Galbraiths News

International shipbroker IFCHOR Galbraiths (IG) will be providing offshore brokerage services in the oil and gas market following its acquisition of Norwegian offshore specialist UNO Offshore.Founded in 2010, with a seven-strong team based in Bergen and Haugesund, UNO Offshore focuses on providing chartering, newbuild, sale and purchase, research and consulting services related to the oil and gas sector. UNO Offshore will be renamed IG Offshore.Commenting on the move, IG co-CEO, Bjorn Andersen, said, “We are delighted to bring Hans and his experienced team into the IG family.

Shipbrokers IFCHOR and Galbraiths have agreed to merge and are in the final stages of completing a share for share agreement which is expected to close in the next few weeks. The new entity will be headquartered in Switzerland and comprise of 20 offices with over 300 employees from many different backgrounds and nationalities, strengthening further their competitive and diversified broking services.

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. The modifications to these bigger oil carriers - which mostly involve fittings such as chocks and bollards that secure the ship's dock and tow lines - are needed because the new locks that opened in June use tug boats rather than locomotives to pull vessels.

Panamax operators are poised for an improvement in freight rates after receiving indications that the seasonal slump has passed, shipbrokers said on Tuesday. Reports emerged of off-market trips done at firmer levels than of late, at some $8,000 daily for bookings on the key U.S. Gulf to Far East route, giving the market some confidence that prospects for the panamax sector were brightening, they said. This was the first sign of an upturn since the summer slowdown dented panamax trade at the start of July, they added, with the rise in modern panamax bookings at stable levels giving a solid indication that the market may have reached its bottom.

Large tanker rates slid back slightly off recent highs this week as Middle East September stems drifted to their conclusion, brokers said. VLCC rates for Japan, which peaked at W52.5 at the end of last week, slid back to around W50 while western rates fell back to about W47.5 from a peak of W50. Late week VLCC fixtures included two Bayoil charters for Bergesen vessels to the U.S. Gulf from Al Bakr at a soft W47-47.5 for well ahead October 10 and 20 sailings. Some brokers said expected October stems next week would mean a busier time with rates picking up, but Galbraiths noted that the Bayoil and two Chevron October charters at the same rates and similar October dates showed market weakness.

Tanker markets continued strong at the end of last week with talk of new French oil company age restrictions on acceptances said likely to put further pressure on rates. Major French oil major Elf has adopted a 20 year age limit policy on terminals as well as tanker chartering, several brokers said. This was on top of the immediate imposition of last week's French government safety charter calling on oil companies only to accept ships over 15 years if they had a drydocking report in the last 30 months and had been inspected in the last six. "This will definitely move the goal posts if other European companies join in," one broker said. Up to a third of the fleet could be affected, he said. So far the impact had been greatest for Aframax and Suezmax tankers, rather than VLCCs.

The Institute of Chartered Shipbrokers (ICS) has appointed Anthony Cooke and Richard Sayer as its new president and vice-president respectively. appointments will run for two years. "As the worldwide shipping industry becomes increasingly competitive, the need for all companies and individuals to give their customers the best possible service is more and more important," says Anthony. qualifications provide the visible means for both companies and individuals to demonstrate their commitment to the highest standards of competence and service. Cooke's shipping career began in 1978 when he was appointed managing director of Ellerman City Liners. management buyout in 1985 and subsequent sale to Trafalgar House in 1987.