Transatlantic eastbound chemical freight rates dropped slightly this week on a continued lull in the spot market, ICIS reports brokers as saying. It was the second drop in as many weeks. The latest SSY Base Oil Shipping Report noted that eastbound rates “took a tumble over the past week or two thanks to an injection of fresh tonnage.” SPI Marine’s most recent weekly report said the lull might signal a bigger slowdown and “embolden charterers to believe the beginning of a weakened state has just begun”. Freight charges on 2,000-tonne cargoes fell to $82-87/tonne from $85-90/tonne previously. And 5,000-tonne cargoes slipped to $63-68/tonne from $64-69/tonne previously. The transatlantic eastbound leg remains by far the strongest shipping route in the Americas, though. Much of the traffic includes chemical tankers headed from Houston to the port complex of Amsterdam, Rotterdam and Antwerp (ARA).
All Asian shippers wil have to pay higher freight charges to European container ship operators from September 2012. From September 1, Denmark-based Maersk, the world's largest container line, will implement a general freight increase of 250 U. S. dollars per TEU and 500 U.S. dollars per FEU on all shipments from the Far East to the Indian sub-continent, including India, Pakistan and Sri Lanka. Taking a cue from Maersk, Emirates too has announced a freight increase of 200 U.S
CP Ships Limited today announced unaudited operating income for third quarter 2004 of $41 million, up from restated $38 million operating income in third quarter 2003. Net income available to common shareholders was $31 million compared to restated $27 million in the same period 2003. Basic earnings per share was $0.34 compared with restated $0.30 in third quarter 2003. EBITDA(A) was $72 million compared to restated $67 million in third quarter 2003
A former high-level shipping executive was sentenced today to serve 48 months in jail and to pay a $20,000 criminal fine for his role in an antitrust conspiracy involving the transportation of goods to and from the continental United States and Puerto Rico by ocean vessel, the Department of Justice announced on Jan. 30. This is the longest jail sentence ever imposed for a single antitrust charge. Peter Baci of Jacksonville, Fla., pleaded guilty on Oct. 20, 2008, in the U.S
Florida-Based Sea Star Line LLC Agrees to Plead Guilty and Its Former President Is Indicted for Price Fixing on Coastal Freight Services Between the Continental United States and Puerto Rico Sea Star Line Also Agrees to Pay $14.2 Million Criminal Fine. Sea Star Line LLC has agreed today to plead guilty and to pay a $14.2 million criminal fine for its role in a conspiracy to fix prices in the coastal water freight transportation industry, the Department of Justice announced
Matson has announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 1, 2013. 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 1, 2013
Increased demand in the Atlantic is likely to keep Panamax trading into positive territory this week, shipbrokers said on Monday. They said Atlantic Capesize freight rates had risen in recent days, especially for Capesizes available for early loading positions and time-charters. Reports in the sector had suggested Belgium charterer Bocimar had time-chartered a number of Capesizes lately and freight rates had risen sharply on the back of anticipated demand in the area, shipbrokers said.
Following a recommendation from the Board of Directors of the Panama Canal Authority (ACP), the Cabinet Council of the Republic of Panama today approved a new measurement and pricing system for full container vessels and other vessel types with on-deck container carrying capacity. “The bottom line is that we simply closed a loophole that prevented us from charging for containers carried on-deck,” said Administrator/CEO Alberto Alemán Zubieta
DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Management Commentary: Joseph E. Royce, Chairman, Chief Executive Officer and President stated: "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011
Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $275 for both westbound and eastbound containers, effective January 26, 2014. The increase will be filed with the Surface Transportation Board and the Federal Maritime Commission. The rate increase also applies to the Commonwealth of the Northern Marianas Islands
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax
Weak holiday demand to pressure rates lower. Rebound seen after China returns to market on Oct 8. Freight rates for capesize bulk carriers could come under pressure next week as lower cargo volumes due to holidays in China thwart shipowners efforts to push rates higher, ship brokers said.
UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday as demand dropped across all vessel categories. The overall index, which factors in average daily earnings of capesize, panamax
The Vietnamese government is considering implementing a new decree that would require shipping companies to publicize their freight tariffs (including surcharges and commissions paid to brokers). Several foreign logistics companies have expressed concern about the proposal.
Seven of Chinese state departments are investigating four local shipping companies over allegations that they have levied arbitrary and excessive charges for port services following complaints from foreign trade firms, reports Reuters.
Greece's returning Prime Minister Alexis Tsipras decided to break up the "super-Ministry" of the Economy, Shipping and Tourism. The shipping portfolio was handed to Theodore Dritsas who will head a stand-alone Ministry of Shipping
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 31 percent to $313 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
Major container shipping rates plummeted again this week, with declines on the trunk Shanghai-Europe routes falling at record amounts, says Shangahi Containerised Freight Index (SCFI). A eport in ASC says that the SCFI for Far East to North Europe dropped by a staggering
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained unchanged on Monday. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Maritime Administrator Jaenichen, Vice Mayor Lowenthal Host Town-hall style Forum on Beyond Traffic Framework U.S. Maritime Administrator Paul “Chip” Jaenichen and Long Beach Vice Mayor Suja Lowenthal today hosted the third of 11 nationwide regional forums on the Beyond
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials.
Daiichi Chuo liabilities total $1.5 bln. Second dry bulker to seek bankruptcy protection this month. Japanese bulk carrier Daiichi Chuo Kisen Kaisha said on Tuesday it had filed for protection from creditors - the second shipper to do so this month - with analysts predicting more failures if
Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight
India's HPCL awarded another tender to buy with Nigerian crude oil despite its concerns about shipping from the West African nation. The refiner awarded a tender to buy November loading oil to Chevron, traders said, likely with Usan crude oil and either Agbami or Brass.