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). Another Singapore broker pegged the trade at W245 and said to ignore rumors of a fixture this week at W230. "There's just very little enquiry for ships from Singapore," said the broker. Singapore brokers were uncertain of the underlying reason, but Olso broker Lorenzen & Stemoco said in a report last week that Asian trades were set to be undermined by Atlantic trades and trans-Pacific trades, which were trading down on slack demand from the U.S. Rates for long-range cargoes from the Mideast Gulf to Japan on 75,000 ton tankers appear to have stabilized around the W200 mark ($25.48 per ton), following a slip from W230 at the start of June. "It's difficult to judge, because there hasn't been a 75,000 ton fixture in ages, but last week Vitol fixed an 80,000 ton cargo from the Red Sea to Japan at W192.5," said a broker. He pegged the trade on 55,000 ton tankers at W220 ($28.03 per ton).
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
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.4 percent to $1,175 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 fall came after last week's jump of 88 percent on the world's busiest route. Container freight rates have so far increased in 12 weeks this year but fallen in 32 weeks.
Charter rates at 6-year lows as cargoes scarce; some owners anchoring ships rather than leasing at a loss. Rates for capesize bulk carriers have plunged to fresh six-year lows and could fall further with cargoes scarce in the post-holiday period, brokers said. "There are still a lot of ships that are anchored off South Africa, Singapore and Taiwan with not a lot of cargo volume to soak them up," a Singapore capesize broker said on Thursday. "Rates are still coming off
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its slide on Monday, hitting a new near-three decade low as rates for all four vessel segments fell. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was down 18 points, or 2.96 percent, at 590 points, the lowest since August 1986.
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
Shares in A.P. Moeller dropped three percent after news reports container traffic growth was slowing due to the weaker U.S. economy. At 1005 GMT Moeller's two shares, D/S 1912 and D/S Svendborg, traded at 81,000 crowns ($10,097) and 108,000 crowns respectively, down 3.0 and 2.7 percent compared to closing prices on Friday. Container traffic and freight rates may tumble this year compared to 2000, denting Moeller's profits
According to a Jan. 10 report from Bloomberg, at a time when analysts anticipate record profits for the biggest mining companies and a third year of gains in commodity prices, shipping lines carrying raw materials are set for the lowest freight rates since 2002. Leasing costs for capesizes, 1,000-foot-long ships hauling iron ore and coal, will drop 34 percent to average $22,000 a day this year, according to the median in a Bloomberg survey of eight fund managers and analysts.
Group narrows net loss; lifted by $470 million (USD) cost savings and building sale. NOL Group today reported a 2013 net loss of $76 million, improving 82 percent from a $412 million loss the previous year. The group’s full year financial results were helped by a non-recurring $200 million gain from the completed sale of its headquarter building in Singapore, as well as its continued focus on operational efficiency and cost management
Germany's Hapag-Lloyd's said it expected operating profit to drop considerably this year after tough competition in container shipping dragged freight rates lower in the second quarter. The company, partly owned by TUI AG, posted a second-quarter operating loss of 73.7 million euros ($98.5 million), compared with an operating profit of 13.5 million euros a year earlier. "The fact that we ended up with this unsatisfactory result despite clear efforts to cut costs is down to the
As a global manufacturer with the resources, technologies and expertise to make a positive impact in the world, Pentair is pleased has announced that its Project Safewater efforts have provided over 1 million people with sustainable, safe water services around the world.
Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month. The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament
Sen. Rand Paul (R-KY) reintroduced the Harbor Equity Act on Monday, his office announced. This legislation modifies the existing criteria used by the U.S. Army Corps of Engineers to dredge small harbors. Currently, the Corps' prioritizes dredging solely for larger harbors that see
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 5.5 percent to $586 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.
The Indian Ministry of Finance has advised an increase in service tax and applicable at all ports. The effective date has not yet been announced. The rate of Service Tax will increase from 12% plus Education Cesses to 14%. The 'Education Cess' and 'Secondary and Higher Education Cess'
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months, exporters and merchants said on Friday. Bean size is determined by counting the number of beans per 100 grammes of cocoa
Dollar hits fresh 11-year high against currency basket. U.S. oil inventories at record high. Brent crude oil fell towards $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.
RSC Bio Solutions announced that its EnviroLogic 802 environmentally acceptable grease has met the requirements for approved use in AEGIR-Marine PRIME rudderstock seals. This approval is an extension of the existing partnership agreement between AEGIR-Marine and RSC Bio Solutions intended
The falling number of rigs drilling for oil in the United States is pointing to a decline in U.S. oil production in the second quarter, Goldman Sachs analysts said on Monday. Rig count in the United States fell by 56 last week to 866, the fewest since March 2011
Fleet Optimization is a broad term which might be described as the best practices and equipment that will make any collection of vessels more environmentally correct, economical and yes, attractive to prospective charterers. In this edition, it means whatever I say it means
Tridens joins select group of vessels installed with ‘drop keel’ echosounder technology Last week, the Dutch governmental shipping company Rijksrederij (part of the Dutch Ministry of Infrastructure and Environment
For the 2014 financial year, VIKING Life-Saving Equipment A/S has again managed to lift both its top and bottom line to record levels. Turnover grew 7 percent to DKK 1.728 billion, and pre-tax profits reached DKK 183.7 million – an increase of 30 percent.
Owners resist charterers moves to force rates under W50; West Africa cargo volumes remain steady. Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.
Cruise lines like Holland America, MSC Cruises, Costa Cruises, Star Clippers, Hapag-Lloyd Cruises and Aida Cruises have canceled all port stops to Tunisia for the rest of the year following the jihadist terrorist attack and massacre in the capital March 18th.