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Freight Prices

Finnlines Shares Plunge On Profit Warning

Shares in Finnish shipping company Finnlines plunged on Wednesday after it said 2000 profit would be worse than expected due to tough competition, higher oil prices and strikes hindering business. On Wednesday shares were trading down 12.5 percent at 23.99 euros, under-performing already soft Helsinki shares. In February Finnlines posted a 1999 profit before extraordinary items of 67.3 million euros ($64.46 million) and said the outlook for 2000 was uncertain due to factors such as tighter competition and a drop in import volumes. Finnline’s released statement, reads in part as follows: A strong imbalance exists between exports and imports of unitized cargo in Finland. Since the company has wished to maintain its export service at the level requested by its customers, no measures have so far been taken to reduce cargo capacity. Competition for imported freight has led to unhealthy price levels. The volume of Russian transit traffic has remained low. The continuing high price of oil has raised operating costs significantly and it has been possible to transfer only a small proportion of these costs to freight prices owing to the intense competition. Ongoing industrial actions in Finland have caused substantial harm to the maritime industry and port operations. Sympathy strikes have been held at Finnish ports since March 14, 2000 to expedite negotiations in a dispute involving bus drivers in Tampere


Marks & Spencer Signs Contract with Drewry

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


Canada Clarke Expanes Freight Management Ops

Canada's Clarke Inc. doubled the size of its freight-management division with the purchase of four U.S.-based companies. Clarke, which has freight transportation and logistics services throughout North America, said it had bought Focus Carriers of Memphis, Tennessee; Kenley Trucking Inc of Atlanta, Georgia; and Creative Logistics of Ripon, California. Purchase prices were not disclosed. - (Reuters)


Index-Linked Container Contracts Take-Off

Half of all index-linked contracts filed with the US Federal Maritime Commission reference Drewry’s Container Freight Rate Insight pricing benchmarks.   Drewry Maritime Research’s container freight rate benchmarks are the index of choice in index-linked container contracts, according to the US Federal Maritime Commission (FMC). The agency also indicated that uptake of index-linked container contracts on US trades was fast growing


Descartes Acquires Impatex

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Descartes Systems Group, a global company uniting logistics-intensive businesses in commerce, acquired Impatex Freight Software Limited, a provider of electronic customs filing and freight forwarding solutions in the U.K. Impatex brings more than 200 freight forwarder customers to Descartes’ Global Logistic Network, with the majority of these in the U.K. By combining Impatex’s leading U.K. customs and forwarding solutions with Descartes’ global community of logistics


Mediterranean/N.American Freight Rate Stagnancy

Image credit APM

Ocean carriers were unable to increase freight rates between the Mediterranean and North America from November to January due to continuing poor vessel utilisation and the approaching threat of P3, according to the latest edition of Drewry's Container Insight Weekly. Westbound According to Drewry’s Container Freight Rate Insight, the average all-in freight rate quoted to forwarders for spot cargo from Genoa to New York remained a poor $1,950/40ft throughout.


Improving Rates May Help Shippers Cope With Fuel Costs

Shipowners are now better placed to cope with soaring fuel prices because of growth in trade as Asia recovers from economic crisis, industry sources and analysts said. The price of bunker fuel, which typically makes up about five percent of a shipper's total operating costs, has - over the past six months - doubled to $140 per ton. The spoils from improved conditions have not been evenly shared within the industry, with tanker owners hit the worst.


Shipping Execs Agree to Plead Guilty

The U.S. Department of Justice announced that four individuals have agreed to plead guilty for their involvement in a conspiracy to eliminate competition and raise prices for moving freight between the Continental U.S. and . A fifth shipping executive has agreed to plead guilty to destroying evidence of the shipping conspiracy. The five executives charged  work for large companies that provide freight shipping services to customers transporting goods between the continental and


Hapag-Lloyd Reports 2Q Numbers

Operating in an ever more competitive environment, Hapag-Lloyd achieved sales of €1.5 billion (over $2.1 billion) and a positive adjusted EBIT of €26 million (almost $36.7 million) in the 2nd quarter of 2011. This was slightly up on the previous quarter (€16.1 million/$22.8 million), while in the record year 2010 the comparable figure was €211.3 million (almost $298.9 million). EBIT came to €42.1 million (over $59


Breaking Down The Cost of MARPOL

Since January 8, 2009, United States (U.S.) and foreign flagged ships operating in the waters of the U.S. have been subject to MARPOL Annex VI. The Marine Environmental Protection Committee (MEPC) of the International Maritime Organization (IMO) adopted amendments to Annex VI and the nitrogen oxides (NOx) Technical Code, collectively referred to as Annex VI (Revised). Annex VI (Revised) entered into force on July 1, 2010


Maduro Says Venezuela's 2015 Budget to Put Oil at $60

President Nicolas Maduro

   Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover. Venezuela routinely underestimates oil prices when planning its budget to permit more


Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have already invested billions of dollars in long-term contracts. The 26 percent price slide since June to $85 a barrel exposes cracks in


Oversupply, Ebola Fears Drive Oil Below $86

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 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)    


Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.                   &nbs


EIA: Falling Fuel Costs, Rising U.S. Production Ahead

The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). Select highlights follow:   •         EIA projects average U.S


Economy, Demand Data Drives Oil Down

World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S


Dry Bulk Drought: Asia Rates Fall

(Photo - Vale do Rio Doce)

Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said.


Asia-Europe Container Rates at One-Year Low

Container freight rates fell 10.2 percent on busy route; Maersk expects gradually declining rates. Freight rates for shipping containers from ports in Asia to Northern Europe fell 10.2 percent to $738 per 20-foot container (TEU) in the week ended on Friday


Paul N. Jaenichen - Maritime Administrator, United States Maritime Administration

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Paul “Chip” Jaenichen was appointed by President Obama and sworn in as Maritime Administrator on July 25, 2014.   Before his appointment, Administrator Jaenichen served as Acting Administrator beginning in June 2013. He joined the U.S


Ending US Oil Export Ban Would Not Raise Gasoline Prices - Study

Ending a 40-year old ban on U.S. crude oil exports would not raise domestic gasoline prices because it would put more petroleum onto global markets, where fuel prices are primarily set, a study by The Aspen Institute said on Tuesday. As the U.S


World Gasoline Price Slips Below Brazil Level

The price of gasoline on the international market has slipped below the domestic price of the fuel in Brazil for the first time in nearly four years, a situation that should ease losses on imports at the refining division of state-run oil company Petrobras, Credit Suisse said in a report.


Floating Storage at Sea Stalls Despite Falling Oil Prices

Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now


Asia Dry Bulk-Capesize Fall on Cargo Woes

Rates for capesize bulk carriers on key Asian routes are again likely to fall as the volume of tonnage limits any price gains from an increase in chartering activity, brokers said. Freight rates for a voyage from Australia to China have steadily fallen since Sept


BG Group wins EXXON LNG Cargo

ExxonMobil's Papua New Guinea liquefied natural gas (LNG) export project has awarded a November cargo to BG Group as part of a two-cargo tender that closed this week, two traders said. The tender award has not been officially announced yet


Maersk to Bump Asia-Europe Rates

File photo: a Maersk containership

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Nov 1. Rates for twenty foot equivalent unit containers (TEU) will rise by $900






 
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