Baltic Exchange to Develop LNG Freight Index
The Baltic Exchange is looking into launching a freight index for liquefied natural gas (LNG) and is working with leading ship brokers to explore potential shipping routes that might be used as the LNG market grows, the company said on Thursday. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. Singapore Exchange acquired the exchange in 2016 and since then the Baltic has been looking for new markets to develop.
Fifth Consecutive Record Year for Antwerp
The port of Antwerp has achieved a record freight volume for the fifth straight year in a row. In 2017 the port handled 223,606,610 tonnes of freight, an increase of 4.4% compared with the previous year. Practically all sectors turned in an excellent performance: the container volume expanded in tonnage by 4.3% (123 million tonnes), liquid bulk such as oil derivatives by 5.7% (73.1 million tonnes), and conventional breakbulk such as steel by 4.8% (10.3 million tonnes), while ro/ro completed the growth list with 10.5% (5.1 million tonnes).
Irish Ferries Orders New Ship for Dublin-Holyhead Route
Irish Continental Group plc (ICG) said it has ordered a new cruise ferry set to be the world’s largest in terms of vehicle capacity, due for delivery in 2020. The new €165.2 million ($199.4 million) cruise ferry is being built by German shipbuilder Flensburger Schiffbau-Gesselschaft & Co.KG (FSG), specifically for Irish Ferries’ Dublin - Holyhead services. It is expected to replace the schedule of the MV Ulysses, which in turn will replace the chartered-in vessel MV Epsilon. This will allow for the deployment of the W.B. Yeats (arriving mid 2018) full-time on the direct Ireland - France route alongside the MV Oscar Wilde. ICG said the new 67,300 gross ton cruise ferry will increase Irish Ferries’ freight and tourism carrying capacity on the fast-growing Dublin - Holyhead route.
Stricken Iranian Oil Tanker Keeps Exploding
The stricken Iranian oil tanker Sanchi keeps exploding, hampering efforts to extinguish the fire and rescue survivors, state media Xinhua said on Friday, citing the Ministry of Transport, as the blaze raged and worries grew the ship may break up and sink. The week-long rescue effort following the tanker's collision with a freight ship on Saturday night has been roiled by poor weather, including 3-metre (10 feet) high waves and strong winds, and toxic fumes from the burning oil. Dozens of the rescue boats were forced to retreat from dousing the tanker with foam on Wednesday due to an explosion.
Contargo Rolls out New Service from Rotterdam and Basel
Contargo AG has launched a new rail shuttle service to the German town of Weil am Rhein on the Swiss border. This creates a direct connection between the port of Rotterdam and the important industrial areas around Basel. Three times a week, the container train travels from the DUSS Terminal in Weil am Rhein (Tuesdays, Thursdays and Saturdays) to Rotterdam and vice versa (Mondays, Wednesdays and Fridays) in a mere 18 hours. In Rotterdam the shuttle will stop at the CTT Pernis Terminal.
Baltic Index Rises on Firmer Rates for Larger Vessels
The Baltic Exchange's main sea freight index marked its strongest daily percentage gain in nearly three weeks on Tuesday as the capesize segment rebounded from its two weeks of declines, and the panamax rates climbed further. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, climbed 28 points, or 2.48 percent, to 1,157 points. The capesize index rose for the first time in 11 sessions and was up 80 points, or 5.54 percent, to 1,525 points. "Capesize earnings have ticked up ...
DP World, India’s NIIF to Create USD 3 bln Investment Platform
The National Investment and Infrastructure Fund (NIIF), India’s first sovereign wealth fund, and Dubai-based ports operator DP World have announced the creation of an investment platform to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India. The partnership follows the Memorandum of Understanding (MoU) signed in May 2017 and the visit to India of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, in February 2016.
U.S. DOT Chief LaHood Establishes Freight Advisory Committee
DOT Announces Proposal to Establish ‘National Freight Network’. U.S. Transportation Secretary Ray LaHood has announced the establishment of a National Freight Advisory Committee to provide recommendations aimed at improving the national freight transportation system. A strong freight transportation system is critical to the nation’s economy and essential for helping meet President Obama’s goal of doubling U.S. exports by 2015. “Our freight system is the lifeblood of the American economy,” said Secretary LaHood.
Multimodal Freight Bill Introduced in US Senate
U.S. Senators Maria Cantwell (D-Wash.), Cory Booker (D-N.J.), Patty Murray (D-Wash.) and Edward Markey (D-Mass.) introduced legislation to establish a multimodal freight investment policy to keep America businesses, farmers and shippers competitive the 21st century global economy. The National Multimodal Freight Policy and Investment Act (S.1680) creates a comprehensive, strategic plan for multimodal freight investment and reduces freight bottlenecks and congestion by investing in the nation’s network of highways, railroads, ports and intermodal facilities. It would also reduce the impact of freight movement on communities and help ensure the vitality of important “last-mile” freight connections. The bill is based, in part, upon the recommendations of the nonpartisan U.S.
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.containerbenchmarks.com. This interactive on-line database provides current and historical market-based container freight rate benchmarks for multiple trade routes and port pairs. The rate benchmarks are based on averages of rates paid by shippers to freight forwarders.
Improving U.S. Freight Transportation System
The Panel on 21st Century Freight Transportation published its final report on United States freight transportation, offering an assessment of its current condition with recommendations for strengthening nationwide infrastructure and U.S. economy. The panel, led by its Chairman, U.S. Rep John J. Duncan, Jr. (R-TN) and Ranking Member Jerrold Nadler (D-N.Y.), was founded by Full Committee Chairman Bill Shuster (R-Pa.) and Ranking Member Nick J. Rahall, II (D-W.Va.) in April 2013 to examine U.S. freight transportation, the role it plays on the nation’s economy and ways in which it may be improved, including financially, structurally and technologically. Direct the Secretary of Transportation, in coordination with the Secretary of the Army and the Commandant of the U.S.
AAPA: MAP-21 Passage is Forward Progress
America’s Ports, Freight System Recognized in MAP-21 Surface Transportation Bill Reauthorization. With congressional passage today of MAP-21 (Moving Ahead for Progress in the 21st Century), the American Association of Port Authorities (AAPA) says elements in the two-year, $105 billion surface transportation reauthorization bill elevate the priority of freight movement in a way that constitutes major progress in recognizing the value of America’s seaports and freight network to the economy, jobs creation and business development.
Kapellskär Port Volume Up
The positive trend of increasing freight volumes has continued and during 2015 six percent more freight was transported via the Port of Kapellskär than in 2014. Freight volumes at the Port of Kapellskär increased by six percent in 2015 compared to the figures for the previous year. In 2015 the Port of Kapellskär handled 2,409,000 metric tons of freight. In total Ports of Stockholm, with the Port of Kapellskär and the Port of Nynäshamn included, is the fourth-largest freight port in Sweden. “The positive trend here at the Port of Kapellskär is superb.
Drewry Expands Container Freight Rate Benchmarking
Drewry Maritime Research, the global leader in freight rate benchmarking, has expanded its flagship Container Freight Rate Insight publication and now provides freight rate benchmarks on 550 international trade routes. Published monthly, the report provides all-in spot rates on all the key shipping routes of the world, including both headhaul and backhaul trades. In addition to the monthly report, subscribers also have access to an online database of both current and historical freight rate data dating back to January 2006. Drewry collects its proprietary freight rate data from active freight forwarders in the Far East, South Asia, the Middle East, Europe, the United States, Canada and South America, who provide their freight rates confidentially to Drewry.
Sam Shipping Freight Portal
Sam Shipping has recently launched the comprehensive freight portal www.FreightMarket.com. The portal, designed to obtain quotes for shipments between South America to Asia, will offer a platform for exporters, importers, traders and freight forwarders to list their freight requirements. The portal also offers freight quotes from NVOCCs and freight brokers, as well as a timetable of airline and shipping line schedules.
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.
Two Maritime Veterans Create Avalon Freight Services
Avalon Freight Services co-founded by Greg and Tim Bombard and Harley Franco, will debut freight service on Friday, April 1, 2016. Currently scheduled to operate a minimum of five days a week, year round, the company will transport freight from Berth 95 in San Pedro and the Pebbly Beach freight facility in Avalon. In addition to scouring the country seeking the best Landing Craft and Tug and Barge systems, the new company will provide the safest, fastest, quietest, most efficient…
First Electronic Container Freight Swap Settled in USD
Saxo Bank and ICAP Shipping Involved in World's First Electronic Container Freight Swap Settled in USD. Saxo Bank, the trading and investment specialist, and ICAP Shipping, the shipping arm of ICAP plc, announced on Thursday that they were involved in the execution of the world's first electronic, voice-assisted trade of a container freight swap agreement settled in US dollars. The counterparties to the trade were Saxo Bank in Denmark as the buyer and a Netherlands-based trading house as the seller. ICAP Shipping was the broker of the trade. The container freight swap agreement was executed on ICAP's Webtrader platform, with manual input from ICAP Shipping brokers and cleared by LCH.Clearnet. The trade was executed by rugby star Lawrence Dallaglio during ICAP's 19th annual Charity Day.
AAPA Welcomes FAST Act
President Obama is today, expected to sign a five-year, $305 billion transportation reauthorization bill that Congress overwhelmingly passed yesterday which includes $11 billion in new freight funding grants and programs and other top priorities among America’s seaports. The Fixing America's Surface Transportation (FAST) Act (H.R. 22) is the first long-term transportation bill in 10 years, and the first ever to make freight a priority and significantly focus on port eligibility throughout the U.S. Department of Transportation’s (USDOT) funding and planning programs.
Hapag-Lloyd: Shipping Demand Up, More Mergers in 2018
German shipping group Hapag-Lloyd sees demand for transport growing 4 percent in 2018 and expects more shipping firms to merge in the year, the chief executive said. CEO Chief Executive Rolf Habben Jansen also said Hapag-Lloyd, which merged with its Arab peer UASC, could achieve 85 to 90 percent of targeted annual savings from the deal of $435 million this year and 100 percent from 2019. More savings could be made in future, he told reporters in Hamburg, where he reiterated guidance for rising full-year 2017 earnings before interest, tax, depreciation and amortisation (EBITDA) and for EBIT.
Officials Call for Freight Infrastructure Investment
Rep. Congressman Alan Lowenthal (CA-47) will be joined by Rep. Brenda Lawrence (MI-14) and major goods movement leaders from both the public and private sector at a press conference on April 21, 2015, to call for Congressional passage of a surface transportation reauthorization bill that specifically includes dedicated funding for rebuilding and upgrading our nation’s crumbling freight infrastructure. This “Call to Action” event is meant to both elevate the awareness of freight infrastructure investment needs and present Congress with options for addressing those needs. Congressman Lowenthal will discuss his freight infrastructure funding legislation, H.R.
Port of LA is Top Gateway
The Port of Los Angeles became the top U.S. international freight gateway by shipment value in 2003, according to a soon to be released report from the U.S. Department of Transportation’s Bureau of Transportation Statistics. America’s Freight Transportation Gateways shows that Los Angeles’ water port handled $17 billion in export trade and $105 billion in imports, totaling $122 billion in business handled by the port. Los Angeles handled $10 billion more than the $112 billion in freight that moved through JFK International Airport, now the second-ranked international freight gateway in 2003. JFK held the number one position on the list of international freight gateways since 1999, but was overtaken by the Port of Los Angeles last year.
AAPA: Study Proves Need For Improvement
The American Association of Port Authorities (AAPA) welcomed the recent release of the U.S. Department of Transportation (U.S. DOT) "Report to Congress on National Highway System (NHS) Intermodal Freight Connectors." The report, requested by Congress under the provisions of the Transportation Equity Act for the 21st Century (TEA-21), reviews connectors to seaports, airports, and major intermodal terminals to determine: their condition; improvements or investments made or planned; and, impediments and options to making improvements. According to AAPA President Kurt J. Nagle, "The study confirms concerns that ports have expressed for years that freight projects are not getting a fair share of investment dollars.