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.
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 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 -
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.
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
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.
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
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
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday due to strengthening rates across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
New Zealand's largest freight gateway Port of Tauranga says it is on track to break the country's record for transporting more than one million containers in a single year. "Our results show the Port of Tauranga is continuing to reinforce its position as the country's premier
Record iron ore prices fuelling capesize chartering boom; freight rates rise by around $1 per tonne in a week. Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-week highs on Wednesday, are set to continue to climb next week on buoyant iron ore cargo
Long range tankers taken for storage on expectations of tighter Asian gasoline market Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both
Floor may have been reached on Western Australia-China rates; dry cargo demand could fall 5.4 pct in first quarter. Freight rates for large capesize dry cargo vessels on key Asian routes are likely to hold around the current levels next week on ample tonnage supply even as chartering
Freight volumes at the Port of Gothenburg rose by almost three million tonnes in 2016 - up from 38.2 million tonnes in 2015 to 40.9 million tonnes last year. Car exports-imports and energy products enjoyed a particularly successful year with rises of 15 and 12 per cent respectively
China’s product exports in December eclipsed yet another record set in November, up by 23.8 percent y-o-y and 10.3 percent m-o-m to hit 1.27 mmb/d. The surge in exports can be attributed to Chinese refiners’ attempts to fully utilize their leftover export quotas for the year
The cargo handled by 12 major Indian ports in November and December (Post demonetisation period)has witnessed a significant growth by registering an increase of 11.2 per cent and 12.7 per cent, respectively, reports PTI. The Minister of State for Shipping Mansukh L
The Long Range (LR) 2 tanker market in the East of Suez has been languishing in the doldrums for almost two weeks. LR2 rates on the AG/Japan route, basis 75 kt, nosedived from w120 at the beginning of January to current levels of w80. Earnings for a round voyage on the benchmark route are hovering
Maersk Line reported a 2016 result that is USD 1,679 million lower than the 2015 result (USD 1,303 million). The overriding reason for the loss is a 19% decline in freight rates compared to 2015. Revenue was USD 20.7 billion, which is 13% lower than 2015 (USD 23.7bn).
Australia-China rates could climb on improved weather. Brazil-China rates to hold steady, fall on lack of charters. Freight rates for large capesize dry cargo vessels on key Asian routes could diverge next week with rates from Australia to China rebounding on improved weather
The Intermodal Association of North America has created a resource center, available on its website, to provide a wide range of information for prospective intermodal users and those who are new to the industry. The Intermodal Freight Resource Center offers educational tools
Marco Polo Marine Group Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017
Two container shipping lines, France's CMA CGM and Israel's Zim, have signed up with Alibaba to allow customers to book space on their vessels through the Chinese e-commerce giant, in a bid to boost sales as the sector battles a severe downturn.
The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102