Dry cargo rates continued to rise on Tuesday, but the market was quiet following Monday's Labor Day holiday in the U.S., brokers said. Cargill chartered the Ken Pan built in 1984 to ship 31,000 tons of maize from Durban to Japan 10/20 September at $22.75. The Baltic Dry Index (BDI) rose five points to 1,671, the Baltic Panamax Index four points to 1,616, the Baltic Handy Index six points to 1,169 and the Baltic Capesize Index by seven points to 2,239.
Panamax freight rates continued to climb steadily higher as fresh cargoes supported the sector. The Panamax market started the week relatively quietly, due in part to the Presidents Day holiday in the U.S. on Monday, but market sentiment remained buoyant. With the Baltic Panamax Index providing daily reassurance that all Panamax routes are on the rise, an average increase of the four Panamax timecharter routes by around $150 daily added to the positive tone
Modern vessel shortages in the North Sea are pushing Aframax and Suezmax tanker rates to year high levels. Rates for Aframax 80,000 ton vessels have repeated the year-high of W217.5($8.00 per ton) for late month U.K./Continent liftings, but brokers said June business was now played out. One million barrel Suezmax tankers were benefiting strongly from bouyant North Sea markets with transatlantic rates climbing steeply to W165-W180
Panamax freight orders picked up for Atlantic tonnage on Tuesday while Pacific rates continued to hold strong, shipbrokers said. In the short-period market, the 75,000 dwt newbuilding APJ Jit was chartered for June 20-25 South Korea delivery, booked for 3-5 months trading at a rate of $9,750 daily, they said. Brokers reported the chartering of North Friendship, a 1999-built 74,732 dwt panamax, was chartered for end-June U.S. Gulf delivery
Drewry Shipping Consultants, maritime consultants, in a new report “Capacity Management – surviving the container crisis,” concludes that Carriers need to act now to combat the global recession. While the past six months have seen a huge amount of capacity changes in the industry, freight rates continue to plummet while the industry shirks the painful decisions that are needed to ensure their collective survival.
Due to overcapacity & economic turmoil in the market, the market index for 40ft containers has taken a massive dip, 44% from May 2012. Xeneta, the price comparison service for sea freight, found that the average container freight rates from Asia to North-Europe continues to drop to $2,564 per 40-foot container and $1,341 per 20-foot. Due to overcapacity and various economic turmoil in the market, the market index for 40-foot has taken a massive dip with it being down 44 percent from May
The market index for Asia to North-Europe is still on the decline, and the average for a 20-foot saw a 19% drop since May 26 compared to the June 26 price comparison service for sea freight, Xeneta reported. The market average for a 40-foot 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
Offshore drilling rig rates will continue to fall in the coming period and the rate spread between old and new equipment will continue to widen, Rune Lundetrae, the chief financial officer of offshore driller Seadrill said on Tuesday. "I think we will see day rates also for new equipment coming down in this market," Lundetrae said. "No one is immune. I'm feeling relatively good about this market. But there is headwind and we all have to take that in."
The UK War Risks Club announced the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best. AM Best’s rating reflects the Club’s “excellent risk-adjusted capitalisation, track record of good operating performance and its established business profile as a specialist underwriter of war risk insurance for ships.”
The momentum in the Capesize shipping markets is likely to continue across the next month, shipping brokers said. However, continued rate strength in the New Year will depend on sentiment concerning Bocimar's intentions for the vessels it has on short term charters coming up for renegotiation from February. Current optimism in rates being maintained is based on recent timecharter fixtures of $20,500 a day for a modern bulk carrier East and $17,600 on a return trip to Europe, a broker said
Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Nov 1. Rates for twenty foot equivalent unit containers (TEU) will rise by $900
Crude price drop and dollar strength benefit TEN’s bottom line materially; third quarter financial results to be announced on November 21, 2014 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is
Rates for capesize bulk carriers on key Asian routes are again likely to fall as the volume of tonnage limits any price gains from an increase in chartering activity, brokers said. Freight rates for a voyage from Australia to China have steadily fallen since Sept
Kinder Morgan Energy Partners, L.P. said it will add 2.1 million barrels of storage at its Pasadena and Galena Park terminals just outside Houston. The $210 million project - supported by long-term contracts with existing customers - will also include the construction of a new ship dock and
U.S.-based maritime technology firm WR Systems has expanded its commercial maritime service network within the U.S. The opening of strategic service centers in Tampa, Fla. and New Orleans, La. complements the existing service hubs of Norfolk, Va. and Jacksonville Fla., the company said.
Moody’s Investors Service has upgraded Canaveral Port Authority’s $30.2 million in outstanding revenue bonds to A2 from A3 and rated its financial outlook stable. The upgrade was attributed to low leverage, cruise growth, stable finances and proactive capital plan management.
Chairman Mario Cordero announced that the Federal Maritime Commission has completed compromise agreements recovering a total of $503,000 in civil penalties. The agreements were reached with five non-vessel-operating common carriers (NVOCCs)
Energy demand in South East Asia is expected to grow at twice the rate of the rest of the world. DNV GL has appointed Arve Johan Kalleklev regional manager for Oil & Gas in South East Asia just as the company is establishing a dedicated LNG and Gas Consulting unit in Singapore
The TT Club, an international transport and logistics insurance provider, released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT
Intercargo has appointed David Tongue as its new Secretary General. Mr. Tongue, took up the role on 8 October, following confirmation of the appointment by Intercargo’s Executive Committee which met in London on 7 October. Mr. Tongue brings with him a wealth of maritime experience
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
Crowley Maritime Corporation’s liner services group and Seaboard Marine Ltd. announced today that they have entered a new vessel sharing agreement (VSA) to service customers in the Dominican Republic trade lane, while also changing their current VSA to Panama and Costa Rica.
Tom Allegretti, Chairman of the American Maritime Partnership (AMP), the voice of the domestic maritime industry, today highlighted the continued renaissance of the nation’s maritime sector, particularly its robust response to meet new water transportation demands created by the surge in
Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said.
French state-owned nuclear power group Areva will likely decide this week to scale back investments in order to avoid having its credit rating downgraded to junk status, weekly newspaper Le Journal du Dimanche said. The paper, citing unnamed sources