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Freight Prices

Finnlines Shares Plunge On Profit Warning

Shares in Finnish shipping company Finnlines plunged on Wednesday after it said 2000 profit would be worse than expected due to tough competition, higher oil prices and strikes hindering business. On Wednesday shares were trading down 12.5 percent at 23.99 euros, under-performing already soft Helsinki shares. In February Finnlines posted a 1999 profit before extraordinary items of 67.3 million euros ($64.46 million) and said the outlook for 2000 was uncertain due to factors such as tighter competition and a drop in import volumes. Finnline’s released statement, reads in part as follows: A strong imbalance exists between exports and imports of unitized cargo in Finland. Since the company has wished to maintain its export service at the level requested by its customers, no measures have so far been taken to reduce cargo capacity. Competition for imported freight has led to unhealthy price levels. The volume of Russian transit traffic has remained low. The continuing high price of oil has raised operating costs significantly and it has been possible to transfer only a small proportion of these costs to freight prices owing to the intense competition. Ongoing industrial actions in Finland have caused substantial harm to the maritime industry and port operations. Sympathy strikes have been held at Finnish ports since March 14, 2000 to expedite negotiations in a dispute involving bus drivers in Tampere


CMA CGM Slowed by Rates, Sees 2016 Recovery

The containership CMA CGM Marco Polo underway (file image)

France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits.   The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a new all-time low on Friday, pulled down by a vessel glut and slowing industrial demand from China.   "Freight rates are expected to remain weak in the fourth quarter of 2015


Marks & Spencer Signs Contract with Drewry

Marks & Spencer joined other multinationals from North America, Asia and Europe which have found in Drewry’s 150 sets of port region-to-port region container freight rates a valuable source of pricing benchmarks to help their transport procurement decisions. Due to the launch of the global container freight rate benchmarks and associated regional and global freight rate indices, Drewry is making the unique, industry-first freight rate data available on-line to subscribers at www


Index-Linked Container Contracts Take-Off

Half of all index-linked contracts filed with the US Federal Maritime Commission reference Drewry’s Container Freight Rate Insight pricing benchmarks.   Drewry Maritime Research’s container freight rate benchmarks are the index of choice in index-linked container contracts, according to the US Federal Maritime Commission (FMC). The agency also indicated that uptake of index-linked container contracts on US trades was fast growing


US Grain Shipments via St. Lawrence Seaway Up 63%

The Calumet coming into the Port of Green Bay. Photo supplied by the Port of Green Bay.

American grain shipments through the St. Lawrence Seaway are up 63 percent so far this season as ships transport corn to Canada and soybeans for international export, reports the Chamber of Marine Commerce.   According to figures from the St. Lawrence Seaway, U.S. grain totaled 765,000 metric tons for the period from April 2 through July 31. U.S. Great Lakes ports that receive and export grain through the waterway include Duluth-Superior, Toledo, Milwaukee, Chicago


Tanker Freight Rates Could Weaken in 2016

Crude tanker utilization (%) (Source: Drewry Maritime Research)

Tanker shipping freight rates are expected to remain firm in the first few months of 2016, but with the influx of tonnage these rates are expected to soften towards the end of the year, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Four major factors led to the big leap in tanker earnings in 2015: strong growth in oil trade, sluggish expansion of the fleet, a sharp increase in floating storage and lower bunker prices


Canada Clarke Expanes Freight Management Ops

Canada's Clarke Inc. doubled the size of its freight-management division with the purchase of four U.S.-based companies. Clarke, which has freight transportation and logistics services throughout North America, said it had bought Focus Carriers of Memphis, Tennessee; Kenley Trucking Inc of Atlanta, Georgia; and Creative Logistics of Ripon, California. Purchase prices were not disclosed. - (Reuters)


Mediterranean/N.American Freight Rate Stagnancy

Image credit APM

Ocean carriers were unable to increase freight rates between the Mediterranean and North America from November to January due to continuing poor vessel utilisation and the approaching threat of P3, according to the latest edition of Drewry's Container Insight Weekly. Westbound According to Drewry’s Container Freight Rate Insight, the average all-in freight rate quoted to forwarders for spot cargo from Genoa to New York remained a poor $1,950/40ft throughout.


Hapag-Lloyd Sees Profit Jump in Q1

Photo: Hapag-Lloyd

Hapag-Lloyd generated a profit in the first three months of this year, and concluded the first quarter with a profit of EUR 128.2 million (prior year period: EUR -119.1 million). EBITDA reached EUR 283.6 million (prior year period: EUR 2.9 million) and the underlying EBIT was EUR 160.5 million (prior year period: EUR -63.2 million). The sharp increase in profit was achieved in a challenging market environment, with an average freight rate in the first quarter of USD 1,331/TEU


U.S. Freight Volume Dips: Kemp

File image: Barge fleeting operations on the U.S. inland river system (WCI)

Freight volumes in the United States have fallen year on year for the first time since 2012 and before that the recession of 2009, according to the Bureau of Transportation Statistics. The total volume of freight moved by road, rail, pipeline, inland waterways and as air cargo in November 2015 was 1.1 percent lower than in the corresponding month a year earlier. Freight demand growth has been slowing since the start of last year but the slowdown intensified in the second half and


More Cargo, Slower Steaming Support VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

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


New Orleans' Big Plans Showing Dividends

(Photo: SEACOR)

A Container-on-Barge service intended to be an integral part of the regional intermodal equation is gathering momentum – and customers.    Quietly, the Port of New Orleans (NOLA) has marked some important accomplishments in the past two years, across multiple business sectors


Baltic Index Near Fresh 3-year High

© Amarinj / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, touched a fresh near three-year high on Thursday, supported by firmer rates across vessel segments. The overall index — which factors in rates for capesize, panamax


Global BCOs Hit by Rising Contract Rates from Asia

Graph: Drewry Benchmarking Club

 Contract freight rates paid by Beneficial Cargo Owners to move their products by container have increased for a 4th consecutive quarter, according to actual contract rate data from the Drewry Benchmarking Club.   Average contract rates on two major container trade routes - from Asia


Fog Lifts as Maersk CEO Remains Upbeat

File Image: The Madrid Maersk, one of Maersks largest boxships. CREDIT: Maersk

Container shipping fundamentals at best since 2010 - CEO.   Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges.  


Maersk to Face Price War

Photo: Maersk Line

 A.P. Moller-Maersk's main sea freight business faces the threat of a new price war in a consolidating industry, though the company has been fortified by the $7.5 billion sale of its oil and gas business to France's Total Reuters reported.  


Grindrod Plans to Spin off Shipping Business

(Photo: Grindrod)

Grindrod, the South Africa-listed freight logistics and shipping services firm, is planning to separate and list its shipping business in order to unlock its value, the company said on Wednesday.   Grindrod, which also has a financial services business


St. Louis Region’s Agriculture Freight Network Poised for Growth

This 15-mile section of the Mighty Mississippi is being called the “Ag Coast” of America.

As cargo handling capacity increases along the Mississippi River, this 15-mile section of the Mighty Mississippi is being called the Ag Coast.   Located in the heartland of America, one 15-mile section of the Mississippi River in the St


Asia VLCC Rates Fall to Four-year Low

© Jose Gill / Adobe Stock

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.  


Singamas Back in the Black

Photo: Singamas Container Holdings Limited

 Singamas Container Holdings Limited, Hong Kong-listed container manufacturing company, turned around in the first half of this year, thanks to a 45 per cent surge in its revenue mainly due to a jump in container sales and a higher average unit.  


Stena Adds Vessel on Gdynia-Karlskrona Line

(Photo: Stena Line)

Stena Lines reports the number of units carried by its Baltic Sea South freight business increased significantly in the first eight months in 2017, following strong growth through 2016.   This calls for increased capacity, and from Monday, August 28, a fourth ship, M/V Gute


Europe Gasoline Exports Set to Surge on Harvey Outages

© rob3rt82 / Adobe Stock

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


Container Equipment Leasing Rates Under Pressure

Graph: Drewry Shipping Consultants Limited.

 Leasing companies are tightening their stranglehold over container equipment ownership as ocean carriers cut back on new purchasing and sell older inventory for leaseback, Drewry's report said.   But the lessors’ rapid expansion has come at a price as the combination of low


DVB Bank Losses on Shipping

Photo: CMA CGM

 DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million).   Ralf Bedranowsky, CEO and Chairman of DVB Bank SE's Board of Managing Directors


Rickmers to Continue Ship Management under New Owners

(Photo: Rickmers)

German shipping group Rickmers, which filed for insolvency in June, said on Thursday its ship management unit had the all-clear to continue business after it was bought by Bremen-based Zeaborn Group and owner Bertram Rickmers. The company said in a statement that a consortium consisting of






 
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