Ocean Freight Shipping Rates on the Rise

Monday, January 07, 2008
After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down. There are many reasons why the costs of ocean freight shipping have increased. Indian Oil Corporation recently paid $9 million in freight transportation charges for shipping crude oil on a very large crude carrier from West Africa to Vadinar, India. The high freight rate was a result of oil firms scrambling to hire ships before the holiday season started, leading to a shortage of ships. Another recent event that may be affecting the ocean freight rate is an accident that occurred on December 7 about five miles off the coast and 93 miles southwest of Seoul, which caused South Korea's worst oil spill in history. Single-bottomed tankers are already scheduled to be phased out worldwide by 2010 under an international maritime treaty, and demands to ban single-hull tankers ahead of the deadline have now emerged. This leaves more demand for other types of freight shipping vessels, and the resources are not necessarily there.
Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Chinese Manufacturing Expansion Affects Shipping Demand

The expansion of the Chinese Manufacturing Industry continued in September at unchanged pace as compared to the month before, BIMCO reports. The manufacturing industry

Marorka Opens Offices in Copenhagen

Marorka announced it is currently expanding following a substantial injection of funds. The expansion plan was approved and Marorka will extend its worldwide network in 2014.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2271 sec (4 req/sec)