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Rates Continue

Dry Cargo Rates Continue Rise In Quiet Market

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 Rates Continue Steady Climb

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 Freights Rise, Pacific Rates Hold

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


Tanker Rates Continue To Soar

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


Carriers Need to Act Now to Combat Recession

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.


‘Excellent’ rating for UK War Risks

Excellent Rating for UK War Risks

  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.”


Seadrill CFO: Offshore oil rig rates to fall further

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."


Capesize Momentum Likely To Continue Through End Of Year

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 Rates Continue to Fall in June

xeneta container charts web.jpg

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


Container Shipping Rates Continue to Plummet

Market average for 20ft container from Shanghai to Rotterdam (Photo: Xeneta)

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


Fresh Hopes in Container Shipping: Alphaliner

Table: Alphaliner

 The new year brings with it fresh hopes for a recovery in container shipping although the market remains fundamentally imbalanced, says an Alphaliner report.   A slew of new records were set in 2016 but most of them marked new lows for a container shipping market that continues to


Spot box rates rise above 5-year average - Drewry

Image Drewry

Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1


Eastern Delivers Two Towboats to Florida Marine Transporters

MV CAPT. RICKY TORRES Photo Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. delivered the M/V CAPT. RICKY TORRES (Hull 194) on October 11, 2016, and the M/V CULLEN PASENTINE (Hull 195) on December 28, 2016; the 64th and the 65th 90’ Inland Towboat to Florida Marine Transporters, LLC of Mandeville, LA


Spot Box Rates Rise Above 5-Year Average

Graph: Drewry Shipping Consultants Limited

 Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years, said a report by Drewry.   The latest weekly reading is $1,770/40ft container for the composite index


APM Terminals Mumbai Mulls DPD Service

Photo: APM Terminals

 APM Terminals Mumbai, India’s busiest container terminal, has embraced ‘Direct Port Delivery’ (DPD)service initiated by the Indian government as part of its “Ease of Doing Business Program” to enhance India’s access to the global logistics chain. 


Asia Dry Bulk-Capesize Rates Firm as Weather Delays Weigh

File Image: a large bulk carrier underway (CREDIT: BSM)

Brazil-China rates climb to a 15-month high; about 80 capesize, panamax ships waiting to unload around Tianjin.   Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain firm for at least two more weeks as bad weather conditions in China and Australia help


EPA Awards Nearly $2 Mln for Clean Repowers

Three New England projects have been awarded nearly two million dollars under the U.S. Environmental Protection Agency’s (EPA) competitive national grant competition to reduce diesel emissions.   The grants, totaling $1,975,000, were made under the Diesel Emissions Reduction Act (DERA)


Bimco Expects 'Die-hard Competition' to Continue in 2017

Photo: World Shipping Council

 2017 will see another year of die-hard competition, which now includes tankers, says International shipping association Bimco.  The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since


Freight Rates Jump after Hanjin Collapse

Photo: Hanjin Shpiping Co

 The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea.   It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down


Vessel Earnings and Global Fleet Trends

Graph: Clarkson Research Services

 Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016.   The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping


Asia Tankers-VLCC Rates to Slide on Lower Cargo Volumes

File Image: A so-called SuezMax tanker transits the Suez Canal (CREDIT: Suez Canal Authority)

34 VLCC MidEast cargoes fixed for early Jan -Reuters terminal; only nine fixed so far for mid-Jan.   Freight rates for very large crude carriers (VLCCs), which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be


Santa’s Sleigh Dreaming Of A Bright Christmas

Graph: Clarksons Research

 In the shipping world, ‘Santa’s Sleigh’ is the big containership fleet, which carries the goods from manufacturers in Asia to the retailers in Europe and North America in good time for consumers to prepare for the holiday season, says Clarksons Research.  


Asia Dry Bulk-Capesize Rates to Firm on Tight Tonnage, Ample Cargo

File Image: a large bulk carrier underway (CREDIT: BSM)

Just handful of ships for Brazil loading in early January; coal, South African iron ore cargoes support rates.   Freight rates for large capesize dry cargo ships on key Asian routes could diverge with rates from Brazil to China nudging higher on a shortage of tonnage and those from


NYK Cruise Honored at 2016 Cruise of the Year Awards

JOPA chairman Naohiko Yamaguchi presented a plaque to Masahiro Arai, senior managing director at NYK Cruises Co., Ltd. Photo NYK

The "Circle Japan Grand Cruise,” a luxurious one-month voyage operated by NYK Cruises Co. has been recognized with an Award of Excellence at the 2016 Cruise of the Year Awards* sponsored by the Japan Oceangoing Passenger Ship Association (JOPA).  


Moody's Assigns Panama Canal A2 Rating

Panama Canal Photo Panama Canal Authority

Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage, and historically strong operational and financial performance.   Moody's expects this performance to continue into the






 
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