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Rates Drop

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). 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).


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-Europe Box Rates Drop 10 pct

File Photo: containership at dock

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.


Freight Rates Tumbling

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.


News Drives A.P. Moeller Shares Down

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


NOL’s 2013 Financial Performance up 82%

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


Falling Vessel Rates Keep Baltic Freight Index Down

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a 13th straight session as vessel rates continued to soften. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 32 points, or 3.02 percent, to 1,029. The Baltic's capesize index fell 81 points, or 4.16 percent, to 1,865 points.


Hapag-Lloyd Operating Profit Down on Lower Freight Rates

Containership loading: Photo Hapag-Lloyd

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


NOL Reports Half Profit of $1M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health


Brokers See End To Tanker Slide

A continued slide in Middle East tanker rates to near year lows was expected to end this week by the emergence of Saudi stems and a resumption of Iraqi exports, shipping brokers said. VLCC tanker operators' earnings hit their lowest levels yet this year as a result of a combination of heavily depressed Middle East tanker rates and fixtures plus high bunker prices, brokers said. With only eight VLCCs fixed from the Middle East last week, rates to Japan fell to W45 ($4


Transpacific Container Shippers Plan Price Rise

File photo: containership at dock.

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned


Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse. "The Group's business with Russia amounts to some two to three percent of our total revenue


Transpacific Box Shippers Plan Freight Rate Rise

Photo: Maersk Line

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level.   The Transpacific Stabilization Agreement (TSA) said the planned


Maersk: Rate Hike Under Pressure on Low Demand

Image: file photo

Container shipping firm Maersk Line said a fresh attempt made on Monday to raise freight rates on main routes from ports in Asia to those in northern Europe was already under pressure due to weak demand from shippers. Maersk Line, a unit of Danish conglomerate A.P


Tanker Markets See Storage Boon from Oil Price Collapse

Photo: Teekay Corporation

The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping.   Supertanker rates are already close to five-year highs of over $83


New Dive Support Vessel Fit for Many Roles

Photo: Incat Crowther

Incat Crowther’s first-of-type Catamaran Dive Support Vessel, Bhagwan Dryden, was launched and delivered earlier this year. According to the designer, operational feedback has been positive for the vessel, which has already received praise for initial operations


Overtonnage, Regulations Bruise Shippers' Confidence

Richard Greiner

 Overall confidence levels in the shipping industry fell during the three months to November 2014 to their lowest level for two years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens


Asia Dry Bulk-Capesize Market 'Imploding'

Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.


London P&I Club Addresses "Cappuccino Effect"

p an i logo.jpg

The London P&I Club has advised its members on precautions to adopt to detect the presence of cappuccino bunkers. In the latest issue of its StopLoss Bulletin, the club explains that the cappuccino effect is essentially the frothing or bubbling effect caused by compressed air blown through


Oil Prices will Produce BP Job Cuts

BP is to axe middle managers and could freeze projects as it grapples with the plummeting oil price, The Sunday Times reported, citing finance director Brian Gilvary. "What you'll see with this simplification plan is that headcounts are starting to come down across all of our activities in


Asia-Europe Container Freight Rates Fell 2.7 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 2.7 percent to $719 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.


Maritime Guns For Hire Adapt to Changes in Sea Piracy

Somali pirate attacks down by 95 pct since 2011 -Maritime bureau. Cash-strapped maritime security firms are being forced to use fewer costly elite guards and to diversify into other businesses such as cyber security, as a steep decline in Somali pirate attacks and hotter competition erode


Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that propelled rates to their highest in nine months


Seacor Takes Delivery of 10,800 HP Crewboat

Photo courtesy of Seacor Marine

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.   With a length between perpendiculars of 186 feet and a 13-foot molded depth the new vessel has a


Cost to Fuel Ships Falls

bimco.jpg

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming a difference from the average of first half of 2014 at $578 for 380 cSt, High Sulphur Fuel Oil (HSFO) in Rotterdam, to a new level of $412






 
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