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
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
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
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 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 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.”
Eastern Shipbuilding Group, Inc. launched the HOS Warland (Hull 241) on Friday March 6, 2015 for Hornbeck Offshore Services, LLC. The HOS Warland is Eastern’s first of two 302’x76’x26’ multipurpose service vessels (MPSV) launched with the Hornbeck designation HOSMPSV 310ES
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Wednesday on lower capesize rates. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday on increased rates for bigger vessels. The overall index, which factors in average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose. The overall index, which factors in average daily earnings of capesize, panamax
Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa. Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.
According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high. According to Carrier Performance Insight, the online schedule reliability tool provided by Drewry
The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose further on Friday mostly on higher capesize rates. The index tracks rates for ships carrying dry bulk commodities. The overall index, which factors in average daily earnings of capesize
“While the dry cargo market was depressed in most of 2014, the year ended with sharply increasing rates in the tanker market, and our tanker department generated the best results since 2008. The strong tanker market has continued into 2015.”
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
Eastern Shipbuilding Group, Inc. delivered the M/V Bill Seymour (Hull 190), the 60th 90’ Inland Towboat to Florida Marine Transporters, Inc. of Mandeville, La., continuing its ongoing newbuild program. It was in early January 2015, when Florida Marine Transporters, Inc
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday primarily because of higher rates for the large vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
Smart players leverage low debt, adjust work schedules, seek spot gigs and new markets 30%That’s the minimum level of capital expenditure cuts facing owners and operators of offshore rigs, vessels and various support services, as they scramble to keep equipment working and their heads
Banks are beginning to recommend efficiency retrofits to shipowners, and are using energy-efficiency data in deciding which vessels they finance—and which they won’t, says a survey conducted by Carbon War Room.
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v YM New Jersey, a 2006-built Panamax container vessel of approximately 5