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Trade Down

Oil Prices Are Down … But Are They Out?

U.S. oil prices fell Monday on renewed concerns that the OPEC cartel's recent cut in production would not be enough to counter the impact of a global economic slowdown. U.S. light sweet crude for September delivery traded down 1.4 percent, or 23 cents, at $26.96 a barrel. London Brent futures for September delivery traded down 21 cents to $24.98 a barrel. Oil prices have declined steadily since late May amid increasing evidence that the global economic slowdown is eating into demand for petroleum this year. Concern over falling prices and a sustained rise in spare petroleum stocks spurred the OPEC producer cartel to agree last week to a 1 million barrels per day (bpd) output cut. But traders were reluctant to push prices up without indications that the world economy is rebounding. "If the trend of a build in U.S. crude stocks continues and there are no signs the economy is recovering, that will push prices down in the weeks ahead," said Lawrence Eagles of GNI Research. The U.S. Commerce Department on Friday said gross domestic product, the broadest measure of the nation's economic health, grew at the lowest quarterly rate in eight years, at 0.7 percent in the second quarter. A meeting over the weekend in Geneva of the oil ministers of Saudi Arabia, Venezuela and Mexico ended with a vow to keep the market adequately supplied and stable following OPEC's supply curb decision.


Shipping loan losses hit Norwegian bank DNB's earnings

Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter earnings, sending shares in Norway's largest bank down almost 5 percent on Thursday. Nordic banks made it through Europe's recent financial crisis relatively unscathed


Aframax Rates Jump 40 Percent From Mexico To Venezuela

The cost of an Aframax tanker to carry crude from Mexico and Venezuela to the U.S. has surged by 40 percent in the last week as cargo owners scrabble over a fast-dwindling fleet, but in Europe trading is dull. "You won't find a ship available now until August 12, so the ship owners are getting very bullish on rates," one U.S. broker said of the Caribbean market on Wednesday. He pegged the upcoast trade on Aframaxes (70,000 tonners) at W165.


Declining Oil Output Attributed to Lackluster Tanker Stock Performance

Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors


Great Lakes Ore Trade Down Nine Percent in April

Shipments of iron ore on the Great Lakes totaled 5.6 million tons in April, a decrease of 9% compared to a year ago. However, loadings were 11% ahead of the month’s five-year average. Shipments from U.S. ports totaled 4.9 million tons, a decrease of 9.5% compared to a year ago. The April total included 257,000 tons shipped to Quebec City for loading into oceangoing vessels and delivery overseas. Shipments from Canadian ports totaled 700,000 tons


Great Lakes Coal Trade Down 2.8% in 2013

Shipments of coal on the Great Lakes totaled 24.6 million tons in 2013, a decrease of 2.8 percent compared to 2012. Some of the decrease can be attributed to the early onset of winter in December, which lead to a 17-percent decrease in loadings on Lake Superior. Individual cargos were further reduced toward the end of the month when vessels voluntarily lightened their drafts to ease transits through an ice-clogged stretch of the St


Lakes Stone Trade Down 5.8% in June

File photo. Credit: Rod Burdick

Shipments of limestone on the Great Lakes totaled 3.6 million tons in June, a slight increase over May (80,000 tons), but a decrease of 5.8% compared to a year ago. Shipments were also down 7.5% from June’s total in recent years. Shipments from U.S. ports totaled 3.1 million tons, a decrease of 2.8% compared to a year ago, and loadings at Canadian quarries dipped by more than 21%. Year-to-date the Lakes limestone trade stands at 9.3 million tons, a decrease of 6


Great Lakes Coal Trade Down 7.3% in November

Shipments of coal on the Great Lakes totaled 2.7 million tons in November, a decrease of 7.3 percent compared to a year ago, and well below – 35.2 percent – the month’s long-term average.  Shipments were also 4.1 percent less than October’s tally of 2.8 million tons. Shipments from Lake Superior ports totaled 1.6 million tons, a decrease of 9.2 percent compared to a year ago.  Coal transshipped from Superior, Wisconsin, to Québec City, Québec


2013 Great Lakes Iron Ore Trade Down 5.3%

Shipments of iron ore on the Great Lakes totaled 58.3 million tons in 2013, a decrease of 5.3 percent from 2012. While the trade had been slightly behind 2012’s pace through November, the gap grew significantly when an early and harsh start to winter limited shipments to 5.1 million tons in December, a decrease of 20 percent compared to a year ago. There were weather-related delays at loadings docks and vessels were either slowed by or beset in heavy ice.


Great Lakes Limestone Trade Down in June

M/V American Courage (Photo courtesy of the American Steamship Company)

Shipments of limestone on the Great Lakes total 7,952,201 tons through June, a decrease of 14.7 percent compared to the same point in 2013.  The decrease is even slightly larger when compared to the trade’s long-term average through June: 16.2 percent. Loadings out of U.S. quarries stand at 6.8 million tons through the second quarter, a decrease of 15.7 percent.  Shipments from Canadian quarries total 1.1 million tons, a decrease of 8.6 percent.


Great Lakes’ Ore Float at 6-year High

Photo: LCA

Iron ore shipments on the Great Lakes totaled 7,231,506 tons in July, the highest level since July 2008 when 7,318,961 tons were loaded at U.S. and Canadian ports. This July’s total also represents an increase of 8.6 percent over June and 10.2 percent over a year ago.


BIMCO: Peak Container Season Starts Strong

Peter Sand, BIMCO Chief Shipping Analyst

Container Shipping: The peak season is off to a good start and the balancing act in the freight market is as important as ever Demand The demand side continues to improve on a global scale. The winter weakness in the US and still-sluggish demand in Europe has been offset by continued strong


Delta "T" Debuts Variable Speed DCTV

Image: Delta T Systems

Delta "T" Systems introduces the new DCTV variable speed DC engine room ventilation control system. This fan control system is the next successor of Delta "T" Systems' DCT2 controller and is the most robust, yet technologically advanced DC fan control system on the market


Panama Canal Celebrates 100 Years

Photo: The Panama Canal

The Panama Canal celebrates today a century of operations connecting the world, committed to completing its Expansion, the largest infrastructure project of the waterway since its opening. "Going forward, the Panama Canal will continue to connect the world


Ports Recognize MOL for Green Initiatives

At the Los Angeles Vessel Speed Reduction Award ceremony. Third from left isMitsui O.S.K. Bulk Shipping (U.S.A), LLC. General Manager Ryosuke Sugimoto, fourth Mitsui O.S.K. Bulk Shipping (U.S.A), LLC. General Manager General Manager Seiji Kawada, and fifth MOL (America) Inc. District Sales Manager Tim Ashley

Mitsui O.S.K. Lines, Ltd. (MOL) today announced that the company has earned recognition from the ports of Long Beach and Los Angeles, California, for its efforts to ensure compliance with standards that call for vessels to slow down within 40 nautical miles (nm) of the shore. 


GEA Heat Exchangers to Present at SMM

GEA exhaust gas recirculation cooler for two-stroke diesel engines

GEA Heat Exchangers said it will present its latest innovations at SMM 2014, the maritime-business trade fair for shipbuilding, machinery and marine technology from September 9-12 in Hamburg Germany. The company will exhibit in hall A3, at stand 212


Lakes Record Best Month for Limestone in Two Years

Photo courtesy of LCA

Shipments of limestone on the Great Lakes totaled 4,090,079 tons in July, the highest total for the trade since July of 2012, the Lake Carriers’ Association said, adding that loadings that month totaled 4,083,753 tons. Loadings out of U.S. quarries totaled 3


St. Lawrence Seaway Cargo Shipments Return

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Over 15 million metric tons of cargo moved through the St. Lawrence Seaway during the month of July, down just 4 percent over last year, marking a sustained comeback after the slow start to the shipping season. "The month of July was extremely busy for our ports on the Great Lakes-Seaway


NOL Cuts Losses Despite Difficult Trading Conditions

  NOL Group today posted a 2Q 2014 net loss of US$54 million. Nevertheless, the Group has continued to make gains at the operating level, bringing its 2Q 2014 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss down to US$15 million, a year-on-year improvement of 52%.


Port Authority Lists Subpoenas over Bridge Closure

The Port Authority of New York and New Jersey has disclosed a list of federal and state subpoenas it has received linked to investigations into a scandal over deliberate lane closures at a major transportation route. The list, the most extensive disclosure of the matter so far by the usually


China Rebuffs US Pressure to Ease S. China Sea Tensions

Western Pacific: File photo

China appeared to rebuff pressure from the United States to rein in its assertive actions in the South China Sea on Sunday as Southeast Asian nations declined to overtly back Washington's proposal for a freeze on provocative acts. * ASEAN communique urges self-restraint from all parties


Newport Shipping Upbeat on Dry Bulk Segment

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Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009. According to the latest edition of Newport Shipping’s Dry Bulk Market Outlook


Hapag-Lloyd Operating Profit Down on Lower Freight Rates

Containership loading: Photo Hapag-Lloyd

Germany's Hapag-Lloyd's said it expected operating profit to drop considerably this year after tough competition in container shipping dragged freight rates lower in the second quarter. The company, partly owned by TUI AG, posted a second-quarter operating loss of 73.7 million euros ($98


100 Yrs Since Departure of Australian Expeditionary Force from Sydney

CoA_Logo

  On 19 August 1914, an Australian expeditionary force sailed out of Sydney Harbour bound for German New Guinea. The departure was barely 15 days after Britain's declaration of war on Germany. Enlistment of the infantry based Army contingent was completed at Victoria Barracks


Dry Bulk Carrier Segment Revival Seen by Analyst

Frontispiece of report: Image courtesy of Newport Shipping

Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009, according to Newport Shipping’s 'Dry Bulk Market Outlook 2014 Q2'.






 
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