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Year High

Oil Price Just Down From Two-Year Highs Set Last Week

Oil markets placed another bet on tightening supply, supporting prices in the vicinity of 22-month highs touched last week. Benchmark Brent for September hit $20.87 a barrel today, just 13 cents off a Friday peak of $21 that was the crude's highest value in almost two years.


Brazil Port Blaze Pushes Sugar Prices to Year's High

Photo courtesy Port of Santos

A fire in the Copersuca company's huge sugar terminal in the Port of Santos has burnt some 180,000 tonnes of raw sugar, damaging six warehouses and pushing international prices to a one-year high. reports the BBC News. The authorities in the port of Santos informed the BBC it took six hours to bring the fire under control, while the cause of the fire is unknnown and the cause of the blaze is still being investigated.


Vard 2014 Order Book Bulging: Q1 2014 Report

Image credit Vard Holdings

Joint Singapore/Norway based offshore & specialised vessel designer and shipbuilder, Vard Holdings, has released its first quarter 2014 financial results, showing its order book value at a five-year high. Highlights Exceptionally high order intake of NOK 5.5 billion, securing eight new vessels in 1Q2014 Order book at five-year high Stable first quarter revenue of NOK 2.7 billion Successful completion of one more vessel at Vard Niterói


Is The Tanker Top Near?

Oil tanker markets are again knocking at price barriers with year-highs expected to tumble as demand exceeds supply of modern ships, brokers were reporting. Shortages of high quality oil company approved vessels were causing rates to peak for Suezmaxes in the Mediterranean and West Africa and for Suezmaxes in the North Sea. July cargo demand for VLCCs in the Middle East was also seen possibly puncturing previous highs for the year


N. Asia Snaps up Russian Crude Oil

Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in


Tanker Rates Continue To Soar

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


Big Oil Profits Expected To Fly High

The near record oil prices have left U.S. oil majors as the envy of industry during the third quarter reporting period, according to many industry analysts. "This is clearly a sector that investors shouldn't worry about having disappointing earnings surprises," said one. "The question is not whether they will beat consensus estimates, but by how much they'll beat estimates," said another. Such expectations from analysts and investors come as crude oil prices in the third-quarter hit


Offshore Rig Count At 2-Year High

The offshore rig count in the U.S. Gulf of Mexico rose by four this week to 175, or an 85.9 percent utilization rate, the highest drilling activity in nearly two years, the Offshore Data Services (ODS) said. In its report for the week ending July 21, the Houston-based ODS said that of the 203 mobile offshore drilling rigs in the Gulf of Mexico, 175 were under contract. In the European/Mediterranean region the rigs under contract remained steady at 89 of the 102 mobile offshore drilling rigs


Defense Companies Poised For Growth Under Bush

Despite the uncertainty of new government policy, the defense industry presents a picture of renewed growth, boosted by higher spending and technology funding under the George W. Bush administration. Makers of the nation's warfare technologies along with Wall Street analysts and industry consultants spent a week bragging about new opportunities and the likelihood of changes to Pentagon policy that would foster growth after 15 years of strained budgets.


Dredging, Marine Experts, Boskalis Trading Update

Boskalis issues its trading update following approval at its AGM, reporting higher revenue, increased order book Selected highlights are as follows: The developments at Royal Boskalis Westminster N.V. (Boskalis) in 2012 to date are in line with expectations.     •    Revenue level slightly higher than in the same period last year     •    Higher fleet utilization compared to 2011


India's SCI to Sail to Iran

Photo: Shipping Corporation of India (SCI)

 India's biggest shipping company Shipping Corporation of India (SCI) will resume sailing to Iran this month after a hiatus of about four years, reports Reuters.   The company says it will accordingly use one of its Suezmax-sized tankers to ship an oil cargo for state-refiner Hindustan


India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil imports surged by about 58 percent to about 342,000 bpd, the data showed, in comparison with 216,500 bpd in the same period last year


US Gulf Coast Diesel Exports Down Sharply

  Diesel fuel exports from the U.S. Gulf Coast declined sharply since December as increasing output from refiners in South American markets and brimming stocks in Europe squeezed key outlets, Thomson Reuters data show.   As a result


Six New VLCCs Marks the Start of a Busy Delivery Year

Image: ConocoPhillips

 2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.    The six new VLCCs were delivered in a strong winter market


2016 a Busy Year for VLCC Deliveries - BIMCO

File photo: DHT

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year


US Corn, Wheat Supplies to Rise as Exports Wane

U.S. corn and wheat ending stocks will be higher than previously expected at the end of the marketing year due to cuts to already weak demand for U.S. supplies on the export market, the government said on Tuesday.   The U.S. Agriculture Department in its monthly supply and demand report


U.S. Seaports: Cargo Volumes Rise 3.1%

(Photo: Greg Trauthwein)

Seaports are seeing a steady rise in waterborne cargo volumes according to new numbers from U.S. Army Corps of Engineer’s report. Overall, 2014 freight tonnages increased 3.1 percent over 2013 totals. The Corps of Engineers’ Waterborne Commerce Statistics Center tracks the commercial


Container Ship Deliveries Hit New Record

Graph and Table source: Alphaliner

 Container vessel capacity delivered in 2015 has reached a new record as 212 new cellular containerships, with a total capacity of 1,714,860 teu, have joined the global fleet over the course of this year, according to Alphaliner Research.  


Oil Options Lurch Closer to $20 Goldman Doomsday Forecast

When U.S. investment bank Goldman Sachs said last year that oil could fall as low as $20 per barrel, it assigned a fairly low probability to that scenario.   Fast-forward five months and in some parts of the world the forecast has already proved correct


Shipping Market in 2015 & Looking Forward - BIMCO

Emblem Courtesy BIMCO

  Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economic activity looked stronger earlier in the year. The negative indicators seen at the end of 2014 were not overcome


Tonon Files for Bankruptcy Protection

Brazil sugar and ethanol producer Tonon Bioenergia SA, which operates three mills with a total capacity to process 8.2 million tonnes of cane per year, has sought court protection against creditors, the company said late on Wednesday.  


Baltic Sea Freight Index Flat

Press release - The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities was unchanged on Tuesday, as rising demand for capesize or large vessels typically carrying iron ore and coal was countered by falling demand elsewhere.  


Asia VLCC rates Steady at Five-Year High

MidEast-Japan rates top $111,000 a day, highest since June 2010. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to remain firm as vessel supply and charter volumes stay evenly matched, ship brokers said on Friday.


Oil Traders Scouting Further Afield for NY Diesel Storage

Oil traders are scouring the East Coast for places to store surplus diesel supplies, including on tankers just outside New York harbor, as prompt prices trade at their deepest discounts since the financial crisis.   Kinder Morgan, which operates roughly 165 storage terminals from Los


Commodity Slump Sends Exporters' Eurobonds to Multi-year Lows

Prices for Eurobonds from many commodity-exporting emerging markets have fallen sharply this week on fears that the latest metals price reversal will hit the ability to repay debt, especially in some African countries.   A major casualty of the metals price plunge is Glencore






 
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