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
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
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
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.
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 16 points to 3,250 in the week ending Sept. 20. "The Pacific Capesize index had a disappointing 16 point fall this week, with a five cent drop on trans-Pacific routes an indication of the lack of demand," SS&Y said. "The index is still nearly 1,000 points down on 1997 levels and dipping away from clearing 1998's peak, so cargoes need to start emerging soon if the market is to remain feeling buoyant
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
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 162 points in the week ending Monday to 5,700. "Capesize rates strengthened overall by the middle of last week with rates from Richards Bay for October particularly strong, with fronthaul activity also firmer," SS&Y said. SS&Y's Pacific Capesize Index fell 11 points in the week ending Monday to 5,475. "The Pacific market saw a marginal re-balancing of tonnage supply in the charterers favor on certain positions," SS&Y said.
In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market.
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters
Swire Pacific Offshore (SPO) announces a change in leadership with the appointment of a new Managing Director in Singapore. Mr Ron Mathison has taken over the helm as the new Managing Director on Monday, 21st September 2015. Mr Mathison has also been appointed as Director of John
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.
Suezmax tankers are looking good for a strong 2015 year, before posting a mild downside during 2016, but are poised to accelerate yet again in 2017 on rising deliveries, said shipbroker Charles R. Weber in its latest weekly report (Ref. Weekly 18)
Suezmax tanker owners are among the “happiest” ones when it comes to the performance of their vessels during 2014, as well as throughout this year as well says the latest weekly report from the London-based shipbroker Gibson.
Delayed restart of Exxon refinery draws down inventories. Valero and BP among traders shipping jet from Asia to U.S. Asian jet fuel shipments to the United States West Coast region could pick up this month as a prolonged cut in throughput at a California refinery is drawing down inventories
Rates for capesize bulk carriers, which climbed to their highest since at least January on Wednesday, are likely to remain steady next week on tighter tonnage supply, ship brokers said. That comes as charterers could hold back cargoes to cool this week's rise in freight rates
AXSMarine has launched an upgrade to AXSTanker – commonly known as AXSTanker4.0, a software solution for competitive shipbrokers in the Crude, Clean, Gas, Chemical and Product tanker space. Within the AXSTanker community, brokers have the option to share vessel position updates with other
New Yanbu refinery powers Saudi fuel exports; Saudi exports more diesel end-July as peak Mideast demand over. The world's top crude oil exporter Saudi Arabia has turned itself into a major power of refined fuels, offering customers millions of barrels of diesel and potentially triggering a
Ghana is considering establishing modalities to compel shipping companies to introduce a training regime which ensures that their local staff gain professional qualifications in shipping. “Maintenance of professional standards in the maritime industry has been one of the
The dry bulk market looks set for a solid show, although conditions remain more than challenging, analysts with Macquarie said in a note, reports WSJ. As the amount of iron ore and other goods carried by these ships races ahead of new capacity
Oil, gas and iron ore imports resume after disruptions; Strategic oil reserves in the region not affected. Many operations have resumed at China's Tianjin port, trade sources said, after explosions last week that killed more than 100 people and disrupted business at what is an important oil
The global dry bulk freight market, crippled by oversupply but seeing signs of renewed activity, is expected to take at least a year to hit the road to recovery, according to the latest Platts survey of shipping market participants.
Shipbroker Charles R. Weber is quite optimistic on the future prospects of the VLCC market for 2016 onwards. The demand is expected to remain elevated with spot voyages generating around 940 bln ton-miles per quarter, on average, during 2016 – around 1