, Duterte to Increase Naval Patrols

Philippine President Rodrigo Duterte has ordered the navy to put up "structures" to assert sovereignty over a stretch of water east of the country, where Manila has reported a Chinese survey ship was casing the area last year.  


Baltic Index Up for Ninth Straight Session

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a ninth straight session on Monday, helped by stronger capesize rates. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


Baltic Index Up for 10th Straight Session

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a tenth straight session on Tuesday, helped by higher rates for capesize vessels. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


Baltic Index Gains on Robust Capesize Rates

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped to a more-than-three-month high on Wednesday, as rates for capesize vessels soared. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


Baltic Index Hits Over 3-month Peak on Capesize Rally

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to an over three-month high on Thursday, buoyed by a surge in capesize vessel activity.   The overall index, which factors in rates for capesize, panamax


Gazprom: Gas Exports to Europe, Turkey up 17.7% Y/Y

Russian gas exports to Europe and Turkey rose 17.7 percent year-on-year between Jan. 1 and March 15 to 42.9 billion cubic metres, gas giant Gazprom said on Thursday. (Reporting by Jack Stubbs; Editing by Susan Thomas)


Strong Capesize Rates Keep Baltic Index at over 3-month High

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to a fresh over three-month peak on Friday as capezise rates rallied.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Robust Capesize Vessel Rates Buoy Baltic Index

File photo: Star Bulk

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the 14th straight session on Monday as capesize rates strengthened. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, climbed 9 points


Baltic Index Snaps 14-day Winning Streak

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a 14-session winning streak on Tuesday as rates for larger vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels






 
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