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
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.
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).
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
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
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.
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.
Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market. Charterers are hoping rates are going to drop again," said a Shanghai-based ship broker on Thursday. "Sentiment is not good," the broker added.
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
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 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 Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low for the ninth straight session on Friday as concerns of slow global demand outweighed gains for the large-vessel segment.
For good or for bad, shipping market analysts have looked at trade growth ‘multipliers’ for many years, says Clarksons Research. In 2015 global seaborne trade is estimated to have grown by 2.1%, in a year when the world economy grew by 3.1%
The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions, says BIMCO. 2016 has shown no improvements so far and prospects for the rest of the year are not looking promising
China Shipping Container Lines (CSCL) has released a profit warning stating that it expects to close the financial year 2015 with a net loss of about 2.8 billion yuan (425 million dollars) compared to a profit of over one billion yuan recorded in 2014.
While the containershipping market continues to welcome a fleet of modern, mammoth efficient ships to the fold, it will struggle in 2016 with low supply growth that will test its mettle, according to a recent analysis from BIMCO. Overall, container volumes being moved around the world have grown
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, resumed its fall on Tuesday to touch a new all time low on concerns of slowing global demand and vessel oversupply. The overall index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, hit a record low on Wednesday on persistent oversupply of vessels and tepid demand. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain
The dust has now settled on the brief rally and subsequent dramatic downturn of the containership charter market in 2015, says Clarksons Research. After a good few years in the doldrums, last year saw some fairly animated movements in boxship charter rates
Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday
Tidewater Inc. (NYSE:TDW) leading provider of Offshore Service Vessels, announced that its Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program. The dividend and share repurchase program suspension is
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, continued its fall to close at a fresh record low on Friday. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, touched a new all-time low on Monday as concerns of weak global demand and vessel oversupply weighed on the sector. The overall index
The Korean shipping giant Hanjin Shipping improved its financial result in 2015 and came back to profit trajectory. It reported a $6m net profit in 2015 from a $396m loss the previous year and said it expects cost-saving measures to help it weather a tough 2016.
Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.