No improvement in capesize rates expected until April; around 120 capesize vessels idle or open for charter -broker Freight rates for capesize bulk carriers on key Asian routes are likely to remain flat as the number of vessels for hire outpaces cargo demand, ship brokers said. That came despite an increase in number of idled ships and ships sent for demolition, brokers said. "I expect the market to stay at the same level for a while - at least one or two weeks," a Shanghai-based ship broker said on Thursday. "Generally, the first quarter is the weakest; we could expect an improvement in April," the broker added. "The market is very flat - there is still a lot of vessels," the broker said. Around 70 capesize vessels are idled or available for charter in the Pacific with around 50 waiting for cargo in the Atlantic, brokers said. Capesize vessels totalling 5.2 million deadweight tonnes have been sold for scrapping since January, a 94 percent increase compared with the same period last year, figures from British shipping services firm Clarkson showed. But delivery of new capesize vessels this year has matched the volume sent for demolition. "Deliveries are a big number - 29 vessels have been delivered this year, also above 5 million dwt," the Shanghai-broker said.
Shipowners confident rates will climb on tighter tonnage supply; Shipowners seek rates premium for Australian coal cargoes. Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said. "Owners and charterers are playing a game of cat and mouse," said a Singapore-based capesize ship broker.
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.
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
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
Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher, ship brokers said. That came after a surge in Atlantic and transatlantic cargoes boosted capesize freight rates from Brazil to China by almost $2 a tonne to a seven-month high this week.
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
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 (email@example.com)
VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply, could fall as more supertankers become available for charter in the last 10 days of this month, a Singapore-based VLCC ship broker said on Friday.
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose marginally on Thursday as steady demand for smaller vessels offset weaker rates across capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax
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.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday due to higher demand for capesizes and gains across smaller vessel segments. The overall index, which factors in rates for capesize, panamax
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
Russian tanker player Primorsk International Shipping has dropped its restructuring plans in favour of pushing through asset sales, reports WSJ. This is what Primorsk's lawyers told a bankruptcy court in Manhattan on Friday
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by firmer rates for bigger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 16 points or 3
Nearly 30 large oil tankers waiting to load at Basra; daily VLCC tanker rates have doubled to nearly $75,000. A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75
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
Tankers at Qingdao port face up to 30-day wait. At least 15 large tankers wait to offload -shiptracking data. A surge in oil buying by China's newest crude importers has created delays of up to a month for vessels to offload cargoes at Qingdao port
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, on surging capesize demand and improved activity across vessel segments. The overall index, which factors in rates for capesize, panamax
XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis. According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business
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
Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses. LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, was up on Monday, on stronger demand across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 24 points
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