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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


Sovcomflot Profits slip

Projects - The company services large-scale energy projects in Russia and abroad, including Sakhalin-1, Sakhalin-2, Prirazlomnoye, Varandey, Tangguh and Peregrino.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and


Asia’s Biggest Container Shipper Posts Loss

Photo: China COSCO Holdings Company Limted

 Asia’s largest container shipping company China Cosco Holdings Co  posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn net profit seen during the same period last year as excess capacity dragged down cargo rates.  


Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects demand for commodities to pick up this year. Africa's biggest shipping group, which is present in 37 countries worldwide


New Container Equipment Prices to Fall to Record Lows

Photo: Hapag-Lloyd AG

 Cheaper production and material costs as well as weaker demand has driven the price of new container equipment down to record lows and is forecast to fall  further during 2016, according to the latest edition of the Container Census report published by global shipping consultancy Drewry


Pressure Mounting on VLGCs Rates - Drewry

Source Drewry’s LPG Forecaster report (www.drewry.co.ukpublications)

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.   Two major factors have lowered VLGC rates in recent times: excessive fleet growth and weak


Tanker Market: ‘New Normal’ Drives Downbeat Summer Sentiment

Antigone (Photo: Euronav)

The tanker market is forecast to see challenging conditions with technical and structural factors impacting earnings, according to independent research and consultancy firm Maritime Strategies International (MSI).   In its latest Tanker Freight Forecaster


DP World Rating Upgraded by Fitch

Photo DP World Port

Fitch Ratings recently upgraded DP World Limited’s  Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable.   The upgrade follows on the Fitch announcement in November 2015 that DP World’s outlook had been


Cargo Growth Forecast at Canada's West Coast Ports

The OSC 2016 forecast and planned container capacity increases on the west coast of Canada. Image by OSC

Ocean Shipping Consultants' 2016 container traffic report for the west coast of Canada forecasted that container demand through the Port of Vancouver and Port of Prince Rupert would be 6.62 million twenty-foot equivalent unit containers (TEUs) by 2030 (base case), with 5.93 million TEUs and 7


How Long Will Shipping Downturn Last ?

Graph: Clarksons Research

 Shipping is a cyclical business. For many years, Clarksons Research has tracked the ups and downs of its cycles via the ClarkSea Index, a weighted average of vessel earnings in the main shipping sectors.    In the first half of August, the index averaged less than $7,500/day


Q4 Bounce Forecast for Dry Bulk Market

File photo: Eagle Bulk Shipping

The Q4 bounce – a seasonal staple of the dry bulk markets – looks likely for Capesize and Panamax segments, but the effects may be limited.    Independent research and consultancy firm Maritime Strategies International (MSI) is forecasting a fourth quarter bounce in dry


Tanker Outlook Dented by Middle East Refineries

Refinery throughput growth by region (000 bpd) (Source: Drewry’s Tanker Forecaster report)

A steep rise in refinery capacity in the Middle East, the world’s crude oil production hub, will diminish oil trade growth and with it prospects for tanker shipping, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. 


Low Freight Rates Hit Maersk Line

Photo: Maersk Line

 Record low freight rates have driven the World’s largest container carrier Maersk Line to report a second-quarter loss of US$151 million.   The second quarter result and revenue both fall year-on-year as average freight rates hit record low levels


TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

 Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100


Asia N.Europe Box Rates PLunge 10.5 pct

A containership alongside engaged in cargo operations in the port of Hamburg, Germany (port of Hamburg)

Container spot freight rates from Asia to Northern Europe fell 10.5 percent to $771 per twenty-foot equivalent units (TEU) last week, data from the Shanghai Shipping Exchange showed. Specifics of the Intermodal news include:   Freight rates from Asia to ports in the Mediterranean


Has the Link between OPEC Production and VLCC Rates broken?

Graph: Poten and Partners

 For the tanker market, in particular for VLCCs, increasing Middle East OPEC production is typically a good sign.    Poten and Partners in its Shipbrokers Reports says that does not appear to be the case at this particular moment






 
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