CMA CGM Hikes Asia-Europe Rate
CMA CGM will increase rates US$900 per TEU from all Asian ports to the Mediterranean including the Black Sea and North Africa - and EUR800 (US$892.93) per TEU to Syria from March 1. The Frech shipping giant will also increase rates US$250 per TEU and $400 per FEU on 40-foot high cube dry containers and tank containers from north Europe to the Far East from March 15. "In a continued effort to provide quality services, CMA CGM hereby informs its customers of a Rate Restoration Program: from Far East and Japan and to West Med, East Med, Adriatic, Black Sea and North Africa," says a statement from the company. The increases apply to cargo from north Europe, Scandinavia, Baltic and the United Kingdom going to China, Japan, Korea, southeast Asia and Bangladesh.
Dry Bulk Trends
Change Of Sentiment Seen In Atlantic Sector The dry cargo freight market saw a 15 point decline in the Baltic Panamax Index to 1,595, which was largely caused by a change of sentiment in the Atlantic, brokers said. March tonnage in the U.S. Gulf was struggling to obtain previously fixed levels and rates to the Far East in particular were lower, they added. Capesize rates remained steady but handy sizes were in stronger demand world-wide and there were signs that the hitherto depressed
Sweeney Promoted to VP of Far East Operations at Crowley
Effective March 1, 2004, Alex Sweeney will assume the position of Vice President of Russian Far East Operations. In his new position, Sweeney is responsible for the management of the BETS Sealift to Lunskoye, Sakhalin Island and the tow of the Orlan from Sov Govan, Russia to Ulsan, Korea. He will report directly to Steve Peterson, Senior Vice President and General Manager, Energy and Marine Services and will work closely with Chris Peterson, General Manager, Contract Services
UMM Salal First Call in Port of Hamburg
On 7 June 2011 the UMM SALAL, the biggest containership to date belonging to United Arab Shipping Company (UASC), tied up in the Port of Hamburg on her maiden voyage. The giant container ship, with a capacity of 13,100 TEU (20 foot standard containers) was handled at Eurogate Container Terminal Hamburg (CTH). The UMM SALAL is 365.5 metres long, 48.40 metres wide and is equipped with over 1,000 reefer slots, making it the first of nine ships of this size to be completed in 2011 and 2012
Braemar Appoints New Director
Braemar Technical Services (Incorporating The Salvage Association) announced the appointment of Graeme Temple to the role of Regional Director for its Far East region. Graeme will take responsibility for strengthening the company’s surveyor network in this important region and further developing relationships with the London and International Insurance markets as well as the local Singapore and other Far East Insurance markets
Rosneft May Build LNG Plant in Far East on Its Own
Russian energy giant Rosneft may build a liquefied natural gas (LNG) plant in the far east using exclusively its own resources and gas reserves, Rosneft vice president Vlada Rusakova said on Thursday. Rosneft and U.S. energy firm Exxon earlier announced plans to build an LNG plant in Russia's far east together. Rusakova said Rosneft's base scenario for monetising its gas reserves and those of its partners in the Sakhalin-1 project remained building an LNG plant together with
Westbound Tanker Markets Strengthening
Westbound tanker markets from the Middle East are strengthening while eastern charterers take a break, brokers said. Mideast-U.S. Gulf rates are running at about W80-85 ($17.50 per ton) for VLCC liftings and from West Africa about W90 ($9.25) - up a couple of Worldscale points on last week. But rates to Far East have eased back to the mid W90s ($10.75 to Japan) after climbing past W100 last week.
Hamburg Port's Liner Network
Hamburg has one of the most comprehensive liner networks in Europe, which in turn means that it plays an important role as a transport hub for global cargo flows. Specialized liner traffic connects Hamburg to six continents. Over 100 container liner services travelling to destinations all over the world are based in Hamburg. One of the main markets for the Port of Hamburg are liner services from and to the Far East
Shipping Majors Expand Cooperative Setup
The CMA CGM Group announced a new cooperation setup with current partner Maersk Line, APL and OOCL on three existing Far East to Indian Subcontinent services (CIMEX 2/FM3, CIX, CIX3), starting in February 2014. In a Slot Sharing Agreement that also includes partners as Emirates Shipping Line, Hamburg Süd and Regional Container Lines, 18 vessels with a total capacity of about 17,500 TEU’s will be deployed on the three Far East-Indian Subcontinent services.
Ship Arrested, More Claims Emerge Against OW Bunker
Fuel barge Laguna, carrying oil sold by Hin Leong to OW Bunker, arrested. Total claims against OW Bunker Far East and Dynamic Oil now over S$5 mln. Oil firms stepped up legal action against the Singapore units of bankrupt ship fuel trader OW Bunker with the arrest of a ship fuel delivery barge Laguna on Wednesday and claims totalling more than S$5 million. Court documents seen by Reuters showed that the overall amount of claims made against OW Bunker Far East (Singapore) and Dynamic Oil
Qatar Touts New Port in Face of Sanctions
Qatar inaugurated a new $7.4 billion port along its Gulf coast on Tuesday that officials said would become a regional transport hub and help shield its economy against sanctions enforced by neighbouring Arab states. The Hamad port, 40km south of Doha, is one of the largest such facilities in the Middle East. Since Saudi Arabia, Egypt, Bahrain and the United Arab Emirates (UAE) severed ties with Qatar in June
More Cargo, Slower Steaming Support VLCC Rates
VLCC rates from MidEast to Asia gain around $3,000; higher chartering volumes for peak winter season could lift rates. Freight rates for very large crude carriers (VLCCs) on Asian routes may have found a floor this week as a combination of increased chartering activity and some tankers sailing at slower speeds pushed rates slightly higher from the Middle East. "Rates are at a bottom, they have kind of found a floor," said Ashok Sharma
LCE Wins $18.7 Mln Contract to Support Pearl Harbor Naval Shipyard
Life Cycle Engineering (LCE) said it has been awarded a $18.7 million, five-year contract from Pearl Harbor Naval Shipyard and Intermediate Maintenance Facility (PHNSY & IMF) to continue to provide Code 200 with engineering services in support of critical submarine maintenance availabilities. As the largest and most comprehensive fleet repair and maintenance facility between the U.S. West Coast and the Far East
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
VLCC Outlook Brightens Slightly
Rate correction likely after low S-Oil charter drags market. Freight rates for very large crude carriers (VLCCs) could see a small respite next week, building on the slight improvement seen in the last two days although sentiment is likely to remain pessimistic of any real recovery, brokers said on Friday. "There was a large drop on Tuesday when South Korea's S-Oil fixed at 45.50 (on the Worldscale measure)
Global LNG Deals Set Bullish Tone as Peru Export Halt Tightens Market
Asian spot LNG prices stepped higher this week, shrugging off months of weakness, as Royal Dutch Shell replaced lost output from its Peru plant via spot markets and as a flurry of higher-priced deals surprised traders. Peru's liquefaction plant suspended loadings for several weeks without explanation, exerting strain on Shell, which is the sole exporter of Peruvian LNG and was forced to pick up replacement supply on spot markets.
LPG Shipping Faces Rough Weather
After reaching record levels during the first four months of 2017, U.S. LPG export cargoes have seen a number of cancellations or deferments in June and July, said Dorian LPG in a press statement. Steady domestic demand has kept U.S. propane prices firm and, therefore, priced above levels conducive to the arbitrage trade. U.S. propane inventories have continued to build in recent weeks and could reach levels of 75 million barrels by the end of September 2017.
Hapag-Lloyd Receives New 15,000 TEU Ship
Hapag-Lloyd said it has taken delivery of the 11th and final 15,000 TEU vessel received through its merger with UASC. The 369-meter-long and 51-meter-wide containership, AFIF, was handed over to Hapag-Lloyd’s Ship Management by Hyundai Samho Heavy Industries (HSHI) in South Korea on July 27, 2017. Although the new vessel is final ship brought into the combined company by UASC, it is the first to already be sailing with Hapag-Lloyd’s colors and design.
NAT Says Tanker Market is Volatile
Nordic American Tankers Limited (NAT) claims to enjoy the advantages of a homogeneous Suezmax fleet. Operationally, strategically and financially, NAT and its worldwide customers and shareholders benefit from having 30 identical vessels on the water with excellent quality. The development of the world economy affects the tanker industry and the demand for oil. A low oil price is positive for the tanker industry
Munich Maersk Comes to Hamburg
While on her maiden voyage, the “Munich Maersk” berthed at EUROGATE Container Terminal Hamburg on 5 August. With a nominal capacity of 20,568 TEU (twenty-foot equivalent unit) the container vessel is one of the largest in the world. The megaship belongs to the second generation of Maersk Line’s well-known Triple-E class and calls Hamburg as part of the AE5 service of the 2M alliance, which connects European harbours with ports in Far East
Asia Tankers: VLCC Rates May Have Bottomed
About 20 MidEast VLCC still to be fixed for August. Freight rates for very large crude carriers (VLCCs) on Asian routes may have finally bottomed as owners attempt to resist moves by charterers to push rates still lower, brokers said. "This is a really bad market now. The floor keeps getting lower but I think there's now resistance by owners," said a Singapore-based supertanker broker on Friday.
Asia Tankers-VLCC Rates to Remain Low on Tonnage Glut
Around 90 ships charter free for early September loading. Freight rates for very large crude carriers (VLCCs) on Asian routes will remain under pressure for at least the next month, facing strong headwinds from a glut of tonnage, brokers said. "There are around 80 to 90 ships available for charter in the first 10 days in September - that's about three ships for every cargo," a Singapore-based supertanker broker said on Friday.
Asia VLCC Rates Fall to Four-year Low
Freight rates for very large crude carriers (VLCCs) on Asian routes show little sign of reviving although Hurricane Harvey, which threatens to ravage the U.S. Gulf coast oil refining industry over the weekend, could provide a fillip, brokers said. That came as average weighted VLCC freight rates on all routes sank to their lowest in four years this week to around $9,000 per day. Rates are even lower on some routes after CPC fixed a VLCC late Thursday for a trip from the
Greek Shipping Firms to Move Out?
Roughly one in two Greek shipping companies (56 percent) would consider relocating their administrative bases abroad, according to the findings of an Ernst & Young study. The results of the study titled “Repositioning Greece as a Global Maritime Capital” warn of a possible exodus by the country’s shipping enterprises at a time when global maritime centers are interested in attracting Greek shipowners.
LGL Brings US-flag RO/RO into Service
Liberty Global Logistics LLC (LGL) said its newest U.S.-flag Roll-On/Roll-Off (RO/RO) vessel, the M/V Liberty Peace, has commenced service. The flag of the vessel was transferred from Norwegian flag by the captain of the M/V NOCC Baltic to Jeffrey M. Raider, the U.S. Captain of the vessel. The M/V Liberty Peace was delivered to its owners in March 2017. The pure car/truck carrier (PCTC) will proceed to the U.S