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Rates Hold

Tanker Trends

Rates Steady Despite Strong VLCC Demand Strong demand for VLCC tankers in the Middle East failed to create a massive breakout in rates, but owners were happy as bunker fuel prices continued to fall, brokers said early last week. Expectations that a lack of modern tonnage would hike rates for mid-April oil major-approved vessels failed to come true. An Exxon cargo for Singapore lifting from three Mideast ports finally got done at the going rate of W77.5 (about $5.00 per ton) after early week offers of W100 had excited dreams W87.5 ($5.50) could be achieved. Other eastern rates held ground or crept up with the average for Japan W77.5 ($8.50 per ton) and W75 ($7.00) for South Korea. Western prices also inched up to around W65 ($11.25 per ton) for the U.S. Gulf while Red Sea fixtures achieved W72.5-75. Falling bunker prices - now around $25 a ton down on last week at $150 in Fujairah - meant owners returns improved though, brokers said. Eyes were now turned towards the outcome of OPEC's meeting in Vienna on relaxing oil output restraints. Brokers forecast that increased exports would cause VLCC rates to climb in April. One broker's analyst saw W82.5 ($9.00 per ton) to Japan before rates eased off again toward the summer to around W60-65 ($6.50-7.00). However, another forecast the opposite - saying that demand for restocking would not come through until oil prices dropped


Panamax Rates Hold Steady

Freight rates in the Atlantic Panamax sector held steady on Wednesday amid signs that recent rises may be stalling, brokers said. "The Atlantic is holding up well, but the question is not whether the Panamax market will rally further, but when the Atlantic will come off," one said. Until then, Atlantic and Pacific Panamax rates were expected to remain steady. Signs that the market was reaching its pinnacle were heralded by the Baltic Panamax Index (BPI) on Monday


Panamax Freights Rise, Pacific Rates Hold

Panamax freight orders picked up for Atlantic tonnage on Tuesday while Pacific rates continued to hold strong, shipbrokers said. In the short-period market, the 75,000 dwt newbuilding APJ Jit was chartered for June 20-25 South Korea delivery, booked for 3-5 months trading at a rate of $9,750 daily, they said. Brokers reported the chartering of North Friendship, a 1999-built 74,732 dwt panamax, was chartered for end-June U.S. Gulf delivery


Asia Tankers-VLCC Rates to Hold Steady

File Image: A typical VLCC underway (CREDIT AdobeStock)

Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC.   Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of supertankers available for charter, ship brokers said.   "We're going to see rates holding at current levels," a European supertanker broker said on Friday.  


Seaport Real Estate Continues to Outperform Overall Industrial Market

Jones Lang LaSalle’s Port Index reveals stellar year for port property Jones Lang LaSalle’s third annual Port, Airport and Global Infrastructure (PAGI) report published today, reveals that even amid economic volatility, real estate in the markets surrounding the country’s seaports is leading the U.S. industrial real estate recovery. Overall vacancy rates for seaports have dropped from last year by 1.4 percent to 8.5 percent, outperforming the 9


Analyst Cuts Oil Tankers

According to an analyst speaking with the Associated Press for a Feb. 9 report, a flood of new crude oil tankers being delivered this year will bring down vessel rates in the spot market and he has cut his ratings on two companies. Jefferies & Co. analyst Douglas Mavrinac downgraded Overseas Shipholding Group to "Underperform" from "Hold" and lowered Teekay Corp. to "Hold" from "Buy


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 put a floor under charter rates, ship brokers said on Friday. That came as VLCC rates from the Middle East rose to a two-week high on June 28 before slipping slightly


Baltic Index Flat, Rates for Bigger Vessels Rise

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, remained unchanged on Thursday, even as rates for capesize and panamax vessels rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was flat at 579 points. The capesize index rose 11 points to 724 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal


Asia Tankers-VLCC Rates to Slide Further

File Image (CREDIT: EuroNav)

Around 30 VLCC charters in Feb so far, versus 50 last month. About 40 refinery facilities to close for maintenance.   Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows on Thursday, could slip further as refinery maintenance in Asia weighs on cargo volumes and chartering activity, brokers said.   "The pace of cargoes hitting the market is much slower. This time last month there were 50 VLCC fixtures from the Middle East


BW Group's 1H Performance Better than Expected

Moody's Investors Service says that operating results of BW Group (Ba2 negative) in 1H 2012 were better than expected, largely because of the higher charter rates achieved by the company for its vessels. "We had expected BW Group's performance to weaken, as many of its vessels were coming off profitable time-charters in 1H and it was increasingly exposed to deteriorating spot-market rates. However, spot rates, especially in the gas carrier segments, either held up or improved


Falling Capesize Rates Weigh on Baltic Index

© Martin Lueke / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 10 points, or 0


Shipping Confidence Steady despite Industry, Political Pressures

© Federico Rostagno / Adobe Stock

Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.    In February 2017, the average confidence level expressed by respondents was 5


Baltic Index Snaps 14-day Winning Streak

© jieophoto / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a 14-session winning streak on Tuesday as rates for larger vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Bulkcarrier Fleet Growth In Limbo?

Graph: Clarksons Research

 The pace of bulkcarrier fleet growth has fallen sharply since 2010, when the fleet grew by a record 17%, says a Clarksons Research report.   In 2016, the supply side response to difficult market conditions saw the bulker fleet grow at the slowest pace so far this century


Robust Capesize Vessel Rates Buoy Baltic Index

File photo: Star Bulk

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the 14th straight session on Monday as capesize rates strengthened. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, climbed 9 points


Strong Capesize Rates Keep Baltic Index at over 3-month High

© lidian neeleman / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to a fresh over three-month peak on Friday as capezise rates rallied.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Is Dry Bulk Still on Track for Profitability in 2019?

© Volodymyr Kyrylyuk / Adobe Stock

The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before


Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market.   Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in


Major Containership Drugs Bust in the Mediterranean

Customs inspectors in Malta have seized more than 300 kg (660 lb) of cocaine worth millions of euros on a container ship heading from Ecuador to Spain, Maltese officials said on Thursday.   Prime Minister Joseph Muscat hailed the find as the biggest drugs seizure in the history of the


Russian Navy Chief Visits India

Photo:  Indian Navy

 Admiral Vladimir Korolev, Commander-in-Chief, Russian Federation Navy along with a four member Russian Navy delegation is on an official visit to India from 15 to 18 March 2017. The visit aims to consolidate bilateral naval relations between India and Russia


Baltic Index Gains on Robust Capesize Rates

© EvrenKalinbacak / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped to a more-than-three-month high on Wednesday, as rates for capesize vessels soared. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


Baltic Index Up for 10th Straight Session

© momentscatcher / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a tenth straight session on Tuesday, helped by higher rates for capesize vessels. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

 In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London.   This has been further exacerbated by sustained low oil prices


Baltic Index Up for Ninth Straight Session

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a ninth straight session on Monday, helped by stronger capesize rates. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels


CMA CGM Returns to Net Profit in Q4

File photo: CMA CGM

CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.  






 
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