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 rise in freight cannot be pinned down to any one fixture. "Owners quoted a little bit more than last done, then a little bit more, until we got where we are today," said the broker. "I expect it'll stay up for the next two weeks," he said, adding "Christmas is coming and charterers will want to fix until beyond then." The Baltic Exchange in London last night quoted the route at W370, a rise of nearly 38 points from the day before.
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
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.
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
Shanghai port container throughput rose 3.3 percent to a record 33.6 million TEUs (twenty-foot equivalent units) last year, according to official data just published, reports Xinua. According to the Chinese news agency, the city first became the world’s biggest container port in 2010 when it surpassed Singapore, and 2013 also saw a range of achievements in Shanghai shipping: the official opening of two-way traffic in the main channel of Yangshan Deep-water Port in October could help
Artemus Transportation Solutions will be holding its Global Commerce- International Transportation & Trade Shipping 101 Course on September 15-19 in the Seattle-Tacoma area. This is the third time the Shipping 101 course will be hosted by the Marine Exchange of Puget Sound in Seattle/Tacoma. The Marine Exchange of Puget Sound is a non-profit association that provides members certain communications and information services relative to local commercial vessel activities
Freight rates for Panamaxes trading the Atlantic are holding strong but the Pacific market is now starting to weaken, shipbrokers said. "Prospects for May in the Atlantic are very good as South American business is expected to accelerate," said a shipbroker, adding that the strength in the Atlantic Panamax market was likely to continue into next month. South America's grain export season started later than expected this year and should therefore produce further opportunities for the Panamax
Caribbean tanker rates edged up a notch on Monday because of ongoing backlogs caused by last week’s weather delays, brokers said. “We saw W305 done today for 70,000 tons,” said a U.S. broker. “The fog has lifted but there’s still a backlog. Some ships are running... five to seven days late.” He said that lightering programs had also been affected. London brokers said that rates for million-barrel tankers continued to hold firm
DOT Announces Proposal to Establish ‘National Freight Network’. U.S. Transportation Secretary Ray LaHood has announced the establishment of a National Freight Advisory Committee to provide recommendations aimed at improving the national freight transportation system. A strong freight transportation system is critical to the nation’s economy and essential for helping meet President Obama’s goal of doubling U.S. exports by 2015
The Baltic Exchange main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday for a 12th straight session on weak rates for capesize vessels. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 37 points, or 3.37 percent, to 1,061. The Baltic's capesize index fell 83 points, or 4.09 percent, to 1,946 points.
CEVA Logistics, one of the world’s leading supply chain management companies, has been awarded a long term contract to provide freight management services to SuperGroup, owner of famous fashion brands including SuperDry. The contract award followed a competitive tendering process
Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of
Lynden Logistics, LLC signed a letter of intent with Chieftain Metals Corp. to provide barge services in support of the construction and production of the Tulsequah Mine in British Columbia. The services will include the barging of materials and supplies up the Taku River to the mine site and
OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014. Nine months 2014 – Financial Highlights (IFRS accounts) USD
Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter and was expected to remain good in spite of new vessels being delivered in 2015.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 88.2 percent to $1,312 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 supply/demand imbalance that drove dry bulk markets down to 2009 levels during the first half of the year is set for adjustment, with Newport Shipping Group predicting an improved tonnage balance over the next couple of years, resulting in a freight rate peak in the 2016/2017 period.
Shipping consultancy Drewry and shipment management software solutions provider CargoSmart have expanded their cooperation agreement to cover a broader exchange of market intelligence data on the container shipping market. The two companies first announced their cooperation agreement in April
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.4 percent to $1,175 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.
Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014
The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 20.5 percent to $934 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.
CaroTrans, a leading global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, today announces their U.S. West Coast port readiness program to address potential supply chain disruptions. Congestion and current labor issues are impacting the flow of cargo at U.S
Foster Wheeler AG announced today that it intends to voluntarily delist the registered shares of the Company, par value CHF 3 per share, from the NASDAQ Global Select Market (“NASDAQ”) and, provided that the requirements for deregistration are met, in due course
Hamburg Süd yesterday christened another containership in its San class, as the official naming ceremony of the newbuild San Clemente was held at the Marina Bay Cruise Center in Singapore, with customers and business partners. The San Clemente is one of Hamburg Süd’s series of