Marine link
 

Rates Drop

Crude Oil Tanker Market Weakened, says OPEC

Graph provided by OPEC

 Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report.   On average, dirty tanker freight rates were down 8% from the month before.  Despite a stronger market seen in the VLCC sector, average dirty spot freight rates declined, influenced by the declines in Suezmax and Aframax freight rates.    VLCC spot freight rates showed improvements, rising by around 17% on all reported routes, as a result of an active market and strong tonnage demand.    Suezmax and Aframax both closed the month down by 15% and 12%, respectively, as demand for both classes remained weak amid a persisting tonnage oversupply.   Following the drop seen last month, OPEC spot fixtures dropped in April by 4.2%. The decline came mainly on the back of lower fixtures registered for both eastbound and westbound destinations, while global fixtures declined by 2.9% from a month earlier.   Compared with a year ago, OPEC and spot global fixtures were down by 11.2% and 9.6%, respectively.   OPEC sailings were also lower in May, dropping from the previous month and a year earlier by 1.2% and 2.2%, respectively.    According to preliminary data, arrivals into North America and West Asia increased by 0.7% and 3.6%, respectively, from the month before, while arrivals into the Far East and Europe declined by 0.5% and 3


Asia-Europe Box Rates Fall Again

File Image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fourth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies.


Clean Tanker Rates Drop Another 10 Points

Clean tankers in the intra-Asian trades have suffered an eighth week of stagnant trading, causing rates to slip another 10 points to W240 ($15.69 per ton), Singapore brokers said on Wednesday. "The panel rate (judged by a panel of six brokerages) is around W250, but we think it's much nearer W240 at the moment," said a broker. The benchmark trade from Singapore to Japan on 30,000 ton tankes almost touched W300 in June ($19.62 per ton).


SS&Y Pacific & Atlantic Index Drops

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 281 points in the week ending Monday to 5,337. "The Pacific has weakened with tonnage being fixed APS Australia plus ballast bonus by a number of Chinese operators, which has been helped by diluted interest in December stems for trans-Pacific and backhaul routes," SS&Y said. "This has led owners to seek refuge in Richards Bay although rates are headed downwards at present, which hasn't been helped by this movement of vessels


TEN Bags Storage Contract for VLCC

Tsakos Energy Navigation announces storage employment for VLCC vessel; low oil price boosts demand and spot rates and drastically reduces voyage costs   Tsakos Energy Navigation Ltd. (TEN) announced it has won a six month storage contract for a very large crude carrier (VLCC) vessel to an international major for which the minimum proceeds are expected to be in the region of $10 million.   “Accretive transactions like the one announced today is proof of the strong tanker


Asia-Europe Box Freight Rates Slide 23%

Photo: Maersk Line

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 23 percent to $332 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.   The current level is widely seen as a loss-making for container shipping companies that transport everything from flat-screen TVs to sportswear from Asia to Northern Europe.  


Asia-Europe Box Rates Plunge 25 pct

A Maersk containership (file photo: Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 24.9 percent to $833 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. The drop came after the previous week's increase of 177 percent which was a result of most of the major container shipping companies implementing a general rate increase from Aug 1.


Asia Tankers-VLCC Rates Slump

Image: Dalian

 Freight rates for very large crude carriers (VLCCs) could face drop further next week on excess tonnage supply and lower cargo volumes, reports Reuters.   A Singapore based VLCC broker said that there’s no upside. Rates will either be flat or on the downside. There are many more ships than cargo, the broker said.   While ship owners and charterers are expected to conclude more charters later on Friday


Container Shipping Faces Tough 2016 as Rates Plunge 78 pct

File image: a Maersk boxship in the port of New Orleans (credit: port of New Orleans)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe have plummeted 78 percent this year, after posting another drop this week, a source with access to data from the Shanghai Containerized Freight Index told Reuters. Rates fell 6.9 percent to $271 per 20-foot container (TEU) in the week ended on Friday, the person said, down from $1232 at the beginning of the year. It was the second consecutive week of falling freight rates on the world's busiest route


Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo, ship brokers said. "We are reaching a floor, particularly in the Pacific. It's got to the point where owners just won't fix their ships," a Singapore-based capesize broker said on Thursday


Capesize Rates Further Impacted by Cyclone Debbie

© Lidian Neeleman / Adobe Stock

Coal shipments from eastern Australia could stop for 3-4 weeks.   Freight rates for large capesize dry cargo vessels on key Asian routes, which fell to multi-week lows this week, are likely to remain depressed in the absence of Australian coal cargoes and iron ore and coal from South Africa


China Iron Ore Imports Drive Bulker Demand

© corlaffra / Adobe Stock

Chinese iron ore imports will continue to be a key driver for the demand growth in the dry bulk shipping industry for 2017, alongside shipping of grains. This is emphasized by an accumulated growth rate for Q1-2017 of 9.5 percent compared to the same quarter of 2016, according to BIMCO


Iraq's Oil Exports Fall in April Amid Port Work, OPEC Cut

Oil shipments from Iraq's southern terminals have fallen so far in April, according to loading data and an industry source, reflecting a temporary drop in export capacity and Iraqi efforts to comply with OPEC production cuts. OPEC's second-largest producer has curbed output this year as part of


Economic Indicators Pointing Up -BIMCO

© Dmitry V. Petrenko / Adobe Stock photo

The recent months’ uptick in global indicators, which implies a strengthening in the global economy, is not sufficient for the patient to be discharged yet. The state of the global economy is still uncertain, despite stronger growth dynamics in advanced economies, and not least in China.


Strong Capesize Rates Keep Baltic Index at over 3-month High

© lidian neeleman / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to a fresh over three-month peak on Friday as capezise rates rallied.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Bulkcarrier Fleet Growth In Limbo?

Graph: Clarksons Research

 The pace of bulkcarrier fleet growth has fallen sharply since 2010, when the fleet grew by a record 17%, says a Clarksons Research report.   In 2016, the supply side response to difficult market conditions saw the bulker fleet grow at the slowest pace so far this century


Shipping Confidence Steady despite Industry, Political Pressures

© Federico Rostagno / Adobe Stock

Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.    In February 2017, the average confidence level expressed by respondents was 5


CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.  


Cosco Shipping 2016 Profit Dip

Photo: Cosco Shipping International (Hong Kong)

 Cosco Shipping International (Hong Kong) has seen its profit for the year ended December 31, 2016 drop 29 percent to HKD 236.5 million (USD 30.4 million) from HKD 362 million (USD 46.6 million) reported a year earlier.   Although the company’s operating profit dropped to HKD 544


VLCC Rates to Remain Weak on Output, Tonnage Woes

© Björn Wylezich / Adobe Stock

Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end.   "I haven't seen a collapse in rates like this for some time


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


Baltic Index Snaps Five-Session Winning Streak

© Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday after five straight sessions of gains as capesize rates dropped. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Asia Tankers-VLCC to Stabilise as Owners Stand Firm

File Image (CREDIT: AdobeStock)

40 MidEast VLCC cargoes fixed for early April loading.   Freight rates for very large crude carriers (VLCCs), which have fallen to six-month lows, are likely to hold steady around current levels as owners resist charterers' attempts to push rates lower, brokers said.  


Baltic Index Drops as Cyclone Dampens Demand

On March 29, 2017 at 3:24 a.m. UTC the VIIRS instrument aboard NASA-NOAAs Suomi NPP satellite captured this visible image of Tropical Cyclone Debbie over Queensland, Australia. (Photo: NASA/NOAA)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday as closure of mines and ports in Australia due to a cyclone weighed on demand for capesize vessels. Cyclone Debbie, which struck Queensland this week


Baltic Index Weighed Down by Soft Capesize Activity

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Monday, hurt by softer capesize activity. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, closed down 15 points or 1






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright