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.”
The U.S. Coast Guard (USCG) has placed the International Register of Shipping (IRS) in the top bracket of those recognized organizations (RO) that consistently achieve zero detentions for its registered vessels for the third time in just six years.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax
Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel. According to Moody’s the outlook on the B2 corporate family rating (CFR)
Weak holiday demand to pressure rates lower. Rebound seen after China returns to market on Oct 8. Freight rates for capesize bulk carriers could come under pressure next week as lower cargo volumes due to holidays in China thwart shipowners efforts to push rates higher, ship brokers said.
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters
Greenhouse gas emissions from thawing Arctic permafrost could result in an additional $43 trillion in economic impacts by the end of the twenty-second century, according to a new study by researchers from the University of Cambridge and the U.S. National Snow and Ice Data Center (NSIDC)
Subsea operation specialist, Swire Seabed, has placed an order for the acquisition of two Kystdesign Supporter Work-Class Remotely Operated Vehicles (WROVs) with Lidan Launch and Recovery Systems (LARS), for delivery in February 2016. Swire Seabed has the option to purchase two more WROVs
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 31 percent to $313 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
Overall confidence levels in the shipping industry rose in the three months ended August 2015 to their highest level this year, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens
The VLCC market continued to strengthen this week with sentiment supported by both stronger demand and expectations for the October Middle East and West Africa programs to rise substantially from September levels, according to Charles R.Weber Weekly.
Major container shipping rates plummeted again this week, with declines on the trunk Shanghai-Europe routes falling at record amounts, says Shangahi Containerised Freight Index (SCFI). A eport in ASC says that the SCFI for Far East to North Europe dropped by a staggering
NewLead Holdings Ltd. announced yesterday that it entered into a time charter contract for one of its dry bulk Eco-type Handysize vessels, the Newlead Castellano, for two consecutive voyages, anticipated to be completed by the end of November 2015, at a gross charter-out rate of US $7
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials.
Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially
Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight