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

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

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

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.

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

Hapag-Lloyd Rate Increases

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

General Rate Increases, Transatlantic Trade

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 Rates Mitsui O.S.K. Lines Stable

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

Commodity Rate Restoration, Europe to Asia

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.