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)
Higher panamax freight rates have boosted sentiment in the market amid hopes for further rates increases during the week, shipbrokers said on Monday. They gave as prime example the latest U.S. Gulf to Japan fixture at a rate of $23.25 per ton of heavy grain for mid-July loading dates, this compared with the present Baltic Panamax Index showing an average $22.86 per ton. Firmer fixtures had been also reported for both the Pacific and the Atlantic, brokers said.
Houlder Sells Holdings In Tanker Broker Panel Shipbroker Howard Houlder (Chartering) Ltd. has sold its shareholdings in the London Tanker Broker Panel back to the other five members of the rate-setting group, panel managing director Robert Porter said. "Howard Houlder is no longer a panel member," Porter said. "Houlder said it wished to leave and the other panelists exercised their pre-emption rights to buy the shares back."
An online shipping exchange being set up by two of the world's biggest oil firms, a leading agrifood multinational and top shipbroker will transform the way traditional shipping markets work, industry experts said. The company, LevelSeas.com, being set up by oil majors BP Amoco and Shell International Trading and Shipping with food processor and distributor Cargill and shipbroker Clarksons, will potentially control 10 percent of bulk commodity movements right from the beginning.
International shipbroker and consultant Galbraith’s Ltd has appointed Nick Hubbard as its new managing director. Hubbard has twenty-five years’ experience as a shipbroker, most recently as a senior director and major shareholder at Howe Robinson Shipbrokers in London. He said, “This is an exciting opportunity for me. Galbraith’s is an internationally known and highly respected company which operates with a strong team ethic and has more than its share of high-performing
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
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 125 points to 4,293 in the week ending Dec. 29. "The final Pacific Capesize Index of 1999 brought a slight tinge of disappointment for owners," SS&Y reported. SS&Y's Atlantic Capesize Index fell 87 points to 4,532 in the same week. "The 87 point drop in the index won't have been unexpected due to the seasonal effect of holidays on demand," SS&Y reported
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 148 points to 3,682 in the week ending Sept. 27. "A rise of 148 points in this week's index indicates the firmness of underlying demand, with trips bound for the Pacific firming considerably," SS&Y reported, adding that the ever-firming bunker price was a large contributing factor to the overall price.
Oil tankers are reportedly being squeezed by low freight rates and high fuel costs, and some older ships may be heading for the scrapyard. An OPEC cut in oil production combined with reduced demand and high bunker fuel prices makes it difficult for even older tankers with little financial commitment to break-even, according to a report by shipbrokers Simpson, Spence and Young.
During the past 12 months the industry’s most widely used standard contract for the sale and purchase of secondhand ships, SALEFORM 93, has been the subject of a revision process by the Norwegian Shipbrokers Association (NSA) and BIMCO. The objective of the revision of SALEFORM 93 has been to bring this well used form in line with current commercial practice and legal developments. An important part of the revision process is to give the wider industry the opportunity to review and
ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter
Exxon Mobil Corp. booked two tankers to haul oil to the U.S. Gulf Coast via the Suez Canal in May at what may be this year’s lowest rates, a shipbroker told Bloomberg.com. “The very large crude carriers, each able to haul 2 million barrels of oil
Greek shipowners order construction of iron-ore carriers in the belief that the 5-year charter-rate slump is coming to an end. The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece
ITIC revealed how an invoicing error led to a shipbroker being asked to foot the bill for a bunker supply amounting to more than three-quarters of a million dollars. In its latest Claims Review, ITIC cites the case of a chartering broker which arranged a fixture for a voyage from the Black Sea
GAC Bunker Fuels Limited has appointed two new UAE-based bunker traders as part of its regional expansion plan. Georgia Paravalou will trade and broker marine fuels in her new role. An economics and management graduate, she joins GAC Bunker Fuels from AP&A.
A surplus of tankships seeking Persian Gulf cargoes curbs earlier charter rate increases. There are 20 percent more very large crude carriers for hire over the next 30 days than there are cargoes, according to the median estimate of seven shipbrokers and owners (TANKER) surveyed by Bloomberg News
Owners of Very Large Crude Carriers (VLCC) by agreeing to current low rates are effectively paying shippers for the priviledge. Hire costs for the largest oil tankers are so low and the oversupply of the vessels is so acute that shipowners are paying to carry crude for clients
The recent Offshore Support Vessel World Forum meeting in Shanghai believes that optimism is returning to global offshore markets. The forum is a platform for oil and gas producers, designers, builders, OSV owners, operators, contractors, classification societies
International Transport Intermediaries Club (ITIC) has illustrated how persistence can pay off for shipping intermediaries looking to pursue legitimate claims in today’s difficult financial climate. In the latest issue of its Claims Review
Persistence pays off for shipbroker's legitimate claim for outstanding financial commission due from time-charterer. In the latest issue of its Claims Review, International Transport Intermediaries Club (ITIC) recounts the case of a shipbroker owed outstanding commission by time-charterers
War risk insurance specialist, DNK, is pleased to announce the appointment of Göran Skuncke as Insurance Director. Skuncke will be responsible for the Association’s insurance activities, with a particular responsibility for membership service
Shipowners, port users and regulators have been provided with a comprehensive and detailed overview of the many activities undertaken by port agents by The Federation of National Associations of Shipbrokers and Agents (FONASBA). The international association today (Monday 3 December)
International Transport Intermediaries Club (ITIC) has emphasised the potentially costly consequences of a failure on the part of shipping intermediaries to confirm in writing any initiatives performed on behalf of their principals.
Iron ore and coal shipping rates slid for a fifth day amid speculation storms in Australia are curbing demand for vessels. Australia is the world’s largest exporter of iron ore and coal used to make steel, according to data from Clarkson Plc (CKN), the world’s largest shipbroker
Athens-based StealthGas (GASS) Inc. redeployed tankers as far as 13,500 miles to capitalize on record U.S. exports of liquefied petroleum gas, Bloomberg.com reported. StealthGas will reportedly increase its presence in the Americas crom the current 15% of its fleet to 25% by the December