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.
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
The rate erosion for Far East services already apparent in 2008 has continued at the beginning of this year. In the meantime freight rates worldwide have reached a level that no longer covers costs. Hapag-Lloyd has therefore decided to raise rates in important trades in order to be able to continue to offer customers the accustomed reliable service and a comprehensive liner network. New tariff rates for incoming services from East Asia
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
Moody's Investors Service changed to stable from negative the outlook of its Ba1 senior unsecured debt rating and (P)Ba1 Japanese shelf registration rating of Mitsui O.S.K. Lines, Ltd. (MOL) and Ba1 debt ratings of Euromol B.V. and Mitsui O.S.K. Finance plc. The latter two companies are MOL's overseas finance subsidiaries supported by keepwell agreements with MOL. This rating outlook change is based on Moody's belief that MOL's improving performance will continue to contribute to its earnings
Unsustainable rates and improved demand lead to rate increases effective 1 March and 1 April 2009. The General Rate Increase will be $25 per TEU thus totaling $50 per TEU. During the Q4 2008, the industry has experienced declining freight rates in the Europe to Asia trade, a trend that has continued into 2009. In addition, hereto, there are now indicators that demand is increasing due to amongst others the weak Sterling and Euro.
The latest report from Ti, Global Transport and Logistics Financial Analysis 2013, reveals the winners and losers in the global logistics industry over what has been a tempestuous six year period. Analyzing the financial accounts of 20 of the world’s largest publicly quoted express
Clean tanker rates for refined petroleum products on top export routes soften with build up of ships pressurizing the transatlantic market. Rates for medium-range (MR) tankers for 37,000-tonne cargoes on the TC2 route from Rotterdam to New York were at W140
Leevac Shipyards Jennings LLC, of Jennings, LA, a subsidiary of Leevac Shipyards, LLC signed contracts with Hornbeck Offshore Services, LLC, an affiliate of Hornbeck Offshore Services, Inc. (NYSE:HOS) of Covington, La., for the construction of two STX Marine SV 310 Multi-Purpose Supply
The company reports its earlier loss significantly reduced in first quarter 2013 financial results. Financial highlights: Freight rate up 4.2% year on year Slight increase in transport volume Revenue growth of 3.1% Loss significantly reduced
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the three month period ended March 31, 2013. First Quarter 2013 Highlights:
Specialist liability insurer for the international transport and logistics industry TT Club said it had another good performance for the year ended December 31, 2012, with further increased gross written premiums, and the club now maintains its A- (Excellent) rating for the past eight years.
Conrad Shipyard, L.L.C. has received the 2012 Award for Excellence in Safety as well as the Award for improvement in Safety by the Shipbuilders Council of America (SCA). Conrad was one of only five member organizations to receive both awards
Average global freight rates have fallen to a 15-month low, according to Drewry’s new online Container Freight Rate Insight. Drewry’s Global Freight Rate Index fell 12% in April to reach its lowest level since February 2012, when container shipping was still recovering from the last
Hamburg Süd’s performance in brief Following the powerful recovery of the world economy in 2010 and a weaker 2011, global growth continued in the past financial year, albeit at a slower pace. Against this backdrop, container shipments increased once again
DNV said its continued focus on safety and service quality and the ability to provide leading-edge technology advice and solutions contributed to its market and financial performance in 2012. The company reported that revenues increased by 27% compared to 2011
Non-state company, Sino-Global, announces major decline in third quarter 2013 financial results, raises cash by share issue. Sino-Global is a non-state-owned provider of shipping agency services operating primarily in China. Financial highlights are as folllows:
NOL Group reported first quarter 2013 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of $85 million, a 64% improvement or $148 million, in the key profitability measure from a year ago. NOL attributed the improvement to a continuing focus on operational efficiency and
IEA’s Medium-Term Oil Market Report sees companies overhauling global investment strategies; meanwhile, surge in non-OECD refining capacity shakes up product market The supply shock created by a surge in North American oil production will be as transformative to the market over the next
The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Highlights • Surplus of $9.5 million increases free reserves and hybrid capital to new high
U.S. Coast Guard releases 2012 Recreational Boating Statistics Report showing the lowest number of fatalities on record, overall drop in accidents & injuries. From 2011 to 2012, deaths in boating-related accidents decreased from 758 to 651, a 14