Rhine Shipping Goes Online
Dutch oil, chemicals and storage group Petroplus is one of the partners to launch an Internet-based portal and online exchange to transform the traditional Rhine-based shipping sector. Shippers, integrated barge owner companies, independent barge brokers and individual barge owners will have the opportunity to conduct business online through this portal, Petroplus said in a statement. The other founding shareholders of the project are BP Amoco, shipping and tank storage firm Royal Vopak and Germany's Marquard & Bahls AG which trades under the brand names Mabanaft and Oiltanking. The project is supported by the Rhine Barge Owners Association, Petroplus added. Management and technology consultancy Booz Allen & Hamilton will provide strategy and e-technology services to the venture. Petroplus said the portal would be a neutral market place, focusing on barge freight trading on the Rhine and associated waterways. It will be extended to provide content and services, including weather and information on Rhine levels and rates, pre and post fixture status updates, risk management, bunkering and maintenance and vetting checks. Petroplus said the Rhine transport market had an estimated size of $650 million per year for freight brokering transactions alone. An additional four billion euros is spent on services related to barge operations, it said.
Supertankers Buying Spree to Beat Oil Glut
Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices. Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months, Reuters said, quoting freight brokers and shipping sources. These companies have booked crude tankers for up to 12 months - taking advantage of some cheaper rates of hire.
Industry veteran Joseph F. Daly, dies at 91
Longtime industry veteran Joseph F. Daly passed away on April 2, 2005. He was 91 years old. Joseph F. Daly began his career in the transportation industry in 1947 when he joined F. W. Hartmann directly out of the armed forces. A veteran of the US Army, Daly enlisted at age 17 and returned from active duty with the rank of Captain after fighting in the Pacific during WWII. Daly later served as President of F. W. Hartmann, a major steamship agent and freight broker that represented Hansa Line
Asia Dry Bulk-Capesize Rates Could Bottom Out
End-of-year cargo flurry still anticipated - brokers. Freight rates for capesize bulk carriers could bottom next week as owners resist charterers' attempts to force rates lower on the expectation of an end-of-year cargo flurry, brokers said on Thursday. "Nobody wants to lock-in freight prices at the current levels (and miss a November rates rebound)," said a Singapore-based capesize broker on Thursday.
Asia Dry Bulk-Capesize Rates to Stay Flat
Asia Dry Bulk-Capesize rates to stay flat, but higher fuel prices could provide support Freight rates for capesize bulk carriers on key Asian routes are likely to remain flat as vessel supply outpaces cargo demand, while higher bunker prices could support freight rates, ship brokers said on Thursday. "The market is going nowhere - there is no prospect of an improvement because there are so many ships available (for charter)
Asia Dry Bulk-Capesize Rates could slide as Tonnage Outweighs Demand
Many vessels available for charter put pressure on freight rates. Freight rates for large capesize dry cargo ships on key Asian routes are set to slide next week as the number of ships available for charter outpaced cargo demand, ship brokers said on Thursday. "Charterers are in the market but there aren't that many cargoes to support the volume of ships. There is a softer feel to the market," a Shanghai-based capesize broker said.
Asian Panamax Rates Rebound
Asian Panamax freight rates for dry bulk cargo bounced back this week and shipping agents said a recovery would become more evident with the start of South American export seasons in March. "Chartering activity is much more active than last week and we saw a substantial number of fixtures this week," said an executive at a shipping firm which operates Panamax-class business. For the benchmark U.S. Gulf to Japan route, freight rates were quoted higher on Friday at $21.775 per ton against $21
Asia Dry Bulk-Capesize Rates Could Soften
Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather delays and charterers' need for urgent tonnage, ship brokers said. "It's been really hot. Both the Atlantic and the Pacific have become overheated
Market Weighs on Asia Dry Bulk-Capesize Rates
Tonnage list grows in Pacific, Atlantic oceans; lack of coal cargoes weigh on freight rates. Freight rates for capesize bulk carriers are set to slide further next week, after falling to their lowest level in five weeks, due to a mounting supply of tonnage and uncertain cargo demand, ship brokers said on Thursday. "There's too many ships in the Pacific. There's a lot of ballasters (empty ships) sailing to Brazil," a Singapore-based ship broker said.
Asia Tankers-VLCC Rates to Climb Slowly
Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday, although gains will be capped by ample tanker availability. "The market is still rubbish, but it has turned," a Singapore-based supertanker broker said on Friday.
Europe Gasoline Exports Set to Surge on Harvey Outages
Gasoline exports from Europe across the Atlantic are set to surge in coming days as traders plug supply gaps after Tropical Storm Harvey crippled refineries in the U.S. Gulf Coast. Many of the shipments are expected to end up in Latin America, which has become increasingly reliant on gasoline and diesel supplies from the U.S. Gulf Coast in recent years amid fast-growing demand in emerging economies such as Mexico and Brazil, traders said.
VLCC, Product Tanker Rates Headed in Opposite Directions
No impact on VLCC rates yet from Hurricane Harvey, even as rates for smaller product tankers double. Freight rates for very large crude carriers (VLCCs) on Asian routes continue to sink on a glut of available tonnage as owners wait for supply disruptions caused by Hurricane Harvey to help support the market, brokers said. Charter rates for VLCCs from the Middle East have fallen to around 36 on the Worldscale measure.
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
Locks Failure Highlights US Infrastructure Woes
The Ohio River was closed to commercial navigation on Monday near Brookport, Illinois, after a hydraulic system used to open and close lock gates at lock and dam 53 failed, the Waterways Council said. A queue of more than 65 towboats was waiting to pass through the area on Monday morning, the group said in a news release. The closure was the latest headache for shippers scrambling to haul newly harvested soybeans from Midwest farms to export terminals along the Gulf Coast.
Asia Tankers-VLCC Rates Flat as Old and New Ships Compete
MidEast-Asia rates likely to remain flat until August; paper derivative trades show no uptick until October. Freight rates for very large crude carriers (VLCCs) are likely to remain flat next week, a situation that could well last until August, brokers said on Friday. "Rates are stuck. I don't see there being any hope for July cargoes. Similar rate levels are probably here for August cargoes," a Singapore-based supertanker broker said on Friday.
Firmer MidEast, WAfrica Sentiment Supports VLCC Rates
Middle East rates helped by fewer old vessels; about 96 MidEast cargoes fixed, 25 to come. Freight rates for very large crude carriers (VLCCs) could rise next week on firm sentiment in the Middle East and West Africa markets but higher oil prices and fewer floating storage opportunities could cap increases, brokers said on Friday. "Middle East rates to the east have crept up one or two points (on the Worldscale measure)," said Ashok Sharma
Asia Tankers-VLCC Rates Under Pressure on Oversupply
Charterers set to split VLCC cargoes if owners push rates higher. Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday. "At the slightest attempt by owners to push rates higher, charterers can split the cargo into Suezmax cargoes for the same rate," an European supertanker broker said on Friday.
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)
Modern VLCC Rates Under Pressure
Rates fall back after climbing earlier in the week. Overcapacity, OPEC cuts, little scrapping, summer lull weigh on market. Owners of modern very large crude carriers (VLCCs) could see a gain in charter rates amid tightening vessel supply but freight rates, especially for older and newly delivered ships, will remain under pressure, brokers said on Friday. That came as rates rebounded slightly earlier this week on routes from the Middle East only for them to fall back to
Baltic Exchange to Shutter Baltex
The Baltic Exchange will close its freight derivatives platform Baltex at the end of the year after a strategic review, the London-run business said on Monday. Baltex was launched by the centuries-old Baltic Exchange in June 2011 as the first central electronic marketplace for freight forward agreements, which allow investors to take positions on freight rates at a point in the future. Singapore Exchange completed its 87 million pound ($114
Overtonnage Weighs on VLCC Rates
Freight rates for very large crude carriers (VLCCs) on Asian routes from the Middle East could fall to a new low for the year next week as too many ships chase the number of available cargoes, ship brokers said on Friday. That came as average rates from the Middle East to Asia have fallen close to last year's low. Average rates dropped to around 32.50 on the Worldscale measure on Sept. 23, 2016, equivalent to about 42
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
Traders Look to Asia Products for U.S. Options
Traders adding U.S. port options to cargoes for flexibility. Traders are scrambling to find oil products in Asia to ship to the United States and Latin America after Hurricane Harvey shut almost a quarter of U.S. refining capacity, several trading and shipping sources told Reuters on Wednesday. Many are also asking for ships to have a U.S. option added to their original destination to allow for flexibility in sending the cargoes across the Pacific, shipbrokers said.