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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


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.


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


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


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."


‘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.”


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


Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow. And, if that newbuild or conversion program involves a significant fleet expansion


Matson Raises 2015 Westbound Hawaii Box Rates

Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225 per westbound container and $110 per eastbound container, effective January 4, 2015.  


Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $225 for both westbound and eastbound containers, effective January 25, 2015


Frontline Disappoints with Deeper 3Q Loss

Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options to restructure its debt and lease obligations. The Oslo-listed tanker business of shipping tycoon John Fredriksen said its results


Video: Reefer RoRo Ship Design Rebooted

Image: Knud E. Hansen A/S

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II. A video showcasing the design is available here.


Asia Tanker, VLCC Rates Could Climb

Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs) on key Asian routes are set to continue the rebound that started on Wednesday with a raft of new cargo requirements and upbeat sentiment


Rowan's Fleet Status Update

Logo

Rowan Companies plc informed today that its monthly report of drilling rig status and contract details have been updated as of November 20, 2014.  Notable events in the current report include: Rowan Louisiana: As previously indicated


CSCL’s New Containership Sets Two World Records

The 19,000-teu CSCL newbuilding during sea trials

Largest boxship undergoes tests, powered by largest engine China Shipping Container Lines Co. Ltd. (CSCL) ran sea trials from October 17-20 on its newbuilding, CSCL Globe, the first vessel in a series of five 19,000-teu, 400-meter containerships.


NAT CEO: Low Oil Prices Benefit the Tanker Market

Herbjørn Hansson (Photo courtesy of NAT)

Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate


CEO Lone: China, India to Dominate Oil Trade

Harald Lone, Chairman and CEO of Newport Shipping Group

China and India will account for about 35% of global oil trade in the next 10 to 15 years, according to predictions by  Harald Lone, Chairman and CEO of Newport Shipping Group. Many traditional global shipbuilding patterns are in flux with the proliferation of oil and gas coming from the U.S


Van Heck Advances Dredging Innovation

Photo: Van Heck

Van Heck started in 1964 as a one man operation to build and develop pumps and services to the dredging industry. Driven by innovation and its reputation, the company expanded into the offshore industry boom of the 1980s and its expertise grew as it helped tackle the challenges set by this


Asia-Europe Box Rates Drop Almost 21 pct

File Photo: containership underway.

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 20.5 percent to $934 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.


Maersk Line Q3 Performance Better

Søren Skou, CEO of Maersk Line.

Maersk Line said it has achieved improved results in the third quarter of 2014 (Q3) through lower costs and increased rates. Revenue in Q3 was $7.074 million, as volumes increased by 3.7% to 2.4 million FFE. Maersk Line said its strategy is to grow with the market and the increase is in line


ESG Holds HOSMAX Double Launch Event

HOS Brairwood

Eastern Shipbuilding Group, Inc. held its third HOSMAX Double Event in Panama City, Florida. On Friday, October 24, 2014, the christening and subsequent launching of the HOS Brairwood (Hull 210) the 10th HOSMAX launch in 20 months, followed with the same day delivery of the HOS Black Watch 


D/S Norden Reports Q3 Loss, Keeps 2014 Guidance

Photo: NORDEN

Danish shipping company D/S Norden reported a smaller-than-expected third-quarter operating loss on Wednesday and maintained its full-year earnings guidance. D/S Norden said its loss before interest and tax was $27.6 million in July-September, against a forecast for a loss of $33






 
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