The Drewry Hong Kong-Los Angeles container rate benchmark, soared by 17.5% to US$2,452 per 40ft container this week. Last week’s Drewry transpacific price benchmark dated 1st August increased by just $71 per 40ft container from levels in the previous week, but it has now become clear that the rate increase was deferred by most carriers. “We said last week that one factor in the price changes was that carriers are staggering the implementation of this month’s GRI [General Rate Increase],” explained Martin Dixon, Drewry’s research manager for freight rate benchmarking. “What we now know is that the spot market has accepted the $500 rate increase over a period of 2 weeks, not one.” The latest $500 price increase ($429 this week and $71 last week) propelled spot freight rates from Hong Kong to Los Angeles to their highest level this year. This week’s $2,452 rate is 89% higher than this time last year. Perhaps more importantly, this was the 5th week-on-week rate increase of more than 10% this year. With transpacific capacity lower than a year ago and Asia-to-US volumes in July up by approximately 7%, the container market on the transpacific route appears to be much tighter than the Asia-Europe container trade. “The jump in rates and in volumes are there, but we have not changed our belief that freight rate levels will drift back downwards through the latter part of August,” Dixon warned
Mediterranean Shipping Company (MSC) will file a General Rate Increase (GRI) of $160 per 20 ft container and $200 per 40 ft unit on all cargo moving from Europe to the USA. The company will also file a GRI of $200 per 20 ft unit and $250 per 40 ft unit applicable to freight moving from Italy, Spain and Portugal (Western Mediterranean service) to the USA, all coasts. These new rate increases go into effect April 1, 2009.
Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year. Rates for 20 foot containers heading westbound to U.S. Atlantic, Gulf and Pacific ports would rise by $600 from January 1, 2000, carriers in the Trans-Atlantic Conference Agreement (TACA) said. For 40 and 45 ft units the increase would be $750, they said
Higher panamax freight rates have boosted sentiment in the market amid hopes for further rates increases during the week, shipbrokers said on Monday. They gave as prime example the latest U.S. Gulf to Japan fixture at a rate of $23.25 per ton of heavy grain for mid-July loading dates, this compared with the present Baltic Panamax Index showing an average $22.86 per ton. Firmer fixtures had been also reported for both the Pacific and the Atlantic, brokers said.
After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down
Horizon Lines' financial report shows volume improves 3.4%, & rate, net of fuel up 2.9% from a year ago. Sam Woodward, President and Chief Executive Officer comments on third quarter 2012 financial results: "Horizon Lines generated a 3.4% improvement in container volume and a 2.9% increase in container revenue, net of fuel surcharges, for the third quarter, relative to the same period a year ago," said Sam Woodward, President and Chief Executive Officer
Freight rates have come under pressure in recent months with the entry of new players into the North Atlantic market. Moreover, costs, particularly for charters, bunkering and additional security measures, have risen. Hapag-Lloyd has thus decided to raise freight rates for the North Atlantic and for the US Gulf and the US West Coast with effect from February 1st 2007. The increase amounts to $200 for a 20-ft. container and $250 for a 40' container.
Total Canal transits decreased 2 percent during Q2 – from 4,053 to 3,971 transits. Panama Canal/Universal Measurement System (PC/UMS) tonnage also dropped 2.6 percent – from 80.4 million PC/UMS tons to 78.4 million PC/UMS tons. Passenger transits increased 34.8 percent – from 92 to 124 transits – while dry bulk transits rose 6.7 percent, from 586 to 625 transits and dry bulk cargo tonnage increased 10.4 percent, from 12.3 to 13.5 million PC/UMS tons.
The market index for Asia to North-Europe is still on the decline, the average for a 20ft saw a 19% drop since 26th of May compared to the 26th of June reports Norwegian price comparison company Xeneta. The market average for a 40ft in Asia to North-Europe performed similar with a 20% decline in container shipping rates in the same period. The rate pressure is higher than ever with the announced general rate increase on July 1
The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance. Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year
The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members
Ensco plc today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.06 per share gain on the sale of four jackup rigs, third quarter 2014 diluted earnings per share from continuing
Bourbon announced its financial results for the third quarter of 2014, in which its saw revenues increase by 5.7% year on year as fleet growth and higher average daily rates were partially offset by lower utilization rates. Bourbon said average daily rates increased in almost all segments and
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.4 percent to $1,175 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.
Nordic American Tankers (NAT) report a cash dividend, strongly improved operating cash-flow and a positive net income in the first quarter of 2014. The Company informs that thanks to a strong winter market, Q1 2014 has produced the best results it has seen in several years
Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.
SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014
The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at least US$600 per 40-foot container (FEU) to all destinations, effective September 1
To meet increasing operational costs and maintain high level of reliability and proficiency to our Customers, The Shipping Corporation of India (SCI) has announced hike in rates on ISE and IPAK Service (Indian Subcontinent to Europe) w.e.f
The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter of 2014.
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues
The strength of first-half 2014 container flows from Asia to Europe flies in the face of the macro-economic data coming out of Europe, says Drewry Maritime Research (DMR) in their latest ‘Container Insight Weekly’, excerpted here.
Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. They are, however, still higher than at the corresponding period twelve
Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR
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