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.
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
Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union. Fading concerns over the so-called Brexit
Oil price volatility jumped to its highest level in more than four months on Thursday as U.S. crude plunged 5 percent, after data from the U.S. government showed inventories fell less than expected, disappointing market bulls worried about a glut of crude supply.
Last year saw an upswing in Capesize spot rates during the first seven months of the year, peaking in early August, rallying briefly in September and declining for the rest of the year, says ALIBRA Shipping in its Weekly Market Report.
Rising imports fueled higher container traffic at the Port of Long Beach in June, leading to a 3.4 percent overall volume increase over the same month last year, the port reported. The Port of Long Beach handled 603,339 TEUs (twenty-foot-equivalent units) during the month
Freight rates for large capesize dry cargo ships on key Asian routes could rise next week on higher volumes of iron ore cargoes, ship brokers said. "It's a bit more positive, optimistic next week," a Singapore-based capesize broker said on Thursday.
U.S. energy firms this week added rigs drilling for oil for the second time this year, energy services company Baker Hughes Inc said on Friday, after crude prices briefly tested a seven-month high over $50 a barrel over the past two weeks.
U.S. energy firms this week added rigs drilling for oil for a second week in a row for the first time since August, energy services firm Baker Hughes Inc said on Friday, after crude prices this week rallied to an 11-month high over $51 a barrel.
Container cargo numbers improved slightly at the Port of Long Beach in May, rising 0.8 percent compared to the same month last year when the docks were still busily catching up after several months of congestion. With cargo volumes near all-time peak levels, May’s 640
Rates from Australia to fall, Brazil rates to nudge higher. Freight rates for large capesize dry cargo ships on key Asian routes could diverge next week with rates from Australia to China trending lower on weaker sentiment while prices from Brazil to China could rise on tight vessel supply
U.S. drillers this week added oil rigs for a third week in a row for the first time since August, according to a closely followed report on Friday, as producers seek more drilling permits after crude prices hit an 11-month high over $51 a barrel last week.
U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices pull back after a recent rally to an 11-month high over $51 a barrel.
Ocean carriers achieved a six-month high for liner service reliability in May, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors. The on-time average of 76.0% for the 10 trades covered was a 4
Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize dry cargo ships on key Asian routes could continue to firm next week on higher cargo volumes and bunker prices
According to the latest Carrier Performance Insight, produced by Drewry Supply Chain Advisors, the most reliable carrier in May was Orient Overseas Container Line (OOCL), which had an on-time reliability average of 81.1%, closely followed by niche carrier Wan Hai at 81.01%.
U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the well pad since August that signaled a near-two year rout in drilling may have ended.
Freight rates for large capesize dry cargo ships on key Asian routes could move higher next week on a potential ship shortage, higher cargo volumes and storms in China that could disrupt sailing schedules leading charterers to scramble to fix replacement tonnage, ship brokers said.