London's Baltic Exchange and Chinese state-owned Ningbo Shipping Exchange said on Friday they would collaborate on container indices, the first foray by the Baltic into this segment of the freight market. Sources told Reuters in early October that the London Metal Exchange, which is owned by Hong Kong Exchanges and Clearing , had made an informal approach to the Baltic to acquire it. In a first step, Ningbo's weekly containerised freight index - which tracks rates on various routes - would be published on the Baltic's website, the exchanges said. A Baltic spokesman said it would work with Ningbo to do "more in the container space". Baltic chief executive Jeremy Penn said separately the move underlined its "ever-closer ties with the Chinese market". The Baltic's move is part of efforts by Western firms to get involved in China's "One Belt, One Road", initiative, which seeks to create an economic belt of railways, highways, oil and gas pipelines, power grids and other links across Central, West and South Asia. Until now, the privately-owned Baltic, the hub of global shipping since its founding in 1744, has published data related to the dry bulk and oil tanker markets, including the benchmark BDI main sea freight index. The Baltic's daily benchmark rates and indices are used to trade and settle freight contracts as well as providing data used in the freight derivatives market.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 31.8 percent to $674 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Shipping Exchange told Reuters. The drop came after spot freight rates on the world's busiest route soared 328 percent last week as shipping companies implemented scheduled rate hikes with effect from Nov 1.
Freight rates for Caribbean clean cargoes leapt to nearly W400 on Wednesday from W335 at the start of the week, brokers said. "There's a shortage of Boston-suitable tonnage, and a lot of cargoes - it's as simple as that," said one U.S. broker. But other sources point to the thriving gasoline arbitrage between Northern Europe and the U.S. Northeast as sucking in all available ships, thereby tightening supply in the Caribbean.
The Baltic Exchange inform it will be making significant amends to the Baltic Capesize Index including a change to its vessel description, amends to the route weightings and the addition of three new routes, as follows: The move follows a formal consultation process with the dry bulk market which began on 11 October 2013. Trial reporting on the new routes and vessel description will begin in late January/early February with a lifting of the trial anticipated by the end of March 2014
Jones joins the Baltic Exchange from ICAP Shipping Singapore where he was director of sale & purchase. He will replace Philip Williams who retires from the role in April, and he will be based at the Exchange's Singapore office. Baltic Exchange Chief Executive Jeremy Penn said: “We’re delighted to welcome Chris Jones to the team. The Baltic Exchange’s presence has grown significantly in Asia with our Singapore office leading the drive
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Shipping Exchange showed. The rise in spot freight rates came after all major container shipping lines implemented a price hike announced earlier. Freight rates on the world's busiest shipping route have tanked this year due to overcapacity in available vessels and sluggish demand for goods to
Drewry Shipping Consultants and The Cleartrade Exchange have announced that the World Container Index (WCI), the first Europe-based assessment of container freight rates and index production, is scheduled for launch in September 2011. The index will provide a new and important facility for the global market to hedge their freight rate risk and see major improvements in forward price discovery through the container derivatives market.
Hapag-Lloyd generated a profit in the first three months of this year, and concluded the first quarter with a profit of EUR 128.2 million (prior year period: EUR -119.1 million). EBITDA reached EUR 283.6 million (prior year period: EUR 2.9 million) and the underlying EBIT was EUR 160.5 million (prior year period: EUR -63.2 million). The sharp increase in profit was achieved in a challenging market environment, with an average freight rate in the first quarter of USD 1,331/TEU
France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a new all-time low on Friday, pulled down by a vessel glut and slowing industrial demand from China. "Freight rates are expected to remain weak in the fourth quarter of 2015
Rates from Australia to China fall to 14-year low; Brazil to China capesize rates drop to 7-year low. Freight rates for capesize bulk carriers on key Asian routes, which fell to a more than seven-year low on Wednesday, could nudge lower or hold around current levels as too many ships chase too little cargo, brokers said. "It seems like the market is at the bottom," said a Shanghai-based capesize broker on Thursday.
Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped below 300 points on Thursday, to an all-time low. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 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.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low for the ninth straight session on Friday as concerns of slow global demand outweighed gains for the large-vessel segment.
Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday
In the dry bulker business, the market is deteriorating to a new record low due to the imbalance of fleet supply and demand, along with stagnant cargo trade resulting from the slowdown in China’s economy since last fall, says Mitsui O.S.K. Lines, Ltd.
Swiss Mediterranean Shipping Co. (MSC) has finalized the acquisition of CP Carga, the freight and logistics unit of Portugal’s state-owned railway. MSC Rail, railway company of MSC, has completed the acquisition of the CP Carga - Logística e Transportes
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 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.
A U.S. Navy commander charged with accepting paid travel, prostitutes and Lady Gaga concert tickets from a Malaysian defense contractor in exchange for classified information pleaded guilty on Thursday to federal corruption charges. Commander Michael Vannak Khem Misiewicz appeared in U.S
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, continued its fall to close at a fresh record low on Friday. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser
Seaports are seeing a steady rise in waterborne cargo volumes according to new numbers from U.S. Army Corps of Engineer’s report. Overall, 2014 freight tonnages increased 3.1 percent over 2013 totals. The Corps of Engineers’ Waterborne Commerce Statistics Center tracks the commercial
Global liquefied petroleum gas (LPG) export volumes for the calendar 2015 reached 80 million metric tons, an 11 percent increase over the previous year. U.S. LPG exports alone reached a record of nearly 21 million metric tons
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, touched a new all-time low on Monday as concerns of weak global demand and vessel oversupply weighed on the sector. The overall index
CaroTrans, a global non-vessel operating common carrier (NVOCC) and ocean freight consolidator, has entered a partnership with Thrutainers International, an established NVOCC in South Africa. This cooperation creates a U.S.- Sub-Saharan Africa import/export LCL service network in this important
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped to another all-time low on Tuesday on worries about vessel oversupply and slowing global demand. The overall index, which gauges the cost of shipping dry bulk including iron