Asia-Europe Box Rates Plunge 10 pct
Shipping spot freight rates for transporting containers from ports in Asia to Northern Europe fell 10.1 percent to $231 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. This was the second lowest spot freight rate on the world's busiest trade lane since the Index began in 2009. The lowest rates were offered in June 2015 at $205 per TEU. It was also the eighth consecutive week of falls.
Crude Prices Firm Ahead of US Data
U.S. payroll, jobs data may support oil prices; demand outlook improving. Crude oil futures edged up on Friday, building on the week's gains, as traders and analysts eyed U.S.
U.S. NatGas Futures Test 1995 Lows
U.S. natural gas futures on Friday sank to within a penny of a 1995 low as drillers continue to pull near record amounts of gas out of the ground despite forecasts…
Panama Canal Focuses on Services on Expanded Waterways
Today, the Panama Canal Authority (ACP) hosted an Open Forum, giving shipping line representatives and steamship agents the opportunity to discuss the Panama Canal’s services once the expanded waterway begins operations. The Forum, titled “Exchange of Perspectives and Innovative Ideas to Improve Services for Future Challenges,” included discussions about how the Canal can contribute to the development of Panama’s logistics hub, among other topics.
South of Africa on the head haul?
Since the end of October 2015, SeaIntel Maritime Analysis showed that 115 vessels deployed on Asia-USEC and Asia-North Europe services have made the back-haul trip to Asia by sailing south of Africa instead of through the Suez and Panama Canals, their routing on the head-haul. Of the 115 voyages, three were vessels on Asia-North Europe, while the rest were deployed on Asia-USEC. We could also see that…
Fincantieri Delivers "Itarus”
Trieste, 3 March 2016 – “Itarus”, the semisubmersible floating platform built by Fincantieri for the Russian RosRAO, the Federal State Unitary Enterprise for radioactive waste management, was delivered today at the shipyard in Muggiano (La Spezia). The unit’s construction contract was signed by the Italian Ministry of Economic Development, RosRAO and Fincantieri in November 2013 during the Italy-Russia Business Forum, held in Trieste.
Safe Bulkers to Amend $51.8 Mln Loan Facility With Unicredit
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of US $51.8 million, delaying the balloon payment initially scheduled to be made in 2019 for 2022. * The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%.
APM Terminals Pipavav, Tatas Ink KVY Project Deal
APM Terminals Pipavav one of Western India’s gateway ports, in collaboration with Tata Trust CSPC (Coastal Salinity Prevention Cell) has launched Kharash Vistarotthan Yojana (KVY), a project which aims to strengthen community based institutions through promotion of improved farming practices and water management for 32 coastal based villages in 3 years. The launch ceremony was attended by about 775 farmers (both male and female) across the Rajula district.
SCI’s Worldwide Agents’ Meet 2016
The Shipping Corporation of India’s (SCI) Worldwide Agents' Meet 2016 held on March 2nd, 2016 drew 88 agents from across the world to participate in the Meet. There were representatives from Far East, Indian Subcontinent, Persian Gulf, Western Europe, Mediterranean, Black Sea, East and South Africa, Red Sea, Myanmar, USA, etc. The Chairman & Managing Director (CMD) Capt. B.B. Sinha, CMD, SCI, while delivering the keynote address welcomed the Agents who had gathered from around the world.
Pirates Move From High Seas to High Tech
A group of cunning tech-savvy pirates hacked a shipping company’s systems, enabling them to carefully target cargo on the firm’s vessels. A curious case reported by Verizon's RISK (Research, Investigations, Solutions and Knowledge) Team shows that even those lowly sea pirates chasing after cargo ships with old Kalashnikovs in worn-out dingies are resorting to hacking to boost up their profits. The shipping company experienced a series of hit-and-run attacks by pirates who…
China Plans Carrier Battle Groups To Defend Its Maritime Turf
Chinese navy official Rear Admiral Yin Zhuo confirmed that China plans to put aircraft carrier battle groups to sea, says a report in SCMP. The country will deploy them not only in the disputed East and South China seas, but also to protect the country’s overseas interests. Yin Zhuo said that the service intends to create aircraft carrier battle groups to “defend China's sovereignty on the islands and reefs…
Inmarsat Sees Rough Sea Ahead
The satellite communications group Inmarsat plc cautions that with the slowdown in the global economy hitting shipping, satellite communications industry faces rough weather, according to a report in Reuters. The British company, which provides data and voice connections to shipping, warned that tough trading was set to persist in its maritime and government markets this year. "We are seeing modest growing headwinds in terms of global trade slowdown and increased scrappage and lay outs…
Vitol's New Bunkering Partnership in Nigerian Waters
International oil trader Vitol Group (Vitol) has started a new bunkering operation in Nigerian waters with shipping and logistics firm PPP FM Bunkers (PPPFM), supported by the Secure Anchorage Area (SAA) West Africa. Nigeria's PPPFM is fully licensed by that country's Department of Petroleum Resources, according to Vitol. "Fully licensed by the Department of Petroleum Resources, PPPFM entered into…
Inmarsat C Celebrates 25 Years Saving Llives at Sea
Inmarsat has marked the 25th anniversary of Inmarsat C by revealing that more than 600 distress alerts from vessels in urgent need were broadcast over the service in 2015. The disclosure demonstrates how the decision made by IMO administrations requiring all ships of more than 300 gross tons to be fitted with a Global Maritime Distress and Safety System (GMDSS) remains pivotal in protecting lives at sea.
Philippines Bars North Korean Cargo Ship
The Philippine coast guard inspected a North Korean cargo vessel that docked at a port northwest of Manila in one of the first such checks since the U.N. Security Council imposed further sanctions on Pyongyang over its nuclear program, reports AP. The 6,830 dwt general cargo ship Jin Teng is among 31 vessels that could be forced to stop trading after being included in an asset freeze against a North Korean shipping company under the tightened sanctions passed unanimously by the Security Council.