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
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
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
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.
In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
Since its arrival in Tacloban city in Leyte province of Philippines, the "Peace Ark" has used a forward hospital as the pivot and the hospital ship as the major platform, and integrated forward medical detachments and medical visits
Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A
Capstone Turbine Corporation, a clean technology manufacturer of microturbine energy systems, is expanding its product offering in the marine market and has appointed six Capstone marine distributors. Capstone marine microturbines, which run on cleaner and less costly liquid natural gas (LNG)
FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, has announced that the company's amended and restated articles of incorporation were amended to effect a reverse stock split of the company's issued and
Dorian LPG Ltd. announced that it has concluded its agreement with Scorpio Tankers Inc. to acquire its Very Large Gas Carrier (VLGC) newbuilding contracts, associated deposits of $83.1 million, and a cash contribution of $1.9 million in exchange for 39
Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, report Bloomberg, citing analysts who regarded a 2.7 percent slump in Brent as a knee-jerk reaction. The six-month agreement
In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter.
The U.S. Department of Transportation’s Maritime Administration (MARAD) today released a study on shipping patterns and industry costs that will help the United States prepare for the anticipated impact on its ports, waterways and intermodal freight systems from the Panama Canal expansion
Rex International Holding Limited, one of the largest companies listed on the Catalyst of the Singapore Exchange Securities Trading Limited, announced that its jointly-controlled entity, Lime Petroleum Plc, through its subsidiary Masirah Oil Ltd
Exmar NV announced that it expects to submit to the United States Securities and Exchange Commission (SEC) the first draft registration statement for Exmar Energy Partners LP (the MLP). The initial public offering of the MLP's common units is expected to commence after the SEC completes its review
Drewry’s analysis of ocean carriers’ latest financial results shows significant changes in cargo market shares, but how much of it is due to service differentiation is unclear. Ocean carriers’ third quarter financial results reported so far reveal that the largest
The National Freight Advisory Committee yesterday unanimously approved a recommendation to pass legislation that will ensure that the Harbor Maintenance Tax is utilized for its intended purpose - to keep the nation's harbors and channels dredged and maintained at their maximum authorized depth for
Prices 8.13 Mln Public Share Sale at Discounted $8/Share Nordic American Tanker (NAT) opened this morning on the stock exchange down more than 10% (Down $0.85 to $8.025/share in late morning trading) after saying it has priced a 8.13 million public offering at $8 per share