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, when rises in both the Atlantic and Pacific were noticeably smaller. The trend persisted on Tuesday, and by Wednesday the BPI rose just two points to 1,436. Freight rates remained high enough, however, to encourage charterers to continue with timecharter deals. A grain house has taken the 1990 built 69,637 dwt Torm Marina for an east coast of South America round voyage. Redelivery is scheduled for the Skaw-Passero range and the rate of the charter is said to be a steady $11,000 daily. Cargill is reported to have chartered the 1998 built 71,671 dwt Giant Pescadores for early-July Aden delivery and two to three laden legs at a rate of $10,100 daily. The 1986 built 70,653 dwt Alexandraki has been chartered for a trip to Brazil and Iran, with redelivery agreed as passing Muscat outwards at a rate of $11,100 daily. - (Reuters)
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
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
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
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
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
The expected return of Iraqi oil dominated the 250,000 ton tanker market in the Middle East toward the end of the week, shipping brokers said on Dec. 10. But rates were unlikely to move drastically as there were plenty of VLCCs waiting in the Middle East to find cargoes, they said. However, Mediterranean million barrel Suezmax tankers were likely to be in strong demand once it was known when Iraqi exports could restart from the Turkish port of Ceyhan.
In the traditionally weak first quarter Hapag-Lloyd managed to boost revenues by comparison with the same period of the previous year by 16.5 percent to 1.483 million euros. The main reason for this achievement was a ten percent rise to 1,563 USD/TEU in the average freight rate. Transport volume was two percent up on the 2010 first quarter at 1.2 million TEU. Active yield management enabled Hapag-Lloyd to concentrate successfully on profitable cargo
Panamax rates continued to weaken due to oversupply and limited cargoes on Monday, but owners were hopeful that the market was finding a floor, brokers said. The physical market remained in decline, but the forward freight agreement market was holding steady. Buying interest on the Biffex futures market on Friday had suggested a potential bounce this week, brokers said. Panamaxes struggled to find employment and charterers were still using their advantage to push rates lower.
Moody's Investors Service placed the debt rating of Midland Enterprises debt under review for potential downgrade following the announcement by its parent company, KeySpan Corporation, of KeySpan's intent to sell Midland to Ingram Industries. According to KeySpan, the transaction contemplates that Ingram Industries would assume approximately $135 million of Midland debt in a transaction expected to close during the second quarter of 2002
The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first in the new RAmparts 3300AV series of tug designs by Robert Allan Ltd., and were constructed at the AVIC Zhenjiang Shipyard Marine Pte
Largest boxship undergoes tests, powered by largest engine China Shipping Container Lines Co. Ltd. (CSCL) ran sea trials from October 17-20 on its newbuilding, CSCL Globe, the first vessel in a series of five 19,000-teu, 400-meter containerships.
Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate
Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces that it has spudded the Gierałtowice well, which is the second well being drilled in the Karpaty area in Poland. The Gierałtowice prospect is on the Bielsko-Biała concession
Australia is holding talks with a number of countries on a contract to build replacements for Australia's aging submarine fleet, Prime Minister Tony Abbott said on Sunday at the G20 leaders Summit in Brisbane. Japan has been seen as the front-runner to sell Australia as many as 12
Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller
Closing ceremonies for two training courses carried out by EUCAP Nestor in cooperation with authorities were held on November 14 in the Seychelles. After two weeks of training, 16 lieutenants and second lieutenants selected from different services of the Seychelles Defense Force (Coast Guard
American Sensor Technologies, Inc. (AST) has achieved ATEX certification of its Explosion Proof Pressure Transmitters for Class I Zone 0 Exd hazardous locations. The added approvals enhance the ability for equipment manufacturers to specify AST pressure transducers as the sensors can now
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 20.5 percent to $934 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 Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014
Eastern Shipbuilding Group, Inc. held its third HOSMAX Double Event in Panama City, Florida. On Friday, October 24, 2014, the christening and subsequent launching of the HOS Brairwood (Hull 210) the 10th HOSMAX launch in 20 months, followed with the same day delivery of the HOS Black Watch
Danish shipping company D/S Norden reported a smaller-than-expected third-quarter operating loss on Wednesday and maintained its full-year earnings guidance. D/S Norden said its loss before interest and tax was $27.6 million in July-September, against a forecast for a loss of $33
Jensen Maritime and Vigor will unveil the design for a new 352-foot catcher processor/factory trawler at the Pacific Marine Expo on Nov. 19. The design is the product of collaboration between Jensen, the design architect, Vigor, the shipbuilder, and three major fishing customers
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.