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
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.
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
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
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
Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam, the line will offer a twice-weekly service to Dublin and dedicated slots on a weekly basis to Liverpool.
The 20th annual exercise Cooperation Afloat Readiness and Training (CARAT) Singapore commenced with an opening ceremony at Changi Naval Base, says US Navy Task Force 73 Public Affairs. In its 20th year, CARAT Singapore is part of a series of bilateral naval exercises between the U.S. Navy, U.S
Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,600,000 common units representing limited partner interests in
Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept. 11-20. Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:
Malaysian conglomerate Boustead Holdings Bhd said on Thursday it had signed a 9 billion ringgit ($2.8 billion) contract to supply six patrol vessels with littoral combat ship capability to the Royal Malaysian Navy. Delivery of the first ship is planned in 2017
Multiple strikes paralyzed all grains exports from Argentina's pivotal Rosario export hub on Thursday, the president of the Rosario port chamber said. "All work is at a standstill. Vessels cannot be loaded or unloaded, nor trucks, nor freight trains
APL today won the Best Trans-Pacific Shipping Line accolade at the 28th Asian Freight & Supply Chain Awards (AFSCAs). This is the third time in four years that APL has emerged as the preferred liner in this category, following wins in 2011 and 2012.
Reportedly, shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 5.5 percent to $1,230 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.
The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU). The new rates will take effect from Aug. 1, the company told Reuters in an email on Friday
Argentina signed deals on Friday to borrow $7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt. Among the deals signed, Argentine President Cristina Fernandez and her Chinese counterpart
Nordic American Offshore Ltd. (NAO) have announced the expiration and results of its offer to exchange unregistered common shares that it issued in its prior equity private placement in November 2013. As of 5:00 p.m. New York City time (11:00 p.m
The Greenbrier Companies, Inc. says it joins all of Oregon in expressing its condolences to the family of Victor G. (“Vic”) Atiyeh, former Governor and past member of Greenbrier’s board of directors. Atiyeh died late Sunday at the age of 91
Chief of Naval Operations (CNO) Adm. Jonathan Greenert has left the People's Republic of China (PRC) after a successful four-day counterpart visit with military leaders, fleet units and leaders of the State Oceanic Administration (SOA) says the Chief of Naval Operations Public Affairs Office.
MOL Commended for ‘FY2013 Best Quality Ship Award’; MOL president Koichi Muto meets with captain and chief engineer, exchanging views and working to establish a more solid safe operation system. Mitsui O.S.K. Lines, Ltd. (MOL) announced that four MOL-operated and managed ships
One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return to their traditional role as major food commodity importers. Iran was never barred from buying food under sanctions imposed by the