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Ocean Freight

Ocean Freight Shipping Rates on the Rise

After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down. There are many reasons why the costs of ocean freight shipping have increased. Indian Oil Corporation recently paid $9 million in freight transportation charges for shipping crude oil on a very large crude carrier from West Africa to Vadinar, India. The high freight rate was a result of oil firms scrambling to hire ships before the holiday season started, leading to a shortage of ships. Another recent event that may be affecting the ocean freight rate is an accident that occurred on December 7 about five miles off the coast and 93 miles southwest of Seoul, which caused South Korea's worst oil spill in history. Single-bottomed tankers are already scheduled to be phased out worldwide by 2010 under an international maritime treaty, and demands to ban single-hull tankers ahead of the deadline have now emerged. This leaves more demand for other types of freight shipping vessels, and the resources are not necessarily there.


FedEx To Enter Ocean Shipping Business

FedEx Logistics Inc reportedly will enter the oceanshipping business. FedEx Logistics, a unit of FedEx Corp., will become a non-vessel operating common carrier (NVOCC), meaning it will send freight by sea but not own any ships, Mark Gunn, of the Akron, Ohio-based logistics firm said, "We aren't going to own any ships." FedEx Logistics will arrange the global logistics of ocean freight but Gunn did not say when this will start.


CaroTrans Assures Seamless Transport on US West Coast

CaroTrans Logo

  CaroTrans, a leading global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, today announces their U.S. West Coast port readiness program to address potential supply chain disruptions. Congestion and current labor issues are impacting the flow of cargo at U.S. West Coast ports and there is the likelihood of further instability. To address this infrastructure challenge, CaroTrans has developed alternative routing solutions to lessen the impact on supply


Shipping Exec Indicted for Price Fixing

Another ocean freight executive has been indicted for participation in a long-running conspiracy to restrain trade in international ocean shipments of roll-on, roll-off cargo to and from the Port of Baltimore and elsewhere in the United States, the Department of Justice announced Tuesday.   A grand jury in the District of Maryland returned the indictment. Mauricio Javier Garrido Garcia (Garrido), an executive of Compañia Sudamericana de Vapores S.A


Sino-Global Shipping Enters Agreement With COSCO

Image: Sino Global

 Sino-Global Shipping America, a non-asset based global shipping and freight logistic integrated solution provider,  has announced the signing of an Inland Transportation Agreement  with COSCO Beijing International Freight Co in which COSFRE Beijing will utilize the Company's full-service logistics platform to arrange for the transport of its container shipments into US ports.    In addition to the Agreement with COSCO Beijing


Quality of Ocean Carriers “Poor to Average”

Image: Drewry Shipping Consultants Limited

 The service provided by container shipping lines is rated as poor to average and has deteriorated in the past year, according to a survey of exporters, importers and freight forwarders conducted jointly by Drewry and the European Shippers’ Council (ESC).   The ESC and Drewry contacted several hundred shippers and forwarders from all over the world in March 2017 and asked them how satisfied they were with 16 price and non-price related attributes of the services provided by


Panama Canal Lock Gate Transportation Contract for Geodis Wilson

Panama Canal Lock: Photo credit ACP

As part of a US$50-million contract Geodis Wilson will manage the transport of 16 lock gates, each weighing more than 4,000 tons, for Panama Canal expansion project. An initial vessel, carrying four of the gates will depart from Italy in February 2013 and will be followed by a further three shipments throughout the year. The project is scheduled for completion in December 2013. The new gates are part of the large-scale expansion plan by the Panama Canal Authority that is designed to double


CaroTrans Bolsters Service with New Philippines Partnership

CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, today announces a strategic alliance with Multifreight Consolidator System, Inc. (MFCSI), a NVOCC in the Philippines market committed to responsive, flexible transportation services. The CaroTrans MFCSI partnership will offer fast, reliable LCL (less than container load) and FCL (full container load) import and export cargo services between North America and the Philippines, the company said


UTi Worldwide, Ansell Name Safmarine Partner of the Year

UTi Worldwide Inc., a global supply chain services and solutions company, together with its client, Ansell Limited, named Safmarine its "Partner of the Year" for 2013-2014 during their annual Ocean carrier performance review meeting in July. The award recognizes the strength of Safmarine’s relationship with UTi Worldwide and Ansell Limited. UTi and Ansell jointly selected Safmarine as a global ocean partner as part of their Strategic Ocean freight Partnership program


Panama Canal Extension May Be Bad for Some Shippers

Photo: Panama Canal Authority

The newly inaugurated Panama Canal may not be as beneficial as it seems for container ship carriers, says Xeneta, a benchmarking and market intelligence platform for containerized ocean freight.   Although the new sets of locks and deeper, wider shipping channels will potentially double the waterway’s capacity, giving neo-panamax vessels access for the first time, the increased efficiencies may actually undermine rates – deepening the crisis for a segment already suffering


A Glimmer of Hope for Asia Dirty Tankers

© Igor Groshev / Adobe Stock

 As we enter Q2 2017, Asia’s crude tanker market finds itself flooded with a flurry of newbuilds that hit the water over the last quarter. According to Lloyd’s List Intelligence, new tonnage delivered hit 15m dwt in Q1 and is expected to stand at 8.7m dwt in Q2


Shanghai Grapples with Traffic Congestion

File Image (CREDIT: AdobeStock / (c) zhu difeng)

The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.  


Long-haul Arbitrage Trades to Benefit VLCCs

© donvictori0 / Adobe Stock

The OPEC production cuts since the start of 2017 has tightened supplies of medium and heavy sour crudes, leading to a narrowing Brent-Dubai EFS. This has made long-haul crude trades from the Atlantic Basin to the Far East economically viable


Signs of Recovery Seen in Asian MR Market

File photo: Scorpio Tankers

A new lease of life has been breathed into the ailing Medium Range (MR) tanker market in Asia. The MR market has been mired in a slump in recent months, with TC11 rates sinking to a multi-year low of $240,000 in April on the back of lower product exports from China and South Korea


Asia Gasoline Demand Draws European Cargoes

© Chee-Onn Leong / Adobe Stock

Robust Asian gasoline demand has drawn more cargoes from Europe over the past week. At least five LR2 vessels have been fixed within the week to load 80kt cargoes of gasoline and gasoline blendstocks from NWE (mostly Mongstad) to Singapore. Gasoline from Europe typically moves to Asia on an


Stolt-Nielsen's Profits Slip

Stolt-Nielsen Limited today reported unaudited results for the fourth quarter ended November 30, 2016. Net profit attributable to shareholders in the fourth quarter was $22.8 million, with revenue of $463.0 million, compared with a net profit of $22.2 million, with revenue of $474


China’s Fuel Exports and Crude Imports End 2016 with a Bang

Image: OFE

China’s product exports in December eclipsed yet another record set in November, up by 23.8 percent y-o-y and 10.3 percent m-o-m to hit 1.27 mmb/d. The surge in exports can be attributed to Chinese refiners’ attempts to fully utilize their leftover export quotas for the year


Has the Asian LR Tanker Market Hit Bottom?

© Shimpei Fukui / Adobe Stock

The Long Range (LR) 2 tanker market in the East of Suez has been languishing in the doldrums for almost two weeks. LR2 rates on the AG/Japan route, basis 75 kt, nosedived from w120 at the beginning of January to current levels of w80. Earnings for a round voyage on the benchmark route are hovering


Maersk Expects Healthier 2017 for Shippers

Photo: Maersk Line

 Bloomberg quoted Robbert van Trooijen, APAC CEO of Maersk Line, saying that the current year (2017) will be more profitable than the last.    Post-Hanjin, ocean freight customers now stressing stability and avoiding risk to supply chains, not just rates, he said.  


Aframaxes Taken for Short-term Time Charters in Asia

File photo: Tsuneishi Shipbuilding Company

The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102


LR Tankers Taken for Gasoline Storage in Asia

Image: OFE

Long range tankers taken for storage on expectations of tighter Asian gasoline market   Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both


More Room for Asian VLCC Rates to Fall

Image: Ocean Freight Exchange

VLCC rates on the AG/Japan route tumbled by nearly w10 points within a day to w60 on Tuesday, after news of S-Oil placing Australis on subs for an AG/Onsan run at w54.75, loading March 13-15 basis 274kt, broke. Charterers went for the jugular


Asia Tankers-VLCC Rates Uncertain on Tonnage Woes

File Image (CREDIT: AdobeStock)

MidEast tanker rates fall to $22,000 a day, below breakeven; 52 VLCCs to be delivered this year, highest since 2011.   Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess


Spot Freight Rates Soar from North Europe to Asia

Photo: Maersk Line

 Spot container freight rates from North Europe to China increased by 45 percent this week, reaching a four-year high.   The “World Container Index assessed by Drewry” market reading on the route from Rotterdam to Shanghai jumped to $1,076 per 40ft dry container today


DHL Says Ocean Freight Rates at Turning Point

© dbvirago / Adobe Stock

Demand for ocean and air freight has been better than expected this year, with increasing volumes and rates finally improving after years in the doldrums, executives from freight forwarding company DHL, part of Deutsche Post DHL Group, said.






 
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