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.
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.
Marks & Spencer joined other multinationals from North America, Asia and Europe which have found in Drewry’s 150 sets of port region-to-port region container freight rates a valuable source of pricing benchmarks to help their transport procurement decisions. Due to the launch of the global container freight rate benchmarks and associated regional and global freight rate indices, Drewry is making the unique, industry-first freight rate data available on-line to subscribers at www
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
BOURBON's first quarter 2006 revenues totaled $219m, an increase of 21.5% compared with the same period in 2005 (14.7 % at constant exchange rates). In its Offshore Division, BOURBON saw revenues of $101m at the end of March 2006, up 32.9 % . The offshore oil and gas marine services recorded very strong growth, except in the North Sea. The Towage & Salvage Division reported revenue growth of 18.5% in the first quarter of 2006 against the backdrop of a strong market
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
Cargill Inc. is in the process of shipping the first low-sulfur gas oil or diesel cargo from Southeast Asia to Europe. Traders said the company had chartered a tanker called the Young Lady, which is on its maiden clean products voyage, to lift a total of 680,000 barrels of gas oil from the Malacca II refinery in June. The Malaysian refinery is the only major refinery in Southeast Asia that can produce high-quality diesel that meets tight United States CARB and European EN590 specifications
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
The Port of Los Angeles became the top U.S. international freight gateway by shipment value in 2003, according to a soon to be released report from the U.S. Department of Transportation’s Bureau of Transportation Statistics. America’s Freight Transportation Gateways shows that Los Angeles’ water port handled $17 billion in export trade and $105 billion in imports, totaling $122 billion in business handled by the port.
The call for Mandarin and English submissions to present talks for the Intermodal China 2013 - Shippers' Summit is now open until July 12, 2013. Organized by UBM China, Intermodal China - Shippers' Summit will be held at Sheraton Hongkou Hotel, Shanghai, China from September 24 to 25, 2013
To better serve customers making smaller shipments to Puerto Rico, the Caribbean, and Central America from the U.S. Midwest, Crowley Maritime Corporation’s logistics group is launching a new weekly less-than-container load (LCL) service from Chicago today
Geodis Wilson, a freight management companies, has been awarded the Best Logistics Service Provider – Project Cargo, at the 27th Asian Freight and Supply Chain Awards (AFSCA). SK Yeung, Managing Director Geodis Wilson Greater China, and Bill Guo, Sales Director for Hong Kong and China
Ocean carriers’ plans to get rid of surplus 8,000 teu vessels by dumping them into the Asia – East Coast of S. America tradelane appears to have seriously backfired. The recent launching of MSC’s new Ipanema service in the middle of April
Portugal’s new oceanographic survey vessel is to be donated by Norway and equipped by funding under the EEA Grants programme. The announcement was made recently by Portugal's Assunção Cristas, Minister for Agriculture, the Sea, the Environment and Land Planning.
The Baltic Exchange advises panellists that with the prevalence of 'slow steaming' they should assume that if steaming at 12kts laden/13kts ballast, Capesize vessels will consume 44 tonnes per day (NDAS). The London market exchange has provided its shipbroker panel members with further
Do we sense a touch of desperation from the executive corridors of Maersk Line as the Triple-E delivery dates approach? Maersk Line boss Nils Smedegaard Andersen was in a confident mood after his carrier posted a decent $204 million profit in the first quarter
The United Kingdom Hydrographic Office (UKHO) unveiled plans to supply the Admiralty Vector Chart Service (AVCS) on one DVD from summer 2013, providing customers with a range of benefits, including faster loading speeds, reduced data handling and fewer warning messages.
The Korean Register – an IACS member class society - signed an MoU with global steel producer Dongkuk Steel. The agreement paves the way for the two organizations to cooperate on the exchange of strategic technology relevant to the construction of seagoing vessels and platforms.
Inchcape Shipping Services (ISS), a maritime services provider, has launched an Advanced Cargo Information (ACI) department for Canadian ports following new regulations and procedures for cargo and vessel reporting by the CBSA (Canada Border Services Agency).
China's Ministry of Transport has dispatched "Haixun 01" from Shanghai to make goodwill visits to Australia, Indonesia, Myanmar and Malaysia. The vessel will carry out communication activities and promote bilateral and multilateral drills and work exchanges
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X
With seasonally weak demand in the second quarter, the short-term view for freight rates does not look positive finds Drewry. Global oil demand declined by 1.0% in the first quarter of the year to 89.9 million bpd, although some recovery in demand is likely in the second half of the year based
Has the Panama Canal expansion already outgrown itself? How does the success or failure of the administration's export initiative impact your bottom line? Breakbulk is flourishing; what does that mean to your business? These questions and other hot topics will be the focal point of the
CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, today announces a strategic alliance with Multifreight Consolidator System, Inc. (MFCSI), a NVOCC in the Philippines market committed to responsive, flexible transportation services.