MISC Sees Record Freight Rates

Monday, May 01, 2006
Business Lines report that MISC Bhd has experienced its best performance over the past 20 years in the chemical shipping market. Freight rates for shipping chemicals reached historical highs in the second half of 2004, exceeding previous peaks of 1991 and 1995. The firmer freight rates are the result of demand outstripping supply for the more sophisticated chemical vessels and the lack of shipyard space to build stainless steel chemical vessels. The demand for chemical vessels has also edged up as countries such as India and Pakistan restrict vessels which are more than 25 years from entering their ports. Taking advantage of this market situation the carrier has placed orders for additional four chemical tankers. The double-hull tankers will raise MISC's chemical tanker fleet to 17 ships from current fleet of 13 ships. The four chemical tanker newbuildings of 38,000dwt (deadweight tonnes) each to be built at STX Shipbuilding Co Ltd of South Korea will be delivered in 2009. The delivery of the four carriers will raise the total fleet of MISC to 128 ships with combined tonnage of 11.23 million dwt by 2009. (Source: Business Lines)

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.0712 sec (14 req/sec)