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Rates Drop

Crude Oil Tanker Market Weakened, says OPEC

Graph provided by OPEC

 Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report.   On average, dirty tanker freight rates were down 8% from the month before.  Despite a stronger market seen in the VLCC sector, average dirty spot freight rates declined, influenced by the declines in Suezmax and Aframax freight rates.    VLCC spot freight rates showed improvements, rising by around 17% on all reported routes, as a result of an active market and strong tonnage demand.    Suezmax and Aframax both closed the month down by 15% and 12%, respectively, as demand for both classes remained weak amid a persisting tonnage oversupply.   Following the drop seen last month, OPEC spot fixtures dropped in April by 4.2%. The decline came mainly on the back of lower fixtures registered for both eastbound and westbound destinations, while global fixtures declined by 2.9% from a month earlier.   Compared with a year ago, OPEC and spot global fixtures were down by 11.2% and 9.6%, respectively.   OPEC sailings were also lower in May, dropping from the previous month and a year earlier by 1.2% and 2.2%, respectively.    According to preliminary data, arrivals into North America and West Asia increased by 0.7% and 3.6%, respectively, from the month before, while arrivals into the Far East and Europe declined by 0.5% and 3


Asia-Europe Box Rates Fall Again

File Image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 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. It was the fourth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies.


Asia-Europe Box Freight Rates Slide 23%

Photo: Maersk Line

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 23 percent to $332 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.   The current level is widely seen as a loss-making for container shipping companies that transport everything from flat-screen TVs to sportswear from Asia to Northern Europe.  


Clean Tanker Rates Drop Another 10 Points

Clean tankers in the intra-Asian trades have suffered an eighth week of stagnant trading, causing rates to slip another 10 points to W240 ($15.69 per ton), Singapore brokers said on Wednesday. "The panel rate (judged by a panel of six brokerages) is around W250, but we think it's much nearer W240 at the moment," said a broker. The benchmark trade from Singapore to Japan on 30,000 ton tankes almost touched W300 in June ($19.62 per ton).


TEN Bags Storage Contract for VLCC

Tsakos Energy Navigation announces storage employment for VLCC vessel; low oil price boosts demand and spot rates and drastically reduces voyage costs   Tsakos Energy Navigation Ltd. (TEN) announced it has won a six month storage contract for a very large crude carrier (VLCC) vessel to an international major for which the minimum proceeds are expected to be in the region of $10 million.   “Accretive transactions like the one announced today is proof of the strong tanker


SS&Y Pacific & Atlantic Index Drops

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 281 points in the week ending Monday to 5,337. "The Pacific has weakened with tonnage being fixed APS Australia plus ballast bonus by a number of Chinese operators, which has been helped by diluted interest in December stems for trans-Pacific and backhaul routes," SS&Y said. "This has led owners to seek refuge in Richards Bay although rates are headed downwards at present, which hasn't been helped by this movement of vessels


Asia Tankers-VLCC Rates Slump

Image: Dalian

 Freight rates for very large crude carriers (VLCCs) could face drop further next week on excess tonnage supply and lower cargo volumes, reports Reuters.   A Singapore based VLCC broker said that there’s no upside. Rates will either be flat or on the downside. There are many more ships than cargo, the broker said.   While ship owners and charterers are expected to conclude more charters later on Friday


Asia-Europe Box Rates Plunge 25 pct

A Maersk containership (file photo: Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 24.9 percent to $833 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. The drop came after the previous week's increase of 177 percent which was a result of most of the major container shipping companies implementing a general rate increase from Aug 1.


Container Shipping Faces Tough 2016 as Rates Plunge 78 pct

File image: a Maersk boxship in the port of New Orleans (credit: port of New Orleans)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe have plummeted 78 percent this year, after posting another drop this week, a source with access to data from the Shanghai Containerized Freight Index told Reuters. Rates fell 6.9 percent to $271 per 20-foot container (TEU) in the week ended on Friday, the person said, down from $1232 at the beginning of the year. It was the second consecutive week of falling freight rates on the world's busiest route


Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo, ship brokers said. "We are reaching a floor, particularly in the Pacific. It's got to the point where owners just won't fix their ships," a Singapore-based capesize broker said on Thursday


LNG: Did the Greeks Get it Wrong?

Graph: Alibra

 In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners.  


Asia-N.Europe Box Rates Fall 8.1 pct

File Image (Credit: GPA)

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday, the Shanghai Containerized Freight Index showed according to a source with access to the data.


Ghana cuts GDP Forecast

(Map courtesy Google Maps)

Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday.   Oil output was halted between March and May at the offshore Jubilee field due to a


Dark Cloud of Offshore Storage Looms

Glencore books the STI Grace tanker to store fuel at sea-traders. This has not been the summer many oil traders had expected after last year's bumper profits. Banking on more of the same, the world's refineries have churned out more diesel


Asia-N.Europe Container Rates Fall 17%

File photo: Maersk Line

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 17 percent to $776 per 20-foot container (TEU) in the week ended on Friday, the Shanghai Containerized Freight Index showed according to a source with access to the data.


Baltic Index Rises on Higher Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose slightly on Monday on higher rates for panamax vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up one point


UK Shipping & Transport OMBs Confident of an Up-Swing

Courtesy Barclays and Moore Stephens

A survey by leading accountant Moore Stephens has revealed that over three-quarters of owner-managed businesses (OMBs) in the UK operating in the shipping and transport sector are confident about their prospects for 2016. The survey revealed that


Asia Dry Bulk Capesize Rates to Climb

File photo: Aurelie Moulin

Freight rates for large capesize dry cargo ships on key Asian routes could move higher next week on a potential ship shortage, higher cargo volumes and storms in China that could disrupt sailing schedules leading charterers to scramble to fix replacement tonnage, ship brokers said.  


Maersk 'BBB+' Ratings Put On CreditWatch Negative

Logo

  • A.P. Moller – Maersk A/S (Maersk) recently announced its undertaking of a strategic and structural review of its business set-up. • We understand that the disposal of one or several of Maersk's main business units could form part of the review's outcome


Shipbuilding: Korea Losing Race with China

Photo: Samsung Heavy Industries

 The Korean shipbuilding industry has plunged into a deep crisis as the big three —Daewoo, Hyundai Heavy, and Samsung Heavy—posted record combined losses in 2015, and 2016 looks no better.   Added to the woes, Korean shipbuilders’ orders in the first half of this year


Asia Tankers-VLCC Rates Expected to Soften

File image (Suez Canal Authority)

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to


China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China's crude and fuel markets


World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge.  


Expanded Panama Canal Nears Inauguration

Graphics: Panama Canal Authority

 As the global shipping industry facing tough weather, the $5.25 billion expansion of the Panama canal is set to open Sunday (June 26), reports AP. The deeper, wider channel is designed to accommodate the world’s growing fleet of mega cargo ships and expanding trade between North


Asia Dry Bulk-Capesize Rates Could Rise in Short Term

File Image: a so-called ValeMax bulk carrier, commonly used in th Brazil-Asian trades (credit: Vale)

Shipowners seeking $10 per tonne from Brazil-China; dry cargo demand to remain subdued this year. Freight rates for large capesize dry cargo ships on key Asian routes may firm up next week on increased chartering activity, tighter tonnage supply and possible port disruption caused by bad






 
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