Charter rates for capesizes have risen 50 percent from lows in mid-September. Rates have risen because of increasing demand as well as customers having to pay more to persuade shipowners to take their vessels out of lay-up, reports Bloomberg. The Baltic Dry Index (BDIY), a benchmark for global commodity- shipping rates, rose 3.2 percent in London yesterday. It has jumped 37 percent since Sept. 12, when it reached a seven-month low. Source: Bloomberg
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from the Shanghai Shipping Exchange showed. It was the second consecutive week with rises of more than 25 percent for spot rates on the world's busiest route but with a combined increase of $294 it is far from the earlier announced hike by all major container shipping companies of $1,000.
Mideast-Asia VLCC and Mediterranean Suezmax crude tanker rates have risen due to increased activity and a lack of vessels, shipping brokers said Sept. 29. VLCC rates to Japan from the Middle East lifted to W52.5 and were heading for W55, from around W47.5 last week, brokers said as cargoes finally came on the market. Other destinations were also lifted with brokers saying W50-52.5 might be reached for Singapore and China and W52.5 for Korea for modern vessels.
Gas is big and growing, as rates for LNG hauling tanker rise for a third year, fueled in part by demand from Japan. According to a Bloomberg report, rising Japanese demand means that Golar LNG Ltd., which operates nine LNG tankers and is controlled by John Fredriksen, will report a threefold gain in 2012 net income, according to the mean of 11 analyst estimates in a Bloomberg survey. Golar is reactivating four-decade-old mothballed ships after rates doubled in 2011 and are forecast by
Surging Suezmax tanker rates are set to soar if Iraqi exports come back on stream next week, shipping brokers said on Wednesday. Rates for the one million barrel tankers have lifted to around 100 Worldscale points on fixtures from West Africa and the North Sea to the U.S., and on cross Mediterranean and North Sea routes, brokers said. "Suezmax rates are going to sky rocket if Iraqi exports come back next week," one broker said.
Tanker spot rates rise as oil price drops Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN’s bottom line. Shuttle tankers are a highly specialized sector
During the second quarter of 2006, occupancy rates on North American cruises rose to 112 percent, the highest second quarter occupancy over the last 4 years, according to figures released by the U.S. Department of Transportation’s Maritime Administration report, “North American Cruises” (Table 1). The report found that 15.7 million passenger nights were booked on North American cruises, up 2 percent from the same period a year earlier. About 2
Mitsui OSK Lines' financial statement for Q3, December 31, 2012, underlines a stagnant shipping market. Excerpts from the statement follow: Looking at the maritime shipping market conditions, in the dry bulker market, conditions for all vessel types continued to stagnate because the number of new vessel deliveries was consistently high from the start of 2012, preventing further improvements in the balance of supply and demand.
The producers of the SHIPPINGInsight Fleet Optimization Conference have announced that online registration is now open. Following a successful inaugural conference in 2012, the 2013 event will take place October 22-24 at the Sheraton Stamford Hotel in Stamford, Conn. It will bring together senior executives from shipowners, ship managers, classification societies, regulatory bodies, consultancies and suppliers to address the pressing issues facing fleet operators in the current
Hvide Marine Inc. reported a net loss of $9.6 million for the fourth quarter ended December 31, 2000, on revenues of 80 million. In the year-earlier period, the company had a net loss of 197 million, including charges related to its reorganization, on revenues of $76.8 million. Operating income in the fourth quarter of 2000 was 8.1 million versus an operating loss of $11.8 million in the fourth quarter of 1999. For all of 2000, the company reported a net loss of $29 million or 2
Commodities jumped on Friday, headed for their largest weekly gain in more than three years as base metals roared higher after Glencore pledged to slash zinc output and gold hit three-week highs after dovish Federal Reserve minutes.
The container shipping market may find comfort in the fact that global volumes were up by 1.1% in the first six months of 2015. Following a disastrous first quarter, all three months of the second quarter posted year-on-year increases. Behind the headline, though
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on weak demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Weak holiday demand to pressure rates lower. Rebound seen after China returns to market on Oct 8. Freight rates for capesize bulk carriers could come under pressure next week as lower cargo volumes due to holidays in China thwart shipowners efforts to push rates higher, ship brokers said.
The VLCC market continued to strengthen this week with sentiment supported by both stronger demand and expectations for the October Middle East and West Africa programs to rise substantially from September levels, according to Charles R.Weber Weekly.
Mideast-Japan VLCC rates climb by $46,000 per day since Aug 26. Freight rates for very large crude carriers (VLCCs), which reached a seven-week high this week, are set to climb higher on buoyant cargo volumes and tighter tonnage, brokers said.
Shipping freight rates for transporting containers from Asia to Northern Europe fell 23 percent to $588 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.
VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply
Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.
While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects. China Merchants Holdings (International) reported first-half net profit rose 29 per cent to HK$2
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Shipping Exchange showed. The rise in spot freight rates came after all major container shipping
Oil rose more than 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/2-year lows.
LNG carrier freight rates have come under severe pressure due to rising fleet supply and stabilizing LNG demand, as Japan prepares to restart its nuclear power plants. Despite the general market belief that new LNG supply from Australian projects will provide ample employment to the growing fleet
A surge in crude tanker vessel capacity over the next two years will lead to a fall in ship-owner earnings from current highs, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry.
The world's largest container shipping company, Maersk Line, plans to raise spot freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Sep 1, the company said. Spot rates for twenty foot equivalent unit containers (TEU) will rise by $1,000