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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.


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).


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


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


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.  


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.


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


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


IEA: Global Energy Investment Down 8% in 2015

While the plummet in energy spending should come as little surprise to anyone knowing anything about global maritime and energy markets, the International Energy Agency helped to put the precipitous drop in perspective, reporting that the global energy spend was down 8% in 2015.  


Wilh. Wilhelmsen sees extended Weak RO/RO Market

A Wallenius Line RO RO vessel (Wilh. Wilhelmsen)

Car and truck shipper Wilh. Wilhelmsen Asa made the following remarks and announcements on it's capital markets day on Thursday: * Expects fundamentals in car/truck carrier shipping market (PCTC) to remain weak for another 2-3 years * CEO Jan Eivind Wang says capacity utilisation globally is


Marine Premiums Drop 10%, Could get Worse

Patrizia Kern (Chairman)

The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.


Oil up 2%

Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut.   Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a


Onshore Spending on the Cusp of Recovery?

Graph Source: Douglas-Westwood World OFS and OFE Market Forecast Reports Q2 2016

 DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors.  


Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Figure 1. Major routes where rates have bottomed out (all-in rates in US$ per 40ft container)Note Rates include BAF and THCs at both ends Source Drewry Container Freight Rate Insight (www.drewry.co.ukcfri)

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.


Growth in the Leased Container Equipment Fleet to Slow

Source: Drewry Maritime Research

 Following markedly slow growth of just 3.5% in 2015 due to decreased rental demand, the global leased container equipment operating fleet is forecast to increase by little more than 1% in 2016, according to the latest edition of the Container Leasing Industry Annual Report 2016


Hanjin files for Receivership, Ports Turn Away Vessels

File Image (Credit: Hanjin Shipping)

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court receivership on Wednesday after losing the support of its banks, setting the stage for its assets to be frozen as ports from


Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

File Image (Credit: EuroNav)

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push


Maersk Sees Rough Seas Ahead

File photo: Maersk Line

The economic slowdown in China and the slump in commodity prices has impacted container trade in South Africa with the dry exports market, made up of mostly mining commodities, declining by 2 percent year-on-year in October and declining by 4 percent over the last quarter.


Grounded Bulker Refloated in Mozamique

Photo: KOTUG

KOTUG provided salvage assistance to refloat the bulk carrier MV Gladiatorship after she ran aground just before high water in Nacala, Mozamique.   The Bahamas flagged vessel was unable to refloat herself and at risk of being damaged by the drop between high and low water.  


US Crude Stocks Plunge as Tankers Delay Arrival on Storm Warning: Kemp

U.S. crude oil inventories plunged by more than 14.5 million barrels in the week ending on Sept. 2, the largest weekly drop since 1999.   The reasons for the drawdown are not hard to find with a modest acceleration in refinery processing rates and a sharp slowdown in crude imports.  


Dry Bulk Insight: BDI likely to stabalise

Graph: Drewry Shipping Consultants Limited

 Drewry expects the Baltic Dry Index (BDI) movements to moderate in September on the back of steady grain, minor bulk and coal trades. However, the iron ore trade is likely to lose its momentum in coming months.   The BDI continued its rollercoaster ride into August first falling then


The RSC FUTERRA Series: The Fluid of the Future

RCS-160911-2.png

 The first and only product of its type, RSC FUTERRA is a new Ecolabel-certified EAL that combines the highest performance of any EAL currently available on the market with an attractive price point for performance against other EALs. The only EAL from a renewable hydrocarbon resource


The RSC FUTERRATM Series: The Fluid of the Future

RCS-160911-2.png

 The first and only product of its type, RSC FUTERRA is a new Ecolabel-certified EAL that combines the highest performance of any EAL currently available on the market with an attractive price point for performance against other EALs.






 
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