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Freight Exchange

Further Upside Seen for Asian Aframax Rates

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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.


A Tale of Two Tanker Classes

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In a stark reminder of how volatile shipping markets can be, sentiment in the previously weak Asian Aframax market has flipped while the LR2 market continues its downward slide. The Aframax market in the East of Suez firmed rapidly with rates for the Indo/Japan route up by w22.5 points w-o-w to w132.5 due to a flurry of pre- Lunar New Year activity. Among fixtures heard, BP placed a vessel on subjects for an Indo-Aus voyage at w132.5 basis 80,000 mt


London's Baltic, China's Ningbo Exchanges in Container Link

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 -


Asia-Europe Box Rates Plunge 32 pct

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.  


Asia-N.Europe Box Rates Plunge 23.5 pct

File Image: a containership alongside during cargo operations in the port of Oakland, CA (credit: Katharine Sweeney)

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


Baltic Exchange Succumbs to Singapore as Shipping Turmoil Deepens

File photo: Nordic Bulk Carriers

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.  


Carib Freight Rates Soar

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.


Baltic Exchange Appoints Jones A-P Director, Singapore

Christopher Jones: Photo courtesy of Baltic Exchange

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


Baltic Index Flat, Rates for Bigger Vessels Rise

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


Baltic Index Gains for 9th Straight Session

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, notched gains for the ninth straight session to end at a more than one-month high on Monday, helped by higher rates for panamax vessels. The index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, closed up three points, or 0.34 percent, at 878 points, its highest level since Jan. 24.


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 Inches Up on Firmer Panamax Rates

Photo: FotoFlite / DS Norden

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Thursday as panamax rates increased. The overall index, which also factors in rates for capesize, supramax and handysize vessels, closed up 6 points, or 0.5 percent, at 1,196 points


Baltic Index Rises to Over 4-month High

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at its highest level in more than four months, helped by stronger rates across all vessel segments.   The overall index, which factors in rates for capesize, panamax


Hapag-Lloyd Says Prospects Buoyed by Rising Freight Rates

File photo: Hapag-Lloyd

German container shipping company Hapag-Lloyd expects increased operating earnings this year, it said on Friday, citing a rise in freight rates as market conditions improve.   The shipping industry has been grappling with a prolonged downturn brought about by overcapacity in a faltering


Spot Freight Rates Soar from North Europe to Asia

Photo: Maersk Line

 Spot container freight rates from North Europe to China increased by 45 percent this week, reaching a four-year high.   The “World Container Index assessed by Drewry” market reading on the route from Rotterdam to Shanghai jumped to $1,076 per 40ft dry container today


Asia Dry Bulk-Capesize Rates to Climb Again

File Image (CREDIT: AdobeStock)

Number of spot capesize cargoes double from January levels; Pacific capesize earnings now around $14,000 per day.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs this week, are set to jump further next week on tight tonnage supply and


Baltic Index Climbs to Three-month High

Handysize bulk carrier (Photo: © Pacific Basin)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at its highest level in three months on Friday, supported by robust capesize rates. The overall index, which factors in rates for capesize, panamax


Baltic Index Up for Ninth Straight Session

© Volodymyr Kyrylyuk / Adobe Stock

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


Is Dry Bulk Still on Track for Profitability in 2019?

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The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before


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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