Rates from Western Australia to China fall from six-month high. Freight rates for large capesize dry cargo ships on key Asian routes could slide next week as charterers rein in their activity following a flurry of fixtures which pushed rates from Western Australia to China to a six-month high this week, ship brokers said on Thursday. That came as all three Australian iron ore miners - Rio Tinto, BHP Billiton and Fortescue Metals Group - cashed in on higher iron ore prices with a raft of fixtures this week. Iron ore prices have climbed from a low of $37 a tonne in December to around $56 a tonne this week. "There were two days of optimism where the market was pushing up and everything is looking rosy, then the market comes off and rates fall through the floor," said a Singapore-based capesize broker on Thursday. "The capesize market is a never-ending roller coaster. Rates are up, then they're down. There's no sustainability," the broker said. Capesize freight rates for a spot cargo from Western Australia to China climbed to $4.63 a tonne on Tuesday, the highest level since Dec. 1, 2015. But they dropped again from Wednesday. "The index level is now $4.35 a tonne but it's going to come down. Offers from charterers are now around $4.20/$4.25 a tonne so rates are going to get smashed," the broker said. Iron ore and coal are staple cargoes for capesize ships which can carry around 170,000 tonnes of the commodities.
Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 76 points in the week ending Monday to 5,060. "The index rose back above the psychological 5,000 barrier despite a relatively quiet week," SS&Y said. "Japanese steel production was down on last month's highs but still remains a force to be reckoned with and South Africa is drawing tonnage away from the Pacific, giving further cause for optimism amongst owners
Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad. The jihadists extended their lightning advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest and bloodbath
Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices, gains were curbed by a firmer U.S. dollar that makes commodities priced in the greenback more expensive for holders of other currencies. The dollar index stood near a 14-month high, with some investors betting the U
Japan will likely refrain from loading oil at Iranian ports in March because of the impending expiry at the end of next month of special shipping insurance cover provided by the government, industry and government officials said. The potential restriction from one of Tehran's biggest oil customers highlights Iran's difficulties in boosting exports after U.S. sanctions were lifted in January. The problem stems from confusion about whether U.S
Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27.
China has stopped issuing permits for imports of distillers dried grains (DDGs) from top exporter the United States on concerns they might contain an unapproved genetically-modified organism (GMO), traders said, sending U.S. prices tumbling. Quarantine authorities have also asked buyers to re-export earlier shipments that contained MIR 162, a GMO strain developed by Syngenta AG that has not been approved for import by China's agriculture ministry.
New data on three of the key indicators followed by BIMCO’s shipping market analyst sheds light on near-term and future market developments. The news follow up on BIMCO market reports and comments to commercial developments for the three main shipping segments. 1. China’s industrial production (IP) grew by 9% in July over the same period last year, according to the National Bureau of Statistics in China. This is a minor decrease from 9.2% in June, which was a three-month-high
Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather delays and charterers' need for urgent tonnage, ship brokers said. "It's been really hot. Both the Atlantic and the Pacific have become overheated
Singapore has launched an initiative to attract more locals to take up a career as a marine engineer. The joint venture between unions, government and industry aims to address an acute shortage. A new S$1.2 million Tripartite Engineering Training Award (TETA) Programme was launched
Chinese steel and iron ore futures fell deeper into bear market territory on Thursday, as the country's exchanges unveiled more measures aimed at dampening the type of speculative trading behind a powerful rally last month. The aggressive steps to limit speculative buying have helped fuel
U.S. oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes Inc said Friday, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones.
U.S. energy firms this week kept the number of rigs drilling for oil unchanged for the first time this year, services company Baker Hughes Inc said on Friday, as crude futures trade near a seven-month high. Drillers kept the number of rigs at 318 in the week to May 20
U.S. natural gas futures on Friday sank to within a penny of a 1995 low as drillers continue to pull near record amounts of gas out of the ground despite forecasts for warm weather and light heating demand and with stockpiles at record high levels.
Higher fuel prices could help lift freight rates - Shanghai broker. Freight rates for capesize bulk carriers on key Asian routes are likely to hold around the current levels, after a revival in charter rates this week ran out of steam as the fundamentals of too many ships chasing little cargo
U.S. import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the dollar's rally fades and oil prices stabilize. The Labor Department said on Friday import prices slipped 0
Flurry of cargo fixtures push Australia, Brazil rates to highest since December. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady next week near four-month highs if owners continue to reactivate idle tonnage on upbeat cargo demand
Tankers at Qingdao port face up to 30-day wait. At least 15 large tankers wait to offload -shiptracking data. A surge in oil buying by China's newest crude importers has created delays of up to a month for vessels to offload cargoes at Qingdao port
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, on surging capesize demand and improved activity across vessel segments. The overall index, which factors in rates for capesize, panamax
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest level in four months on Friday, backed by an upswing in demand across vessel segments headed by capesizes. The overall index, which factors in rates for capesize
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, on Tuesday rose to its highest in over five months on improved rates across vessel segments. The overall index, which factors in rates for capesize, panamax
Owners resisting charterers' attempts to push market lower; rates slip from 5-1/2-month highs. Freight rates for large capesize dry cargo ships on key Asian routes face an uncertain outlook next week with some owners resisting charterers' attempts to push hire rates down even as freight rates
Navios Maritime Acquisition Corporation, announced today the employment of three product tankers at charter rates that are, on average, 14 percent higher than their previous charter rates. The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18
Canadian non-resource exports should post healthy gains this year, the country's trade financing agency said on Monday, a development the central bank is counting on to help revive an economy hobbled by weak global energy prices. Export Development Canada predicted the consumer goods