The Asian Aframax market has been strengthening steadily, with rates for the Indo/Japan route up by w25 points w-o-w at w135. The Baltic Exchange’s benchmark TD14 route reached w127.50 Tuesday, jumping by w29 points w-o-w. This is partly due to underlying seasonality as refiners in the region typically raise utilization rates during Q4 in order to meet winter demand. An early and colder-than-usual winter in North Asia has led to increased heating fuel demand, lending further support to refinery runs. Japanese refiners increased their average utilization rate from 90 percent to 92.3 percent for the week ending December 3. This has led to growing demand for crude imports and subsequently cargoes, providing a seasonal boost to Aframax rates. Another bullish factor has been surging Russian production and exports. Russian crude output hit 11.21 mmb/d in November, setting a new post-Soviet record for the third month in a row. Russia’s ESPO Blend crude oil exports from Kozmino are expected to reach 662 kb/d in December, up by 24 kb/d m-o-m. The middle distillate-rich grade has seen robust demand from North Asian refiners during colder-than-usual weather conditions, pushing up Aframax rates. December ESPO Blend crude premiums to Dubai hit $3.40/bbl compared to $2.50/bbl in November, marking the highest level seen since $3.65/bbl in March.
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 -
Container spot freight rates from Asia to Northern Europe fell 23.5 percent to $861 per twenty-foot equivalent units (TEU), data from the Shanghai Shipping Exchange showed. Freight rates from Asia to ports in the Mediterranean fell 13.8 percent to $865 per TEU. Freight rates from Asia to the U.S. West Coast fell 3.4 percent to $1,277 per forty-foot equivalent unit (FEU) Freight rates from Asia to the U.S. East Coast fell 3.8 percent to $1,884 per FEU
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.
The crisis in global shipping and a tax exodus by big Greek vessel owners have helped finally seal the fate of London's Baltic Exchange after at least three approaches to buy it over the last six years of its near-three centuries history. Some 95 percent of shareholders voted on Monday in favour of a takeover deal from Singapore Exchange, valued at 87 million pounds ($112.87 million), trumping more than one effort from the London Metal Exchange to snap it up.
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's main sea freight index, tracking rates for ships carrying dry bulk commodities, remained unchanged on Thursday, even as rates for capesize and panamax vessels rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was flat at 579 points. The capesize index rose 11 points to 724 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal
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
Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages. Its plans in China, outlined in filings there, include handling cargo and customs for goods headed to ports in Japan, Europe and the United States. Some analysts say the move could help position Amazon to offer shipping services to other companies
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
Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1
Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years, said a report by Drewry. The latest weekly reading is $1,770/40ft container for the composite index
Dirty Tankers Asia’s crude tanker market faces the double whammy of a flood of newbuild deliveries and a cut in OPEC production in Q1 2017. On the supply side, net capacity growth is estimated to be around 5 percent for VLCCs, 9.6 percent for Suezmaxes and 7 percent for the Aframaxes/LR2
Brazil-China rates climb to a 15-month high; about 80 capesize, panamax ships waiting to unload around Tianjin. Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain firm for at least two more weeks as bad weather conditions in China and Australia help
Maersk, the world's largest container shipping line, has teamed up with Alibaba to allow customers to reserve space on its vessels through the Chinese company, illustrating growing cooperation between e-commerce and logistics firms.
A report forecasts the global container fleet market to grow at a CAGR of 3.19% during the period 2017-2021. The report says key vendors in the market are Maersk, CMA CGM & MSC. To calculate the market size, the report by Research and Markets considers volume based on
TFI International Inc., formerly known as TransForce Inc., a North American leader in the transportation and logistics industry, has announced that a wholly-owned subsidiary of TFI International has acquired Brampton, Ontario based National Fast Freight (NFF) from Calyx Transportation Group
We are in the midst of a revolution over port infrastructure. This revolution is not about the role of ports as silent engines for our economy and the need for better intermodal infrastructure. Rather, it is about why governments – local, state and federal – believe ports exist
Sino-Global Shipping America, a non-asset based global shipping and freight logistic integrated solution provider, has announced the signing of an Inland Transportation Agreement with COSCO Beijing International Freight Co in which COSFRE Beijing will utilize the Company's
The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea. It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down
In the shipping world, ‘Santa’s Sleigh’ is the big containership fleet, which carries the goods from manufacturers in Asia to the retailers in Europe and North America in good time for consumers to prepare for the holiday season, says Clarksons Research.
Just handful of ships for Brazil loading in early January; coal, South African iron ore cargoes support rates. Freight rates for large capesize dry cargo ships on key Asian routes could diverge with rates from Brazil to China nudging higher on a shortage of tonnage and those from
The European Commission said on Monday it had approved two Italian public support schemes designed to shift freight transport from roads to cut congestion and pollution. The first measure, with a budget of 255 million euros, aims to shift freight traffic to rail by granting subsidies to rail
A brand new liquefied natural gas (LNG)-fueled roll-on-roll-off freight vessel, Searoad Mersey II, has commenced service from its home port Devonport, in northern Tasmania, Australia. Touted by Bass Strait shipping and logistics firm SeaRoad as the “cleanest
The medium range (MR) tanker market in the North Asia has firmed this week, with rates recovering from last month’s lowest levels in 2016 as charterers rushed to fix an influx of fresh cargoes before the holiday season. Rates for the key South Korea-Japan route grew by $20,000 w-o-w to $290