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General Rate

General Rate Increases, Transatlantic Trade

Since rates are at an unsustainable level in the transatlantic trade, Maersk Line announced a general rate increase effective 1 September 2009. The company said the rate increase is necessary to continue to operate its services with the same level of reliability. The filed increase is as follows: •    $400 per 20 ft container •    $500 per 40 ft/high cube/45 ft container The increases apply equally to all Eastbound and Westbound cargo moving between the US & Canada and Northern Europe.


MOL Announces GRI

MOL (Mitsui OSK Line) said it plans a general rate increase for all cargo moving southbound from Europe North Continent and Mediterranean to West Africa. The new rate of $219.4 per TEU will become effective 15 October 2009. The GRI is applicable to all commodities and equipment, including reefer containers. (www.MOLpower.com)


Rate Increase, Transatlantic Trade

As a result of market instability in the transatlantic trade, Maersk Line is announcing the following general rate increase, effective 1 April 2009. The filed increases are as follows between Northern Europe and the East Coast and Gulf Coast of North America: •    $160 per 20 ft dry container •    $220 per 40 ft container/high cube/45 ft container/reefer The filed increases are as follows between Northern Europe and the West Coast of North


Maersk Rate Hikes Hitting the High Notes

Do we sense a touch of desperation from the executive corridors of Maersk Line as the Triple-E delivery dates approach?    Maersk Line boss Nils Smedegaard Andersen was in a confident mood after his carrier posted a decent $204 million profit in the first quarter. Making a profit when Asia-Europe is a disaster and many other carriers are wallowing in red ink is impressive enough, but the Maersk CEO raised eyebrows when he addressed the rates issue.


Boxed In

“These new orders and speculation of more to come could be having a negative impact on rates right now.” Simon Heany, Drewry

It is impossible to view the global container shipping business without looking at it through the prism of vessel capacity being added to the market. What happens over the next two years will be a direct result of the glut of newbuildings that are flooding into service and wrecking freight rates.   Just consider these numbers. During the first four months of 2013, Alphaliner puts the new containership deliveries at 496,000 TEUs


Container Industry Stuck in a Vicious Cycle

Photo: Maersk

The industry is stuck in a vicious cycle, Drewry reports – although new ships may give carriers lower slot costs, the supply/demand dynamics are out of kilter and freight rates remain very volatile. Drewry Maritime Research’s 1Q14 Container Forecaster report highlights that the industry remains in an extended down cycle. This is being accentuated and extended by the constant delivery of new ships. The global cascade is now hurting the balance of the north/south trades.


AUV Cooperation Agreement Signed

General Atomics, Kongsberg Maritime and C & C Technologies have agreed to cooperate on the development of Autonomous Underwater Vehicles (AUVs) and associated technologies. Kongsberg Maritime, manufacturer of advanced hydroacoustic instruments, the HUGIN family of AUVs and other maritime electronic products, has signed a cooperative agreement with General Atomics and C&C Technologies via its affiliate, Kongsberg Underwater Technology Inc, located in Lynnwood, Wash


Mideast Clean Tanker Rates Slip On Kuwait Effect

Middle Eastern clean product tanker rates slipped as cargoes for some ship sizes became scarce as a result of the Kuwaiti refinery outage, brokers said on Friday, but in general markets remained strong, they added. Vessels were starting to become available in prompt positions, broker E.A. Gibson said in a report, and rates for 35,000 tons to the Far East slipped to W295. Short-haul cargoes were apparently scarce as a knock-on effect from the Kuwait refinery fire last week, Gibson said.


London P&I Club Sets General Increase for Next Policy Year

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The  London P&I Club has set a general increase of 12.5 per cent in annual P&I call rates for the 2013/2014 policy year.    Commenting on the background to the decision, Ian Gooch, chief executive of the Club’s management team, says, “Claims in the Club’s retention layer for the current policy year show some encouraging signs, especially at the attritional level, where increased deductibles seem to be playing a part


Scorpio Bulkers in Limbo Until New & Chartered-In Ships Contribute

Bulk carrier: Image courtesy of Scorpio Bulkers

Scorpio Bulkers, headquartered in Monaco, report its results for the three months ended December 31, 2013 and for the period from March 20, 2013 (date of inception) to December 31, 2013. Extracts follow: Results for the three months ended December 31, 2013 For the three months ended December 31, 2013, the Company had a net loss of $3.6 million, or $0.04 basic and diluted loss per share. During this period the Company had no vessels in operation


McQuilling Services Industry's Spot Market Review for First Quarter

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 There’s no denying that the wave owners rode into 2014 on was a welcome way to start the new year (at least from their perspective).  Earnings in the large crude tanker segment reached levels that hadn’t been obtained in three years and in the smaller dirty segment


Portuguese Navy Orders Sonar System Upgrades

General Dynamics Canada is installing an adjunct processing system on three VASCO DA GAMA-class frigates of the Portuguese Navy. Designed by General Dynamics Canada, the ECLIPSE adjunct processor provides the in-service AN/SQS-510 sonar systems with enhanced operational capability to detect


Rolls-Royce congratulates US Navy on christening of USS Zumwalt

Rolls-Royce congratulated the US Navy on the christening of the USS Zumwalt, the first of its new and highly sophisticated DDG 1000 multi-mission destroyer class of ship. The 600 foot long all-electric ship was christened by sponsors Ann Zumwalt and Mouzetta Zumwalt-Weathers at Bath Iron Works in


Technology, Economy the Focus of New Marine Academy in China

Chinas Ningbo container port (Photo courtesy UNNC)

The Ningbo Nottingham International Academy for Marine Economy and Technology (IAMET) has been officially launched at a ceremony at The University of Nottingham Ningbo China (UNNC). A partnership between The University of Nottingham, Wanli Education Group and Ningbo Municipal Government


USN Awards General Dynamics $11 Million for Support Services

Photo courtesy of General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat an $11 million contract to perform non-nuclear maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).


Falling Vessel Rates Pull Down Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a tenth straight session on Monday as vessel rates continued to fall. The overall index, which factors in the average daily earnings of capesize, panamax


Trans Atlantic Tanker Rates Higher

Clean tanker rates on the transatlantic route edged higher on Monday helped by light bookings although the market continued to struggle with a glut of vessels. Rates for medium-range (MR) tankers for 37,000 tonne cargoes on the TC2 route from Rotterdam to New York were at W124


Baltic Sea Freight Index Down, Capesize Rates Slump

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an 11th straight session on Tuesday, mainly driven by a heavy drop in capesize vessel rates. The overall index, which factors in the average daily earnings of capesize, panamax


Brazil Election Jitters May Hit Investments in 2014

Brazil's presidential vote will likely delay some investment decisions this year but spending on infrastructure is expected to remain strong, a senior government official told Reuters. Although President Dilma Rousseff is the favorite to win the Oct


Miami's Port to Issue Bond to Pay Debt, Fund Tunnel Project

The port of Miami's total debt is set to pass $1 billion after Miami-Dade County commissioners approved a $225 million bond offering on Tuesday to meet existing lending agreements and pay the balance on a nearly finished underground tunnel connecting the island-port to nearby highways.


Alaska Proposes Passenger Vessel Discharge Legislation

ADEC Cruise Ship Program The Alaska Department of Environmental Conservation (DEC) Commercial Passenger Vessel Environmental Compliance Program is proposing to issue a 2014 Large Commercial Passenger Vessel Wastewater Discharge General Permit (Permit number: 2013DB0004)


Baltic Sea Freight Index Down Again

The Baltic Exchange main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday for a 12th straight session on weak rates for capesize vessels. The overall index, which factors in the average daily earnings of capesize, panamax


Venezuela: New Exchange Rate for Foreign Vessels

GAC said a new exchange rate has come into effect in Venezuela for services rendered to foreign-flagged vessels performing international trading. The official rate, as per SICAD II public currency exchange auctions, is BsF. 49.06 per USD.


Falling Vessel Rates Keep Baltic Freight Index Down

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a 13th straight session as vessel rates continued to soften. The overall index, which factors in the average daily earnings of capesize, panamax


Baltic Sea Freight Index down on Weak Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a 14th straight session on Friday, driven mainly by falling capesize rates. The overall index, which factors in the average daily earnings of capesize, panamax


 
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