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. Despite the quiet conditions, Galbraith's said in its weekly report that it did not expect rates to fall much further for modern vessels. But older ships would find lengthening waiting times eroding incomes, the broker said. Owners should be able to maintain rates or achieve some improvements over the next month as only 60 vessels of 17.5 million tons would be available in the Mideast over the next month, broker E.A. Gibson said in its weekly market report. But the market would remain quiet until November cargoes started becoming available in about a week's time, another broker said.
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
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
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
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
International Transport Intermediaries Club (ITIC) said that shipbrokers are being required to sign formal agreements with their principals in the light of a worldwide trend towards stricter anti-corruption legislation, and ahead of the implementation of the new UK Bribery Act in April 2011. The typical document presented to brokers will set out the principal’s prohibition of the payment of bribes and/or the provision of other inducements
Clean tankers in the intra-Asian trades have suffered an eighth week of stagnant trading, causing rates to slip another 10 points to W240 ($15.69 per ton), Singapore brokers said on Wednesday. "The panel rate (judged by a panel of six brokerages) is around W250, but we think it's much nearer W240 at the moment," said a broker. The benchmark trade from Singapore to Japan on 30,000 ton tankes almost touched W300 in June ($19.62 per ton).
Rates for Aframax tankers (70-80,000 tons) took a pounding this week, most notably in the Caribbean market, but elsewhere markets remained flat, brokers said. U.S. brokers said Orion's fixture of the 70,000-ton Astro Sirius from the East Coast of Mexico to the U.S. Gulf demonstrated the extent of the slump in the Caribbean market, which lost almost two months of gains to land at W215 on Friday. Last week, Oslo broker Fearnleys noted that the North Sea market was "primed for a beating" after
Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability, ship brokers said. But there could be brighter prospects in the coming weeks on rates for voyages from
Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said on Friday. The pause would come after charter rates from the Middle East to
Royal Dutch Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to develop the emerging gas for transport market. Gas liquefaction is increasingly being produced for use in transportation of large road vehicles, in trains
Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.
Federation of Freight Forwarders’ Associations in India (FFFAI) convened conference and a meeting at FFFAI – Mumbai office of its members with Mr. Ravi Capoor, Joint Secretary, Ministry of Commerce to brief members on International North South Transport Corridor (INSTC)
Rates for capesize bulk carriers on key Asian routes are set to slide next week as too many ships chase too few cargoes from Australia and Brazil, brokers said. There are around 32 capesize ships in ballast and currently available for charter
OW Bunker, a physical distributor and reseller of marine fuels, today announced that it has acquired marine fuel broker Wilhelmsen Marine Fuels, a subsidiary of Norwegian Wilhelmsen Maritime Services, for an undisclosed sum. Wilhelmsen Marine Fuels’ main activity is broking services from
Today Gazprom's unrestricted American Depositary Shares (the Global Depositary Receipts or the GDRs) were granted an introductory listing and included in the quotation list of the Singapore Exchange. The listing of Gazprom's GDRs on the Singapore Exchange is a significant result of the
The 3rd Annual Conference on Salvage and Wreck Removal in India is to be held on Thursday, July 10, 2014 for the first time in Chennai at the Hotel Vivanta by Taj - Connemara, Binny Road, Chennai 600002. The Conference this year is presented by the Institute of Chartered Ship brokers (East India
Shantanu Bhadkamkar, Immediate Past Chairman of Federation of Freight Forwarders Associations In India (FFFAI) was unanimously elected as Chairman of International Federation of Customs Brokers Association (IFCBA) at the Board of Directors Meeting of IFCBA held in Seoul, Korea recently.
Carbon permits for the Northeast's carbon market traded as high as $5.10 a ton on Monday, an all time high, following the release of federal rules that will allow states to use markets to meet new emissions targets. The market's benchmark December 2014 contract traded for $5
Russia and Ukraine agreed on Monday to examine a payment plan to settle Kiev's multi-billion gas debts and fix a price for supplies until June 2015, offering the promise of averting an energy crisis over the crucial winter period.
Global shipping management company, PV Enterprises International, Inc. (PVEC), has provided an update to its shareholders & the investment community on the next phase of its business plan and enhanced corporate strategy, as follows: "We realized people are the most profitable cargo
Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking
Long-range clean tanker rates stayed firm on Monday extending a recent rally with firmer cargo demand bolstering sentiment further. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W117