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Excess Tonnage Weighs on Asia Dry Bulk-Capesize Rates

File image: a so-called ValeMax bulk carrier (Credit: Vale)

Capesize market "absolutely dead" on Thursday - broker. Vale says no new cargoes but owners sail empty vessels to Brazil. Freight rates for large capesize dry cargo ships on key Asian routes will continue to fall next week as too many ships chase available cargoes, brokers said on Thursday. "The market is absolutely dead today - it's all very doom and gloom," said a Singapore-based capesize broker on Thursday. While BHP Billiton and Rio Tinto have been active charterers this week, Fortescue Metals Group has stayed out of the market, the broker added. "Vale has said it had nothing now for October- and November-loading dates, so there will be no volume from Brazil," the broker added. That came despite owners sailing vessels empty to Brazil in the hope of picking Brazilian iron ore cargoes, brokers said. "There are so many ballasters (empty vessels) and a limited number of cargoes from Brazil. So far the market is still dropping, so I don't think either the Atlantic or Pacific will recover soon," said a Shanghai-based capesize broker. Rates were around $5.35 per tonne on Thursday for a voyage from Australia to China, brokers said. "The expectation is they will go lower. There's a lot of pressure on rates," the Singapore broker said.


Asia Capesize Bulker Rates Expected to Stay Flat

No improvement in capesize rates expected until April; around 120 capesize vessels idle or open for charter -broker     Freight rates for capesize bulk carriers on key Asian routes are likely to remain flat as the number of vessels for hire outpaces cargo demand, ship brokers said.   That came despite an increase in number of idled ships and ships sent for demolition, brokers said.   "I expect the market to stay at the same level for a while - at least one or


Panamax Rates Likely To Ease

Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23


New Tech Saves Time for Shipbrokers

Stelvio has reacted to demands from the shipbroking sector for faster and more accurate vessel positioning and cargo order data by developing software which it claims will cut the workload by half. ShipDecision from Stelvio is designed to eliminate the need for brokers to search manually through the thousands of incoming daily emails. The Vessel Position feature of the system examines each incoming message and automatically extracts the critical vessel


Asia Dry Bulk-Capesize Rates to Climb

Shipowners confident rates will climb on tighter tonnage supply; Shipowners seek rates premium for Australian coal cargoes. Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said. "Owners and charterers are playing a game of cat and mouse," said a Singapore-based capesize ship broker.


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


Large Tanker Fixing Slows, Rates Soften

Large tanker fixing out of the key Middle East market slowed last week as charterers had largely covered their October liftings, resulting in the softening of rates by about two and a half Worldscale points, brokers said last week. VLCCs to Japan commanded between W51 and W52.5, down from the mid W50s the previous week, while Korea was slipping to W50 by the end of the week. Westbound to the U.S. Gulf maintained W47.5, and one Continent fixture reached W50.


Asia Tankers-VLCC Rates to Climb Slowly

File image: a so-called SuezMax oil tanker (Suez Canal Authority)

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.


Asia Tankers-VLCC Rates to Fall but Bottom in Sight

File image: Credit EuroNav

VLCC owners sailing slower and idling vessels; slow market to continue into September. Freight rates for very large crude carriers (VLCCs), which hit multi-year lows on Thursday, could slip further next week even as ship owners begin to resist charterers attempts to push rates lower, ship brokers said. "The market has come crashing down - there are so many ships available. Charterers are taking no prisoners," a European supertanker broker said on Friday.


Asia Bulk-Capesize Rates to hold firm during China holiday

file image (credit: BSM)

Capesize rates slip from year-long highs as miners absent; owners still optimistic of Q4 rate bounce. Freight rates for large capesize dry cargo shippers on key Asian routes, which hit the highest in about a year last Thursday, are set to remain buoyant during China's week-long National Day holiday that starts on Saturday, ship brokers said. "The market is always firm during Golden Week holidays, so I don't think the capesize market will fall off a cliff


East Coast Refiners Mull Texas Oil as North Dakota Alternative

Crude Oil moving via rail in the U.S. heartland (CREDIT: Dagmar Etkin)

U.S. East Coast refiners are looking to buy increasing volumes of domestic crude oil from the Gulf Coast, two sources said, the latest twist in a trade flow upheaval in the wake of the opening of the Dakota Access pipeline.   Major U.S


VLCC Rates to Fall Further in Well-supplied Market

File photo: Maran Tankers Management

Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday.   "In today's market Middle East charter rates are around $15


S & P Credit Rating for Shipowners’ Club

Photo: The Shipowners Club

 Following a request by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg), as from 19 May 2017 AM Best will  no longer provide a rating of the Club.   This decision was taken by the Club in December 2016 following a review of the costs and benefits of


VLCC Rates to Stabilise as Owners' Resolve Stiffens

File Image: CREDIT EuroNav

VLCC's likely to struggle to break even for next two months; three-tier VLCC market weighs on sentiment.   Freight rates for very large crude carriers (VLCCs) are likely to become steady around the current levels as owners resist charterers' attempts to pull down hire rates with the


Asia Dry Bulk-Capesize Rates to Climb Again

File Image (CREDIT: AdobeStock)

Number of spot capesize cargoes double from January levels; Pacific capesize earnings now around $14,000 per day.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs this week, are set to jump further next week on tight tonnage supply and


Baltic Index Climbs to Three-month High

Handysize bulk carrier (Photo: © Pacific Basin)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at its highest level in three months on Friday, supported by robust capesize rates. The overall index, which factors in rates for capesize, panamax


Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market.   Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in


Four New Expedition Cruise Vessels Ordered

Image: SunStone Ships

SunStone Ships, Inc. and China Merchants Industry Holdings Co., Ltd. (CMIH) have signed a framework agreement for the construction of four expedition vessels with options for an additional six vessels.   The new vessels will be part of the SunStone Fleet and chartered to new and existing


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


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.  


Asia Dry Bulk-Capesize Rates Set to Climb Again

File Image (CREDIT: AdobeStock / Lidian Neeleman)

Capesize rates hit new multi-month highs this week; BHP and FMG likely to renew chartering activity next week.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs on Tuesday, could climb further on increased chartered activity by miners


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


DryShips Acquires Six Vessels

Image: DryShips Inc.

 DryShips Inc.  has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited.   These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels


Asia Tankers-VLCC Rates to Climb as Asian Refiners Restock

File Image: A typical VLCC underway (EuroNav)

Rates to climb to around W65 from MidEast to Asia; W70 from West Africa.   Freight rates for very large crude carriers (VLCCs) are set to rise further as Asian refiners rebuild inventories after plants were reactivated following maintenance outages, brokers said on Friday.  


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






 
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