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Tanker Charter Rates

NOL Expects It To Be A Profitable Year

Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier. As expected, NOL reaped a net profit of S$285 million from the sale of its non-core North American stacktrain business unit, APL Land Transport Services Inc. in May. Container shipping operations accounted for 72 percent, chartering six percent, logistics eight percent and other investments, namely its stacktrain unit which it sold, 14 percent, NOL's director of corporate finance Cedric Foo said. Foo said the core container transportation activity achieved a 16 percent rise in liftings but overall container freight rates were flat for first half 1999. "The financial turnaround has began but I am not satisfied because afterall, we are talking about a net loss before non-recurring items," Flemming Jacobs, NOL's chief executive officer said.


Navios Announce Delivery of Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels,  has announced  that the Nave Capella, a new building MR2 product tanker vessel of 49,995 dwt, was delivered from a South Korean shipyard on July 9, 2013. The Nave Capella has been chartered out to a quality counterparty for one year at a rate of $13,825 net per day.   Navios Acquisition also announced: •    Delivery of the Nave Pulsar


Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement


Teekay Tankers' Q2 2013 Loss Attributed to Charter Market Changeover

A Teekay tankship in Suez transit: Photo courtesy of Teekay Tankers

Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year. Teekay explain that the increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the Company's vessels from fixed rates to lower spot


Asia Tankers-VLCC Rates Slide

File Image: a large crude carrier transits the Suez Canal (credit: Suez Canal)

VLCC rates fall $10,000 in a week on dearth of cargo; demand fundamentals still appear favourable - Teekay CEO. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to slide further next week as charterers drip feed fixtures to dampen freight rates, ship brokers said on Friday. "I rather think charterers will play the same game as they have the last couple of weeks - fixing older tonnage and limiting cargoes as they try to squeeze freight rates


Asia Tankers-VLCC Rates Fall on Reduced Demand

MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's Middle East loading programme, brokers said on Friday. Rates plunged this week from a two-week high hit on April 1 on slower chartering activity that is expected to extend into next week.


Omega Navigation Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. (has taken delivery of its second Panamax (LR1) double hull product tanker, the Everhard Schulte, to be renamed the Omega King. The Omega King is a Panamax (LR1) double hull product tanker of 74,999 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from the net proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG.


NOL Reports Half Profit of $1M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health


Navios Receive Chemical Tanker with Employment

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Constellation, a newbuild chemical tanker of 45,281 dwt, was delivered today from a South Korean shipyard. The Nave Constellation has been chartered out to a quality counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $16,088 net per day


Asia Tankers-VLCC Rates Rising on Weather, Volume

A VLCC transits the Suez Canal (file image: Suez Canal Authority)

MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on strong chartering activity, brokers said on Thursday. "The market is pretty hot. I don't think rates will climb into the sky, but there is a little bit more upside


Asia Tankers-VLCC Rates Face Pressure

Number of MidEast charter fixtures less than usual; Basra crude exports set to fall in May. Freight rates for very large crude carriers (VLCCs) will come under further pressure next week if the current sluggish chartering activity continues, ship brokers said on Friday.


BP Shipping U.S. Crude to PDVSA's Terminal

British BP has shipped a U.S. crude cargo to PDVSA's terminal in Curacao, the third one that the firm has sent since winning a tender along with China Oil last month to provide the Venezuelan state-run company with some 8 million barrels of light oil, according to sources and Reuters data.


Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

file image: A VLCC transits the Suez Canal (Suez Canal Authority)

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo, could slip further next week as more tonnage becomes available with the easing of recent tanker


Hanjin Shipping May Get OK for Restructuring

Photo: Hanjin Shipping

 South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line, local media reports suggest.    Creditor banks of cash-strapped Hanjin are likely to give the


Asia Dry Bulk-Capesize Rates Likely to Stay High

A so-called ValeMax bulk carrier at the berth (File image: Vale)

Flurry of cargo fixtures push Australia, Brazil rates to highest since December. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady next week near four-month highs if owners continue to reactivate idle tonnage on upbeat cargo demand


Demand Boosts Container Market Outlook -MSI

File photo: Chamendra Wimalasena

The latest Container Shipping Forecaster from MSI suggests a more positive market outlook for the container shipping sector in 2016 than the analysis of most of its peers.   Though its supply-side predictions are broadly aligned with those of Drewry and Alphaliner


Navig8 Leaseback Pact with with Chinese Financer

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers has signed sale and leaseback agreements with China's Bank of Communications Financial Leasing (BCFL) for a quartet of medium range tankers.   The  for four 49,000 DWT Interline coated medium range tankers being built at STX Offshore & Shipbuilding Co


Diana Fixes Bulker with Quadra

Courtesy Diana Shipping

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Quadra Commodities S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$6,300 per day


Mixed Prospects for Container Shipping

Photo: Cosco

 The latest Container Shipping Forecaster from Maritime Strategies International (MSI) makes a more optimistic forecast on the demand side.    Though its supply-side predictions are broadly aligned with those of Drewry and Alphaliner


Largest-ever Diesel Cargo Heads to Europe

Europe is expected to receive its largest-ever diesel cargo after French refiner Total booked a super tanker to sail to the region even as it faces brimming storage tanks and wilting demand.   Total has chartered the newly-built very large crude carrier (VLCC) tanker Alice to ship 270


Containership Scrapping Gathers Momentum

Graph: Drewry Maritime Research

 After a slow start scrapping of containerships gathered momentum towards the end of 2015 and has continued into 2016, says Drewry Maritime Research.   A record intake of newbuild containershps (1.7 million teu) in 2015 coincided with an unusually low scrapping total


VEKA Orders Steering Systems for 15 Newbuilds

Last week contracts were signed at the VEKA head office in Werkendam by Stefhan van den Hil from VEKA Group bv (right) and Leo van Zon, Van der Velden Marine Systems B.V. (left).

Last week contracts were signed at the VEKA head office in Werkendam by Stefhan van den Hil from VEKA Group bv (right) and Leo van Zon, Van der Velden Marine Systems B.V. (left).   VEKA Group awarded Van der Velden Marine Systems 15 contracts to deliver complete steering gear and rudder


Hamburg Süd Reports Growth in a Challenging Year

Photo: Hamburg Süd

 The Hamburg Süd Group reported it has increased its total turnover by 16.8 percent to 6,058 million euros, driven primarily by its takeover and integration of the container operations of the Chilean shipping company Compañía Chilena de Navegación


Asia Dry Bulk-Capesize Market Direction Uncertain

A so-called ValeMax bulk carrier. These vessels were built primarily to carry iron ore from Brazil to the far east. (image: Vale)

Owners resisting charterers' attempts to push market lower; rates slip from 5-1/2-month highs. Freight rates for large capesize dry cargo ships on key Asian routes face an uncertain outlook next week with some owners resisting charterers' attempts to push hire rates down even as freight rates


Navios Secures MR2 Product Tanker Charters

Navios Maritime Acquisition Corporation, announced today the employment of three product tankers at charter rates that are, on average, 14 percent higher than their previous charter rates.   The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18






 
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