Capesize Rates Post Biggest Weekly Drop in 2 Years
The Baltic Exchange's main sea freight index fell on Friday and continued to linger around five month lows as the capesize segment recorded its biggest weekly percentage decline in two years. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, shed 14 points, or 1.23 percent, to 1,125 points, the lowest since Aug. 10, 2017. For the week, the index ended 12 percent lower. The capesize index fell 118 points, or 7.32 percent, to 1,493 points, its lowest since Aug.
Nordic American Tankers Signs TC with Cepsa
Nordic American Tankers has announced that it entered into an one-year term charter with the major Spanish oil company Cepsa for a ship. The company says is the 2004 built Nordic Castor is expected to be delivered on the time charter in late February for a contract of up to 15 months. "She is expected to be delivered on the time charter late February, subject to a satisfactory inspection in next discharge port. The fact that NAT has only one million barrel suezmax ships allows us to achieve economies of scale. The agreed rate secures a good cash flow," said a company statement.
Crowley Expands Russian - U.S. Cooperative Presence
Crowley Maritime Corporation has expanded its international presence with the formation of Crowley Far East Services. shoreside logistics and transportation services to the energy and construction industries in the region. vessels, including some of the industry's most powerful oceangoing tugboats, and barges with heavy lift, breakbulk and ice breaking capabilities measuring up to 400 feet long and 100 feet wide. charter local equipment and will use vessels operated under the Russian flag thus creating jobs and opportunities for Russian citizens while supporting the local economy. The new company provides marketing, operational support and infrastructure for current and future operations on Sakhalin Island and in the Far East.
Maersk Offers New Service
Maersk Line announceed a new, direct service between the Far East and Abidjan, Cote d'Ivoire. On January 28, the company said it will introduce a direct, weekly call in Abidjan, Ivory Coast on the Far East - West Africa 2 (FEW2) service. Thereby we can serve our customers from Far East to Abidjan and from Abidjan to Far East faster and more reliable. The FEW2 service is one of two direct services linking the Far East and West Africa: FEW1 and FEW2. These coupled with our unmatched product range via Algeciras in Spain ensures that we can continue to support the increased trade between the Far East and West Africa with fast and flexible services. First vessel on the new FEW1 rotation will be Santa Alexandra, westbound voyage 0803, calling Nansha on 23 January 2008.
Capital Product Partners Buys Aframax
Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.
Panamax Market May Get Jump Start From Active Atlantic
The panamax market may see a boost from increased activity in the Atlantic and more business coming from South America, brokers said on Wednesday. Prospects for the market in the short term looked positive, despite a slow pace in freight rates, they also said. Modern panamaxes booked for delivery in the Atlantic in May, followed by a voyage to South America could fetch up to $11,500 a day or even more after negotiations. Older vessels attracted lower rates, brokers said, giving as prime example the 1982-built 60,158 dwt Amolyntos chartered - for prompt delivery Boston for a voyage to South America, followed by redelivery Far East - at a daily rate of $8,700.
Water in Lena River in Yakutia to Reach Critical Level
Russian Emergency Situations Ministry predicts rise in water level to critical levels of 92 rivers in all regions of the Far East. The most unfavorable situation may arise on the Lena River in Yakutia. "After analyzing the information about the state of the ice in the rivers of the Far East and the amount of snow cover, the specialists of the Far Eastern Center for Monitoring and Forecasting Emergency Situations Ministry predict the possibility of raising the water level to the achievement of critical levels of 92 rivers in all regions of the Far East.
Asbestos: Maritime’s Ticking Time Bomb
The International Maritime Organization (IMO) should amend regulations banning the use of asbestos and asbestos containing materials (ACM) in ships, says John Chillingworth, senior marine principal at Lucion Marine. Regulations under the International Convention for the Safety of Life at Sea (SOLAS) state that if asbestos is found onboard a ship built after July 2002 then the vessel’s flag registry, in conjunction with its classification society, issues a non-extendable exemption certificate, providing the owner with a three-year window in which to remove the asbestos.
Crowley Forms Crowley Far East Services
Crowley Maritime Corporation has expanded its international presence with the formation of Crowley Far East Services. This new company, formed and incorporated in Sakhalin State, Russia, on April 9, 2003, offers marine and shoreside logistics and transportation services to the energy and construction industries in the region. As a Russian company, Crowley Far East Services offers Russian and international marine transportation by drawing on a fleet of over 200 vessels, including some of the industry’s most powerful oceangoing tugboats, and barges with heavy lift, breakbulk and ice breaking capabilities measuring up to 400 feet long and 100 feet wide.
Bulk Carrier Trends: Panamax Activity On The Rise
The dry cargo freight market was enlivened by a higher degree of Panamax activity in most areas, while Capesize conditions remained subdued with little fresh business quoted and few fixtures reported, brokers said. On May 9, the Baltic Dry Index gained 2 points from the day before to 1,609, the Baltic Panamax Index rose 11 to 1,512 and the Baltic Handy Index gained one to 1,153, while the Baltic Capesize Index fell six to 2,171. In the grain sector, higher rates were fixed from the Atlantic to the Far East, brokers said. Although brokers were disappointed at the level obtained by the 1999-built Red Cherry 73,350 dwt from Hanjin delivery U.S. Gulf end May trip Far East at $11,200 daily plus a $230,000 ballast bonus, other fixtures were concluded at more generous levels.
COSCO Resorts to Rate Restoration for F. East to S Africa Trade
COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014. The detail of the RR will be USD150 per TEU Far East include: China Mainland, China Hong Kong, China Taiwan, Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia, Korea, Japan, Cambodia, Myanmar and Bangladesh.
NSSLGlobal Adds New Satellite Beams
The additional beams will improve NSSLGlobal’s coverage of Europe and the Far East. NSSLGlobal, an independent service provider of satellite communications, has added two new satellite beams to improve the quality and geographical reach of its global VSAT network. The additional beams will provide customers in the Nordics, Europe, North Africa, the Middle East and Far East with better coverage at sea and on land. The Telenor Thor 6 Nordic beam, positioned 1° West, is a new addition…
MSC Expands and Upgrades Far East Service
Mediterranean Shipping Company will launch this week a new and separate Far East/Medterraneanservice, the Dragon Service, utilizing 8 vessels of approximately 2200 TEU capacity and with a port rotation as follows: Shanghai, Xiamen, Chiwan, Hong Kong, Singapore, Valencia, Barcelona, Fos, La Spezia, Jebel Ali, Singapore, Chiwan, Shanghai. This service improvement is in response to continuing strong demand from the market and to absorb additional cargoes. This continuing expansion by MSC in the Far East is a logical progression of our service network in the region, said Caroline Becquart, Liner Manager responsible for Far East services. It will give our customers a greater choice and enhanced flexibility.
GAC Russia Expands Eastwards
GAC Russia said it is expanding eastwards with the opening of new branches at Nakhodka and Yuzhno-Sakhalinsk to meet demand for shipping services as opportunities open up in Far East. According to GAC Russia, this means it is the only ship agent with a presence throughout the interconnected Arctic region and Far East: at Murmansk, Kandalaksha, Sabetta, and now Nakhodka and the capital of the Sakhalin region, Yuzhno-Sakhalinsk. Arkady Podkopaev, GAC Russia’s General Manager, said, “GAC has been active in Russia since 2001 and has built a strong network of offices in the European part of the country. As the Russian Federation focuses on developing political and economic relations with the Asia-Pacific region, the country’s Far East has moved to the top of the agenda.
Wang: Container Market Strength to Continue
Arnold Wang, Chairman of Evergreen Marine Corporation, addressed delegates at the World Shipping Summit (China) 2007 on "Growing Demand as Indicated by the Shipbuilding Orderbook. Speaking at the World Shipping Summit (China) 2007 on November 2 in Tianjin, Arnold Wang, Chairman of Evergreen Marine Corporation, addressed the audience on the subject “Growing Demand as Indicated by the Shipbuilding Orderbook”. “In 2006, container throughput in all Chinese ports reached 80 million TEU, or around one-fifth of the global volume. For cargoes from Asia to Europe and North America, China’s exports have accounted for more than half of market volumes. In 2006 China gained a market share of 65% in the Trans-Pacific eastbound trade, 71% with the inclusion of Hong Kong.
Russia's Pacific Coast to Become Free Port
Pacific city of Vladivostok has been chosen to become Russia’s first ‘free port’ in move that could boost trade and bolster the economy in the far east of the country. Russian president Vladimir Putin announced the Pacific port would benefit from the new status by July and it would boost the economy of the Primorsky Territory in the country’s Far East. Draft Law “On Free Port Vladivostok” was presented by Pavel Volkov, Counselor of the Minister for the Development of the Russian Far East.
Panamax Trades Steady
Freight rates for Panamaxes trading the Atlantic appear to be steadying, Reuters reported. The more stable tone began at the end of last week, as renewed optimism crept into the U.S. Gulf market for nearby positions. By Monday, while the Atlantic routes on the Baltic Panamax Index were lower, losses were greatly reduced. Meanwhile, Pacific Panamax freight rates remained firm, and levels in the Far East sector continued to rise. Looking ahead, with the Lunar New Year fast approaching any major change in trend is unlikely over the coming week. This quashed any high expectations for an Atlantic Panamax rally, they said. Any positive movement is forecast to be steady - at least until after the Far East holiday.
Maersk Line Sees Little Impact on Customers' Cargo from Hanjin Collapse
Maersk Line, the world's biggest container shipper and a unit of Danish conglomerate A. * Maersk Line expects minimal impact on its customers' cargo. * Maersk Line on Aug. 30 instructed its global operations centres to not load any cargo onto Hanjin owned vessels. * Says customers have cargo on board two of Hanjin's operated vessels, Maersk Sebarok and Maersk Senang, sailing on the Chennai Express service between Far East Asia and South East India. * Says vessels Hanjin New Jersey…
Maersk Reroutes Asia - US Service Via Panama
Maersk Line will transform its TP12 service in to a standalone, around-the-world service that provides significantly faster transit times between Far East Asia and the US East Coast. From the Far East to the US East Coast the TP12 service will transit the new Panama Canal locks and call the ports of Newark, Norfolk and Baltimore on the US East Coast. On the return leg to Asia, the TP12 will go through the Suez Canal and call the ports of Salalah (Oman), Colombo (Sri Lanka) and Singapore.
Second Direct Far East Carrier Calls at Port Everglades
China Shipping’s Xin Chong Quing is now the second carrier from the Far East to call at Port Everglades regularly. China Shipping Container Lines (CSCL), part of the PEXS vessel-sharing consortium, is the second carrier from the Far East to make Broward County’s Port Everglades part of its regular service. PEXS, which includes CSCL, CMA CGM and P&O Nedlloyd is calling on the Port's second multi-user container terminal operator, which is operated by APM Terminals. This month, as part of the PEX service…
CMA CGM Hikes Asia-Europe Rate
CMA CGM will increase rates US$900 per TEU from all Asian ports to the Mediterranean including the Black Sea and North Africa - and EUR800 (US$892.93) per TEU to Syria from March 1. The Frech shipping giant will also increase rates US$250 per TEU and $400 per FEU on 40-foot high cube dry containers and tank containers from north Europe to the Far East from March 15. "In a continued effort to provide quality services, CMA CGM hereby informs its customers of a Rate Restoration Program: from Far East and Japan and to West Med…
Largest Vessel to Call ICTSI, Rijeka
Adriatic Gate Container Terminal (AGCT), International Container Terminal Services, Inc.’s (ICTSI) container handling facility in the Port of Rijeka, Croatia, recently serviced the largest vessel to call in the country, the 10,000 TEU-capacity Gerda Maersk. The 367-meter Gerda Maersk, is part of the 2M Alliance by two of the world’s megaliners Maersk and Mediterranean Shipping Co. The alliance, which connects Rijeka and the Far East, deploys 15 vessels with average capacities of 9,600 to 11,300 TEUs.
New Vessel Sharing Agreement
Following the success of a previous vessel sharing agreement, Danish carrier Maersk Line announced the establishment of a new Vessel Sharing Agreement (VSA) with French-based CMA-CGM utilizing both the Panama and Suez Canals, which will commence in May 2009. Additionally, further adjustments to the Maersk Line network will provide customers with significant benefits. This new VSA follows almost a year of successful cooperation between the two companies in a trans-Pacific agreement, and represents further rightsizing of capacity in the trans-Pacific trade. Demonstrating a new perspective on service to North America, Maersk Line and CMA-CGM provide two strings with new services for customers.