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Freight Rates

Crude Oil Tanker Market Weakened, says OPEC

Graph provided by OPEC

 Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report.   On average, dirty tanker freight rates were down 8% from the month before.  Despite a stronger market seen in the VLCC sector, average dirty spot freight rates declined, influenced by the declines in Suezmax and Aframax freight rates.    VLCC spot freight rates showed improvements, rising by around 17% on all reported routes, as a result of an active market and strong tonnage demand.    Suezmax and Aframax both closed the month down by 15% and 12%, respectively, as demand for both classes remained weak amid a persisting tonnage oversupply.   Following the drop seen last month, OPEC spot fixtures dropped in April by 4.2%. The decline came mainly on the back of lower fixtures registered for both eastbound and westbound destinations, while global fixtures declined by 2.9% from a month earlier.   Compared with a year ago, OPEC and spot global fixtures were down by 11.2% and 9.6%, respectively.   OPEC sailings were also lower in May, dropping from the previous month and a year earlier by 1.2% and 2.2%, respectively.    According to preliminary data, arrivals into North America and West Asia increased by 0.7% and 3.6%, respectively, from the month before, while arrivals into the Far East and Europe declined by 0.5% and 3


World Container Index (WCI) to launch in September

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.


Lack of Committed Charters Cause of MOL's Losses

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


Freight Rate Trends: Upcoming Free Supply Chain Webinar

Image courtesy of Drewry

Drewry Maritime Research says it is hosting a free webinar for supply chain professionals to explain recent trends in ocean & air freight rates and provide an outlook for the future. The webinar presentation will examine and explain: Recent ocean & air freight rate trends on Global trades Economic drivers Drewry's outlook for freight rates The event will be hosted by Simon Heaney, Senior Manager, and Philip Damas


Asia-Europe Container Rates Fall Almost 11 pct

Containership_Marad.jpg

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.7 percent to $1,198 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. It was the second consecutive week of falling freight rates on the world's busiest route. Container freight rates have so far increased in 10 weeks this year but fallen in 23 weeks.


Suezmax Tankers Bullish

 Suezmax: By Palmali Group of Companies

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.   During the first quarter 2015, there was a 45% rise in suezmax fixtures from the Middle East Gulf (MEG) to West Coast India, compared to the same period last year


Guide to Index-Linked Container Contracts Launched

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


Hapag-Lloyd Reports Another Quarter of Net Profits

Hapag-Lloyd Berlin Express

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


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, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fourth consecutive week of falling freight rates on the world's busiest route and the rate is the lowest since Oct. 25 last year


Transpacific Container Shippers Plan Price Rise

File photo: containership at dock.

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned increase was part of an ongoing effort by members to reverse a decline in spot rates in the Asia-U.S. freight market. The organisation also said container shipping companies should reinstate a $400 per


$1.7 billion NOL Up for Sale. Will Hapag-Lloyd Buy?

Photo: NOL Group

 Singapore Sovereign Wealth Fund Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, says a Wall Street Journal (WSJ) report.   The WSJ reported that Temasek was in talks with one buyer in recent months but the two sides could not agree on a price for the loss-making


Asia Dry Bulk-Capesize Rates Steady

Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher


Asia-Europe Box Rates Down 23 pct

file image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.  


Korean Shipyards in Troubled Water

Photo: Hyundai Heavy Industries

 Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.   The Big Three shipbuilders in South Korea ventured into offshore oil rigs starting around


Singapore Grows Box Terminal, Woos Mega-Ships

Image: file photo.

Singapore opened the newest addition to its container port on Tuesday, aiming to handle more of the increasing number of mega-ships plying the oceans. A few of the planned 15 berths in Phases 3 and 4 of the Pasir Panjang Terminal are operational. The rest of the S$3.5  billion ($2


China Ship Scrapping Subsidies Extended to 2017

Ship scrapping subsidy program originally due to run to end-2015; show of government support amid continuing industry downturn. China on Tuesday extended by two years a subsidy programme that encourages shipping companies to scrap old vessels in a bid to support an industry struggling to emerge


The Hour of the Wolf for Panamaxes - Platts Report

Shipowners operating in the trans-Atlantic dry bulk

Shipowners operating in the trans-Atlantic dry bulk market, where prices have been plumbing two-year lows on the back of acute vessel oversupply and shifting patterns in minerals demand, could be facing brighter days, according to the latest special report released by Platts


Hyundai Sees Mega Ships Leading Global Demand

Pic: Hyundai Heavy Industries Co

 As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs, reports Bloomberg. Hyundai Heavy is the world’s biggest shipbuilder.  


Confidence Low in Shipping Idustry

Image: International Chamber of Shipping (ICS)

 Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds.  


Bahri Goes to Hyundai Samho for Five More VLCCs

Image: National Shipping Company of Saudi Arabia (Bahri)

 Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National Shipping Company of Saudi Arabia (Bahri) signed a contract with Hyundai Samho Heavy Industries to build additional five VLCCs


Asia-N Europe Container Freight Rates Jumps 60%

Photo  Hamburg Sud

  Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.


Dry Bulk Market Crisis: Opportunity or Threat?

File photo

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is


Container Shipping Lucky to Break Even in 2015

File photo

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according to the Container Forecaster report published by global shipping consultancy Drewry.


Container Ship Industry ‘Lucky to Break Even' in 2015,

Image: Maersk Line

 Global shipping consultancy Drewry predicts the container ship industry will be "lucky to break even this year" as shipping rates slump due to catastrophic overcapacity.   A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner


Maersk Line Seeks to Raise Asia-Europe Freight Rate

Photo courtesy of Maersk

Maersk Line, the world's largest container shipping company, told its clients on Tuesday it would raise the freight rate from Far East Asia to Europe by $1,000 per 20-foot container (TEU) as of Aug 1. The company declined to say what the current rate was or what the new rate would be as numbers






 
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