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Freight Cost

Malaysia Mulls Second Shipping Line

Malaysia reportedly may set up a second national shipping line to help reduce freight charges between the peninsula and the states of Sabah and Sarawak on Borneo island, as traders in the two east Malaysian states had complained about high freight costs. "The proposal has come from the Ministry and the Cabinet is actively studying it," an official said. Malaysia International Shipping Corp., controlled by state oil firm Petronas, is currently the country's sole national shipper.


DSME Launches LNG Carrier for Teekay

Creole Spirit (Photo: Teekay)

Creole Spirit launched to sea 87 days after keel laying   Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea on May 29. The vessel is on charter contract with Cheniere and is expected to enter service early 2016, making it the most efficient LNG ship on the water with the lowest unit freight cost in the world fleet.  


Caribbean Upcoast Trade Experiences Downturn

Shipping's most volatile market, the Caribbean upcoast trade, has plummeted in the last few days to levels not seen since last November and freight costs are now less than half of what they were just two weeks ago, brokers said on Tuesday. But they were also quick to point out that this was merely a normal part of the yearly cycle as refinery turnarounds start to bite into the supply-demand balance. "Every April for the last three years the Aframax (70


Submarines As Ore Carriers?

Russia'sNorilsk Nickel - a big metal producer -- has finished a feasibility study of a project to use nuclear submarines for ore shipments, which once started will cost $80 million, Norilsk's chairman said. "The feasibility study has been prepared and now the board of directors has to approve spending of up to $80 million for its implementation," Yuri Kotlyar said. "But even then the decommissioning of the submarines should be sanctioned by the state."


Auckland Port Led JV to Develop Inland Port

Ports of Auckland, Napier Port and Icepak today announced the formation of a joint-venture to develop a new inland port and intermodal freight hub at Longburn, Palmerston North and to target Growth in Manawatu-Whanganui Region. Located on the site of the old Longburn freezing works owned by Icepak, the venture will see the nine hectare site transformed into a significant intermodal logistics and manufacturing hub.


Vale Concludes Sale of VLOCs to Cosco

Vale Brasil. Photo by Vale

 Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September.    This transaction is related to the agreement signed with Cosco on September 12, 2014.   The transaction amounted to 445 million dollars and the amount will be received by Vale upon delivery of the vessels to Cosco, which is scheduled to take place in June 2015.  


Freight Rates To Fly High In Coming Years

The U.S. will become more dependent on tanker-borne petroleum imports in coming years, coinciding with a ship shortage which will push freight costs sharply higher, energy and tanker analysts said on Wednesday. "Products imports are playing a bigger swing role in the U.S. than ever before," Paul Horsnell of Oxford Institute of Energy Studies said. "They're becoming a structural feature of the U.S. system." Horsnell told members of the tanker owners' organization Intertanko


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


Sherborne Sensors New North American Ops

Sherborne Sensors Limited announced the establishment of Sherborne Sensors, Inc., a fully dedicated sales, marketing, logistics and support entity, now serving a growing number of customers throughout the United States, Canada and Mexico. From its offices in Mahwah (Bergen County), N.J., USA, Sherborne Sensors, Inc., is providing a number of enhanced local service offerings, including reduced product lead times and freight costs; real-time order fulfillment and applications engineering


Indian Diesel Cargoes to Australia in Rare Move

India-Australia vessels booked despite higher freight costs; Chevron moving 1-2 cargoes a month to Australia. Indian diesel cargoes are being shipped to Australia in a rare move as rising competition from new Middle East refineries has made it more difficult to land the fuel in India's core traditional markets in Europe and Africa. Diesel is typically shipped to Australia from North Asia or Singapore as freight rates for the India-Australia route can cost as much as 50 percent more


Scottish Exporters Bullish on New Shipping Service

BG Rotterdam. Photo: B.G. Freight Line B.V

 As the shipping operator BG Freight Line is set for a new freight service connecting the links, Scotland’s food and drink, chemical and manufacturing industries are looking for a boost.   BG Freight Line, wholly-owned by Clydeport owner Peel Ports


Asia Dry Bulk-Capesize Rates Could Soften

Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather


China Cosco Guides H1 Profits at $306mln

Pic: China Cosco Holdings (Cosco)

 China Cosco Holdings, the flagship unit of Cosco Group, is expecting a net profit of Yuan1.9bn ($306m) for the first half, against the Yuan2.3bn loss during the same period last year.   Compared to the same period of last year, the company turned losses into profits in the first half


SSE Rolls Out Two Shipping Indices

Image: Shanghai Shipping Exchange

 Shanghai Shipping Exchange launched on Wednesday the "Belt and Road" shipping indices, tracking trade data and shipping freight rates under the initiatives of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, reported China Securities Journal.  


Container Ship Industry ‘Lucky to Break Even' in 2015,

Image: Maersk Line

 Global shipping consultancy Drewry predicts the container ship industry will be "lucky to break even this year" as shipping rates slump due to catastrophic overcapacity.   A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner


Maritime Solutions for the Big Apple’s Growth

Photo: U.S. Department of Transportation

Like most of our Nation’s major urban areas, New York City is experiencing growing pains. The Big Apple’s rising population means surging needs for freight and services, which have made congestion a common reality for the city’s more than 10 million daily commuters.  


Magdalena River Project Dredges Up Economic Promise

Magdalena River (Photo: Wiki Commons)

The hulking backhoe dredges up rocks and silt from the shallows of the muddy Magdalena River in the first laborious step to transform the waterway into an engine of economic growth.   The excavation along a verdant stretch near Barrancabermeja, an inland oil and coal hub


Maersk Line Seeks to Raise Asia-Europe Freight Rate

Photo courtesy of Maersk

Maersk Line, the world's largest container shipping company, told its clients on Tuesday it would raise the freight rate from Far East Asia to Europe by $1,000 per 20-foot container (TEU) as of Aug 1. The company declined to say what the current rate was or what the new rate would be as numbers


Kalmar Bags order from ÖBB-Infrastruktur

cargo handling equipment for general cargo and intermodal operation at the ÖBB-Infrastruktur AG terminal

  Kalmar, part of Cargotec, has been awarded a valuable order from long-standing partner Österreichische Bundesbahnen (ÖBB) to supply cargo handling equipment for general cargo and intermodal operation at the ÖBB-Infrastruktur AG terminals at Wolfurt


Kansas Shipping Hub Announce Finalists

Photo: Kansas Department of Transportation

 Seven finalists have been selected for the site of a proposed Kansas transload shipping center.   The Kansas Department of Transportation/Kansas Turnpike Authority Transload Facility Site Analysis team selected the finalists from the 111 proposals submitted for consideration


Container Equipment Leasing Rates Hit Record Lows

Development of per diem rental rates and ex-factory prices for newbuild 20ft standard container placed on long-term operating lease (LTL), 2004-16 (Source: Drewry Maritime Research)

Container equipment rental rates came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a 10-year low, while lease rates had fallen to an all-time low, according to the latest edition of the Container Leasing report published by global shipping consultancy Drewry


FMC Approves Northwest Seaport Alliance

Photo: Port of Seattle

Upon competitive review and analysis of the Port of Seattle/Port of Tacoma Alliance Agreement, the U.S. Federal Maritime Commission (FMC) has voted unanimously to allow the Northwest Seaport Alliance to become effective as scheduled on July 23, 2015.  


Direct Cambodia-China Cargo on Course

Image: Sihanoukville Autonomous Port (SAP)

 Two Chinese shipping giants are likely to sign agreements with Cambodia's Sihanoukville Autonomous Port (SAP), paving the way for exporters to move cargo directly from Cambodia to China, Xinhua reported.  Both Cosco and China Shipping are expected to sign with Sihanoukville Autonomous


Asia Dry Bulk-Capesize Rates Steady

Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher


Asia-Europe Box Rates Down 23 pct

file image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.  






 
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