Panamax freight rate ideas for the immediate future have slipped back slightly, shipbrokers said. Overall, Panamax freight rates in the Atlantic are seen as softer, while the Pacific market is deemed relatively steady. However, shipbrokers are eager to see some sign this week that the Panamax market will stabilize. The start of the week saw a three to five month period charter fixed at $11,000 daily for the 1990 built 68,789 dwt Antwerpia, but the latest booking, for the 1989 built 69,406 dwt Anangel Progress, shows a slightly lower negotiated level. The Anangel Progress is scheduled for delivery Continent just before mid-March and is chartered for a three to five month trading contract at $10,900 daily, said shipbrokers. In contrast, a positive fixture has been reported for the US Gulf to Japan heavy grain Panamax benchmark route. Shipbrokers reported that the 1999 built 74,002 dwt Far Eastern Queen has been booked to transport a 54,000 ton heavy grain cargo at $22.80 per ton basis no combination destination ports. Loading is due between the end of March and start of April. — (Reuters)
Sentiment for the Atlantic panamax freight market may be softening while fixture rates stay on the low side, shipbrokers said on Tuesday. "It may be settled in the (Far) East but panamax freight in the Atlantic looks softer as there are still lower rates being reported," said one London-based broker. The majority of routes quoted on the overall Baltic Panamax Index rose by three points on Tuesday to 1,309 - but the transatlantic round voyage timecharter route, a key element of the Index
Atlantic Panamax earnings were given a brief respite from the steady erosion of freight rates that has dogged the sector for the past three weeks, shipbrokers said. Brokers felt that freight rates had hit rock bottom, giving Atlantic Panamax returns one last chance to surge before the end of the year. The Baltic Exchange reported that charterer GIC paid $20.85 for an unnamed vessel on the key U.S. Gulf to Japan grain route, which was above last done levels that reached $20
Maritime recruitment specialist, Spinnaker Consulting, has warned that radical pay structure changes for UK shipbrokers are resulting in brokers wanting to move out of competitive broking. As part of an in-depth salary survey covering 320 UK brokers, Spinnaker found that base salary pay structures are increasingly giving way to flexible bonus-based structures for competitive shipbrokers. As salary based pay still predominates among principals' brokers
Panamax fixtures for end-March loading dates supported forecasts that Atlantic rates are set to move higher, shipbrokers said. But although the Capesize move to higher ground removed resistance against a prolonged Panamax uptrend, spreading foot- and-mouth disease is threatening to dampen dry bulk spring bullishness, they added. They said that reports that the disease in Britain and France may affect European grain exports was disturbing.
Freight rates for Panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger Panamax sizes have been negotiating firm returns recently and continue to do so. Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations. Brokers added that the impending holiday will start to affect the Panamax
Panamax operators are poised for an improvement in freight rates after receiving indications that the seasonal slump has passed, shipbrokers said on Tuesday. Reports emerged of off-market trips done at firmer levels than of late, at some $8,000 daily for bookings on the key U.S. Gulf to Far East route, giving the market some confidence that prospects for the panamax sector were brightening, they said. This was the first sign of an upturn since the summer slowdown dented panamax trade at
Sentiment on the Atlantic panamax market turned weaker albeit with unchanged freight rates, while most Pacific rates now appeared to be flattening out, shipbrokers said on Thursday. Average Pacific prices as reported on the Baltic Panamax Index climbed only marginally, while Atlantic routes were shaved back one point to 1,435. Shipbrokers said the main panamax activity remained in the Far East with rates for backhaul charter still rising.
Global shipbroker Braemar Seascope Ltd has underlined its commitment to delivering top quality market data and analysis by welcoming a new Research Manager to its London-based research team. Joining the research department is Mark Williams, an economist and consultant. Mark is a proven communicator and strategist and brings with him a wealth of knowledge and experience of the shipping markets. He has been tasked with reorganizing and boosting the capture
The surplus of supertankers competing to load 2 million-barrel shipments of Middle East crude oil shrank to an eight-week low. There are 7.5 percent more vessels for hire over the next 30 days than there are likely cargoes, according to the median estimate of six shipbrokers and owners surveyed by Bloomberg News today. That’s the lowest level since Jan. 31 and compares with a 12 percent excess a week ago. (Bloomberg).
The Singapore Shipping Association (SSA) has appointed a full time Technical Director who will be responsible for ensuring the Association maintains its pledge of delivering a high level of technical advice and service to its members against a rapidly changing international regulatory
Aden Refinery temporarily suspends tender process to import; Gasoil shipment headed for Yemen diverted towards Singapore. SINGAPORE, April 9 (Reuters) - At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country after the launch of
Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face
ABB unveils newest Azipod thruster to growing electric propulsion market Power and automation technology group ABB has introduced Azipod D, a new addition to its line of Azipod electric propulsion offering, allowing a wider range of vessel types to utilize the Azipod propulsion
As tonnage in the East Coast South America (ECSA) region continued to outnumber fresh grain requirements, Supramax front-haul freight rates fell this week, reports Platts, quoting shipping sources. The rate for carrying a 50,000 mt grain stem from ECSA to the Far East continued at
International Transport Intermediaries Club (ITIC) says fraudulent diversion of funds is on the increase in the maritime sector. Having previously issued a warning about the fraudulent diversion of port expenses, ITIC says it is now seeing evidence of similar frauds being perpetrated across the
Baltic Dry Index (BDI), which tracks the cost of shipping iron ore, coal, grain and other materials, is continuing to remain weak as Chinese imports of commodities especially iron ore and coal has gone down portraying dark futures for seaborne trade.
India-Australia vessels booked despite higher freight costs; Chevron moving 1-2 cargoes a month to Australia. Indian diesel cargoes are being shipped to Australia in a rare move as rising competition from new Middle East refineries has made it more difficult to land the fuel in India's core
The Baltic Exchange's main sea freight index slid to an all-time low on Monday as sluggish cargo demand especially from China battered sentiment, according to data on Monday from the Baltic Exchange in London. The overall index was down 5 points, or 0
Shipping costs plunged to almost the lowest on record following tumbling demand for coal in China and weakening growth in the nation’s iron ore purchases, reports Bloomberg. The Baltic Dry Index, which tracks freight rates for ships carrying raw materials
Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding
Stena donates tanker model to the Musée National de la Marine in Paris, highlighting safe maritime practices and clean oceans. A ceremony was held Friday evening at the prestigious national maritime museum, Musée National de la Marine in Paris
Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market
ITIC has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business. Noting that it is increasingly being asked to comment on confidentiality (or so-called nondisclosure) agreements, ITIC said
ITIC has recommended that brokers place a post-fixture clause at the end of recap messages to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked. The following wording was endorsed by FONASBA at its recent annual general meeting in