Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23.00 from a week ago, he said. The broker also put indication rates for April shipment around $22.50-$23.00 on hopes of a rise in vessel demand, as the South American grain export season starts in the same month. But no fixtures have been reported. In the market, one Japanese trading house was said to have fixed a Panamax vessel last week at $21.25 a ton to carry about 54,000 tons of heavy grain from the U.S. Gulf to Japan for February shipment, another broker said. Freight rates to South Korea and Taiwan were about $1.00 a ton less than those for U.S. Gulf/Japan, reflecting higher port charges in Japan, brokers said. The Panamax rates in the Asian market were also taking their cue from a soft tone in the Atlantic Panamax market, along with weakening freight rates for Capesize and Handysize, said a broker in Tokyo. Timecharter rates for the U.S. Gulf to Japan were at $10,750 a day plus $200,000 ballast bonus, against $11,000 a day plus $230,000 ballast bonus a week earlier, the Tokyo broker said
Large tanker fixing out of the key Middle East market slowed last week as charterers had largely covered their October liftings, resulting in the softening of rates by about two and a half Worldscale points, brokers said last week. VLCCs to Japan commanded between W51 and W52.5, down from the mid W50s the previous week, while Korea was slipping to W50 by the end of the week. Westbound to the U.S. Gulf maintained W47.5, and one Continent fixture reached W50.
Stelvio has reacted to demands from the shipbroking sector for faster and more accurate vessel positioning and cargo order data by developing software which it claims will cut the workload by half. ShipDecision from Stelvio is designed to eliminate the need for brokers to search manually through the thousands of incoming daily emails. The Vessel Position feature of the system examines each incoming message and automatically extracts the critical vessel
Modern vessel shortages in the North Sea are pushing Aframax and Suezmax tanker rates to year high levels. Rates for Aframax 80,000 ton vessels have repeated the year-high of W217.5($8.00 per ton) for late month U.K./Continent liftings, but brokers said June business was now played out. One million barrel Suezmax tankers were benefiting strongly from bouyant North Sea markets with transatlantic rates climbing steeply to W165-W180
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 Gothenburg: “Important: Operations It is essential that all messages in respect of operations be sent to the relevant email addresses (firstname.lastname@example.org)
Low tanker rates are pushing increasing numbers of old VLCCs to the scrapyard, but not enough to counter deliveries of new vessels, shipping brokers said. "Depressed VLCC rates seem finally to be taking a toll on the mid 70s built fleet of large tankers," Norwegian broker Bssoe said in a report for November. Nine VLCCs were sold for demolition during November, taking the total this year to 29 units, compared with 14 by the same time last year, the broker said.
Owners of VLCCs have been painstakingly building up rates this week, but for owners of million-barrel tankers, the last month's gains have come crashing back down. "(VLCC) tonnage is relatively scarce, especially for early positions, while enquiry is plentiful, and we expect some good times ahead from an owner's perspective," said Oslo ship broker Fearnleys. Westbound VLCCs from the Mideast Gulf gained five points during the week to reach W89
The International Transport Intermediaries Club (ITIC) said the fall in the shipping markets has created a number of difficult issues for ship valuers, with brokers in some cases even declining to provide valuations. ITIC’s Andrew Jamieson said, “It is inevitable that some principals will simply be disappointed by the broker’s view of what the ship is likely to obtain in the current market. But brokers have also been challenged as to whether it is really possible to assess
In the first phase of a new website rollout, Safe Harbor Pollution Insurance (SHPI) delivers the ultimate in electronic convenience with its My Harbor broker portal. This industry-leading platform enables real-time policy and claim access, empowering brokers to better service customers. Brokers enter the personalized gateway by registering at www.safeharborpollution.com/myharbor. The unique portal grants instant access to all quotes and policies
Rates Steady Despite Strong VLCC Demand Strong demand for VLCC tankers in the Middle East failed to create a massive breakout in rates, but owners were happy as bunker fuel prices continued to fall, brokers said early last week. Expectations that a lack of modern tonnage would hike rates for mid-April oil major-approved vessels failed to come true. An Exxon cargo for Singapore lifting from three Mideast ports finally got done at the going rate of W77.5 (about $5
Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat for the second straight session on Friday on muted vessel activity. The index, which factors in average daily earnings of capesize, panamax
AVIC International Maritime Holdings is in the process of acquiring 60 per cent in a Singapore-incorporated ship investment firm for $3.6 million. The Singapore-listed firm, as per a regulatory filing, will acquire three million issued and paid-up shares
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
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Indonesian President Joko Widodo said China'a claims to the majority of the South China Sea have "no legal foundation in international law," he told Japan's Yomiuri newspaper. "We need peace and stability in the Asia-Pacific region
Owners resist charterers moves to force rates under W50; West Africa cargo volumes remain steady. Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.
The Port of San Diego plays a critical role in San Diego County's economic rebound by pumping more than $7.6 billion a year into the region from employment, sales and purchases of goods and services, according to a recent report. "The data confirms the Port of San Diego is a powerful
With LNG prices down as slowing demand combines with rising output, the cost to ship super-chilled natural gas has also tumbled to the lowest level in more than four years and is forecast to fall further, reports Bloomberg According to Andrew Buckland
U.S. West Coast ports that were closed to incoming cargo vessels during the holiday weekend reopened in full on Tuesday as Labor Secretary Tom Perez arrived in San Francisco seeking to broker a settlement ending months of shipping disruptions.
Dozens of ships queuing to dock due to ports dispute; Honda slowing North American car production as parts held up. A labor dispute at ports on the U.S. West Coast is disrupting supply chains across the Pacific, forcing some Asian suppliers to resort to costly air freight and pushing up
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three decades as rates for all the four vessel types continued to flounder. The overall index
After concluding two 3,500HP tug sales on December 30, Marcon International Inc. has started 2015 with three ocean barge sales, and hopes to report on several additional sales before the end of this month. Five 4,500-6,000HP tugs, one 5,150BHP AHTS and two 3,200 – 5
Shipping.dk, part of USTC Group, has acquired Maersk Broker Agency. Maersk Broker Agency will be merged with Shipping.dk. The acquisition is part of the Denmark-based shipping and logistics company's plan to expand its position as a significant player in Scandinavian agency and
Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices. Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months