Asia Dry Bulk-Capesize Rates Flat as Rally Fades
Higher fuel prices could help lift freight rates - Shanghai broker. Freight rates for capesize bulk carriers on key Asian routes are likely to hold around the current levels, after a revival in charter rates this week ran out of steam as the fundamentals of too many ships chasing little cargo remained unchanged, ship brokers said. "Next week is going to be flat," said a Shanghai-based capesize broker on Thursday. "But bunker prices might give some support for owners to push the market up.
Asia Tankers-VLCC Rates Rising on Weather, Volume
MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on strong chartering activity, brokers said on Thursday. "The market is pretty hot. I don't think rates will climb into the sky, but there is a little bit more upside," a Singapore VLCC broker said on Thursday.
Maersk Line Enhances Mesawa Service
Maersk Line has announced its improved Mesawa service with direct calls into Pointe Noire in Africa. With this service, Maersk Line intends to reduce the transit time on the trade route. This service offers a reliable & efficient link between India and Africa. Mr. Franck Dedenis, Managing Director for Maersk (India and Sri Lanka), said, “This enhanced Mesawa service reiterates Maersk Line’s commitment to bringing tremendous value to our customers.
Long Beach Port Breaks Another Record
The arrival of the biggest ship to visit North America catapulted the Port of Long Beach to its highest cargo volume for the month of February and extended cargo growth for an eighth consecutive month. The Port saw strong gains last month by moving 561,412 TEUs (twenty-foot equivalent units), a 35.9 percent increase over the same month last year. For February, imports were up 44.7 percent to 295,870 TEUs.
Suntex Marinas Acquires State Dock Marina
Suntex Marinas, an owner and operator of marina properties, announced today the acquisition of State Dock Marina on Lake Cumberland in Kentucky. Built to be a best-in-class resort accommodating visitors from every part of the nation, State Dock Marina allows guests to experience a destination known as ‘The World-Capital of House-Boating.’ State Dock has garnered a reputation for excellence over the…
D’Amico Buys Product Tanker from Itself
D’Amico Tankers Limited (Ireland) will acquire the product tanker Cielo di Milano (launched in 2003 by Shina Shipbuilding shipyard (South Korea) from its Italy-based sister company d’Amico Shipping Italia for $14m. “The purchase need arises from the characteristics of the features of this ship suited to a specific route in which it will be immediately engaged,” parent company d’Amico International Shipping said today.
Ship Retrofit to Cut Fuel Use by 25%
Carbon War Room (CWR) announced today that a collaboration between Hammonia Reederei, a Hamburg-based shipowner, and New Orleans-based charterer Intermarine, has enabled the retrofit of three sister vessels with multiple efficiency technologies. Under expected operating conditions, each vessel is anticipated to see 25 percent fuel savings, to be shared between Hammonia and Intermarine. José María Figueres…
MOL Breaks Ground for New Philippines Academy
Mitsui O.S.K. Lines, Ltd. today announced that on March 8, it held a groundbreaking ceremony for a new merchant marine academy in Salitran, Dasmariñas City, the Philippines. It will be jointly established with Magsaysay Maritime Corporation (MMC) (*1), MOL’s partner in the Philippines, and is scheduled to open in June 2018. A large audience was on hand for the groundbreaking ceremony, including special guests from the city of Dasmariñas and from the Commission on Higher Education (CHED)…
GOST Debuts GOST Tracker App
Marine Security Leader Offers Free Vessel Tracking Software for Mobile Devices Fort Lauderdale, Fla. surveillance systems, announced today the release of a new free app – the GOST Tracker App. A revolution in mobile vessel management, the GOST Tracker App allows boat owners to link to vessel data from a corresponding Nav-Tracker device and other GOST tracking systems via a smartphone or tablet with an easy-to-use, secure interface.
$ 17.5 Bln Projects to be showcased at Maritime India Summit
Projects worth Rs. Indian Government's Minister for Shipping, Road Transport & Highways, Nitin Gadkari said that projects in the ports and shipping sector, worth an investment of Rs. 1,20,000 Crore ($ 17.5 billion) will be showcased before potential investors at the Maritime India Summit to be held in Mumbai from 14-16 April, 2016. He was talking to news persons in New Delhi today on the occasion of Media Launch of Maritime India Summit, 2016.
CKYHE Revises Asia-Europe, Med network
The CKYHE Alliance is reorganizing its service network for Asia-Europe and Asia-Mediterranean trades as the carriers try to counter the weak demand and excess capacity that is plaguing the route and dragging down freight rates. Members of the CKYHE alliance, one of the four major groupings covering the east-west trades, have agreed to reorganise their service network for the Asia-North Europe and Asia-Mediterranean trades this year.
DP World in Philippines Talks
Dubai-based DP World Group chairman and CEO Sultan Ahmed bin Sulayem has held discussions with senior Philippines officials on trade and business opportunities. DP World is present in the Philippines through its stake in Asian Terminals Inc., which operates the modern South Harbour in Manila. ATI is the sole container terminal and multi-cargo port operator of South Harbour, the Philippines' key terminal…
DP World to Strengthen Ties with Thailand
DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation Sultan Ahmed bin Sulayem has met the Deputy Prime Minister of Thailand, Somkid Jatusripitak, who is responsible for seven ministries including Finance and Investments. During the meeting, which was held in Bangkok, Thailand, discussions revolved around the future prospects of cooperation between Thailand and DP World…
China Bars North Korean Ship
Reuters reports that China’s Ministry of Transport has blacklisted 31 North Korean vessels in accordance with the UN Security Council resolution. China has barred a North Korean freighter from one of its ports. The country will start inspecting the North Korean ships that dock at its ports for banned cargo as part of new international sanctions against Pyongyang. The move, which Beijing would start taking against the vessels as of Thursday…
Low Bunker Prices to Support Tanker Earnings
Lower oil prices performed wonders for the tanker market in 2015, says Drewry Maritime Research. Tonnage demand surged and oil trade expanded because of high consumption demand and increased stocking activity. Tonnage supply was also kept in check as the contango in oil prices engaged many large tankers as floating storage because onshore storage tanks were full. The most important positive effect of lower oil prices came in the form of reduced bunker costs for vessel owners.
Paragon Sells Ships, Defer Deliveries
The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of its syndicated loan facility. "The fleet, consisting of the handysize and panamax bulkers Coral Seas…
Havyard Cancels Subsea Newbuild
Norwegian shipbuilder Havyard Ship Technology AS reports the cancelation of an order for an advanced subsea vessel placed by an undisclosed "international shipping company" in June last year. The unidentified shipowner has cancelled its contract "in light of the continuing challenges in the offshore market internationally”, says a company statement. Back in October last year, Havyard said that delivery of the vessel (newbuilding 123)…