Drewry Shipping Consultants and The Cleartrade Exchange 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 be designed to 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. Significantly, the new index will be the first of its kind to report weekly freight rates on backhaul as well as headhaul routes and will provide increased efficiencies in hedging strategies for freight users dealing in bulk, commoditised and recovered cargoes. During July and August the index will be made available to a small number of lead organisations for final testing and feedback prior to launch for trading on 1st September, 2011. Contracts will be available with at least one clearing house at or soon after the launch date and subscriptions to the index will be available from 22nd August, 2011. The WCI reports agreed spot container freight rates for major East West trade routes and consists of 11 route-specific indices representing individual shipping routes and a composite index. Route Assessments The WCI has also confirmed that it will collect and publish weekly market assessments for the following routes:
In his New Year message, Mitsui O.S.K. Lines President Muto predicts loss in 2013 of same magnitude as last year, suggests new business model. Excerpts from Mr. Muto's message follow: "The marine transport industry has faced a challenging external environment mainly due to economic slowdowns in Europe, the U.S. and China, the yen's appreciation, and high bunker fuel prices. This has certainly been a factor behind MOL's losses
Drewry and the World Container Index have published a White Paper that explains how index-linked contracts work, the first definitive guide on the subject since widespread adoption commenced two years ago. The White Paper, which is FREE to download from Drewry’s web site, examines the causes of recent container freight rate volatility and how index-linked contracts can help mitigate the impacts of such instability
Following on from the second quarter, Hapag-Lloyd once again generated a profit in the third quarter of the current financial year, primarily as a result of substantial cost reductions. Between July and September 2013, the group recorded a profit of €16.6 million, despite freight rates that continued to deteriorate. The average freight rate in the third quarter was $1,476/TEU, which was well below the previous year’s figure of $1,647/TEU
P&O Nedlloyd announced that it achieved an operating profit of $84 million in 4Q 2003, compared with an operating loss of $49 million in 4Q 2002. Driving the improved performance: average freight rates increased 16 percent over 2002, and volumes shipped were up 5 percent. Commenting on the future, the company sees a favorable trend in freight rates, and provided trade growth continues as in 2003, the outlook for the container shipping industry remains positive for 2004 although cost
Panamax owners are unlikely to experience any relief from the current slide in earnings until March. February load freight rates have fallen further as a result of reduced enquiry, most obviously in the Atlantic, for both grain and mineral Panamax loads. Brokers expect that this situation will continue until South American grain shipments emerge in March. The noticeable absence of Japanese charterers has undermined the already weaker Panamax grain trades in the Far East
Asian Panamax freight rates for dry bulk cargo edged up slightly this week in slow trade due to New Year holidays, Reuters reported. But the outlook for the Panamax sector remained healthy as activity would pick up momentum after the holiday period and the arrival of new ships was unlikely to affect Panamax rates before April, brokers said. The freight rates for the heavy grain Panamax benchmark route, U.S. Gulf to Japan, were quoted higher at $22.493 a ton compared with $22
High fuel costs, low freight rates conspire to create tough 1Q NOL Group, the Singapore-based container shipping and logistics company, reported a first quarter 2012 net loss of 254 million compared to a net loss of $10 million in the same period last year. NOL said high fuel costs and low freight rates in container shipping affected first quarter 2012 performance. NOL said that in the first quarter of 2012 it achieved about $100 million of cost savings under its ongoing
Horizon Lines, LLC announced that it will file a General Rate Increase with the Surface Transportation Board to raise its ocean freight rates for the company's Hawaii service effective January 2, 2006. The amount of increase to be filed varies depending on a number of factors, including rate basis of the ocean freight and the direction and mode of transport.
CP Ships Limited announced that in the first quarter, overall volume was up 9% on first quarter last year and all market segments grew. Freight rates softened slightly, mostly due to seasonality. "The first quarter is traditionally a difficult one, but we expect to report quarterly results ahead of last year's and maintain our positive outlook for the year as a whole, despite continuing cost pressures," said CEO Ray Miles
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the three and the nine months ended September 30, 2013. Adjusted Net income for the third quarter of 2013 was $2
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 Board of Directors of CMA CGM Group, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the third quarter 2013.
The surprising surge in cargo volumes from Asia to the East Coast of North America since July remained strong in September, and even appears to have continued in October says a Drewry Maritime Research analysis. Eastbound Shipments from Asia to the East Coast of North America (ECNA) continued
United Bulk Terminals USA Inc. and Oldendorff Carriers GmbH & Co. KG announced a cooperative agreement to market combined loading and shipping of coal and petroleum coke in capesize vessels from the U.S. Gulf Coast to India and East Asia
NOL Group reported net profits of $20 million for the third quarter of 2013, and year-to-date net profits of $61 million. The Group posted year-to-date Core EBIT improvement of 33% or $42 million, from a $127 million deficit in the same period last year.
Funds managed by IK Investment Partners (IK) have entered into an agreement with the Norwegian foundation Det Norske Veritas (DNV), to acquire its subsidiary DNV Petroleum Services (DNVPS), a global company in fuel management services. Financial details for the transaction were not disclosed.
Funds managed by IK Investment Partners (IK) have entered into an agreement with the Norwegian foundation Det Norske Veritas (DNV), to acquire its subsidiary DNV Petroleum Services (DNVPS), a global leader in fuel management services. Financial details for the transaction were not disclosed.
Executives from 20 shipping companies and 40 expert panelists will share case studies on improving efficiency in ship operations with an expected 100 registered delegates at the 2013 SHIPPINGInsight Fleet Optimization Conference, at the Sheraton Stamford Hotel in Stamford, Conn., Oct. 22-24
Overall confidence levels in the shipping industry held firm over the three-month period to August 2013, maintaining the highest level reached since November 2010, according to Moore Stephens' latest Shipping Confidence Survey, but some industry insiders they sounded out had mixed views.
Overall confidence levels in the shipping industry held firm over the three-month period to August 2013, maintaining the highest level reached since November 2010, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens
Container shipping costs have continued to rise, but the trend has not been uniform across all trades and Drewry is expecting rate levels to fall in the final months of the year. Pricing on Asia origin trades has been buoyed by peak season volumes
The Board of Directors of France’s CMA CGM container shipping group met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter 2013. In the second quarter
The second Bloem Doze Nienhuis short sea study shows a cargo demand of around 1.8 billion tons between 2005 and 2012. In the same period the supply of the short sea fleet increases by 20%, from 38-47 million tons dwt. In 2005, the short sea industry witnessed a reasonable level of profitability
Drewry’s latest Chemical Forecaster reports an odd occurrence in the spot market. It would have been another dull quarter in terms of the spot market but for the irrational trend on the Transpacific Westbound, which was uncharacteristically busy