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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


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.


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


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


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


Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said on Friday. The pause would come after charter rates from the Middle East to Asia jumped this week to their highest levels since February 27 after falling on Monday as owners resisted charterers' attempts to push prices lower, brokers 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


Asia-N.Europe Container Freight Rates Jump 21%

Photo: Maersk

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 21 percent to $1,455 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.


Asia Dry Bulk Capesize Rates Stay Flat

Bulk carrier anon: File photo

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability, ship brokers said. But there could be brighter prospects in the coming weeks on rates for voyages from


General Dynamics gets $25 mi GPS Contract from Lockheed Martin

  General Dynamics Advanced Information Systems, a business unit of General Dynamics, was awarded a $25.4 million full-production contract from Lockheed Martin to support the U.S. Air Force Global Positioning System (GPS) III Network Communications Element (NCE) for space vehicles seven and


200th Airbus A320 Shipset Loaded for China

Loading of the 200th shipset A320 FAL at the Airbus quay in Finkenwerder (Photo: Airbus/Christian Brinkmann)

The 200th shipset for Airbus’s A-320 final assembly line (FAL) in Tianjin, China, was loaded on to the containership COSCO Hope at HHLA’s Container Terminal Tollerort on July 28 and dispatched onwards to Asia. Transport by sea to Tianjin lasts around 40 days.


Mercator Lines Profit Hit by Low Bulk Freight Rate

Bulk carrier fore-deck: Image courtesy of Mercator Lines

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.1 million for the quarter as against a loss of USD 6


Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy. Monroe Energy LLC, the Delta subsidiary that runs the airline's 165


General Dynamics Gets $67mi Order from Peruvian Govt.

  The Peruvian Ministry of Defence has awarded a USD$67 million contract to General Dynamics Land Systems-Canada for 32 Light Armoured Vehicles (LAVs) for the Peruvian Marines. General Dynamics Land Systems, the Canadian company's parent corporation, is a business unit of General Dynamics


SFL Announces Sale of Three Older VLCCs

Front Opalia (Photo courtesy of SFL)

Ship Finance International Limited (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter parties with a subsidiary of Frontline Ltd


General Dynamics Launches Morgan County NextGen-911

  General Dynamics Information Technology, a business unit of General Dynamics, has implemented a NextGen-911 emergency service solution for Morgan County, Ohio. The NextGen-911 solution enables Morgan County to easily accept emergency information from a variety of sources and provides first


Sergey Gustov In-Charge of Gazprom LNG Saint Petersburg

Sergey Gustov

Sergey Gustov has been appointed Director General of Gazprom LNG Saint Petersburg. Sergey Gustov was born in the Vladimir Region in 1969. In 1992 he graduated from Plekhanov Saint Petersburg State Mining Institute, majoring in Technology and Comprehensive Mechanization of Strip Mining


Teekay Announces Public Offering

Teekay LNG Partners L.P. has announced  that it has agreed to sell 2,800,000 common units, which represent limited partner interests, in a public offering. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units


Maersk Aims to Raise Aisia-Europe Freight Rates

Photo: Maersk

The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU). The new rates will take effect from Aug. 1, the company told Reuters in an email on Friday


Asia-Europe Container Shipping Rate Falls 5.5%

Container ships bow: Photo courtesy of APL

Reportedly, shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 5.5 percent to $1,230 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.


UK Club Rating Upgraded by S&P to A (Stable)

Financial rating image credit UK Club

Leading P&I club, the UK Club informs it has received the full report from Standard and Poor (“S&P”) explaining its reasons for upgrading the Club's financial rating. Extracts follow: The report explains that, in assessing the Club’s business and financial risk profiles


Aker Philadelphia Shipyard : Buyback Program of Own Shares

 Aker Philadelphia Shipyard

The Board of Directors of Aker Philadelphia Shipyard ASA has resolved to initiate a buyback program for up to 10% of the Company's share capital. The decision reflects the Company's focus on maximizing shareholder returns over time, its strong financial position






 
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