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.
Baltic Index Drops to 5-month Low on Sinking Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell nearly 5 percent on Wednesday to its lowest in over five months due to tumbling capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slid 57 points, or 4.7 percent, to close at 1,164 points, the lowest since Aug. 14. The capesize index fell 267 points, or 13.28 percent to 1,743 points, its lowest level since Aug. 9 last year.
Capesize Rates Pull Baltic Index to 4-month Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than four-month low on Tuesday, as capesize rates dropped to their lowest since August last year. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 43 points, or 3.4 percent, to 1,221 points, the lowest since Sept. The capesize index fell 221 points, or 9.91 percent, to 2,010 points, its lowest level since Aug. 10 last year.
Gas Natural Fenosa, Baleària Sign LNG Bunkering Deal
Spanish liquefied natural gas (LNG) operator Gas Natural Fenosa signed an exclusive 10-year LNG supply deal with Spanish ferry operator Baleària. According to the company release, the supply contract will initially apply to the ports of Barcelona, Valencia and Algeciras, then extended to all the peninsular ports operated by the shipping company together with the entire new fleet powered by this fuel committed to using LNG as an ecological fuel. The president of Baleària, Adolfo Utor…
Logistics Confidence Index Again on the Increase
Stifel Nicolaus Logistics Confidence Index suggests the current market remains weak, however the outlook is increasingly positive. The Stifel Nicolaus Logistics Confidence Index increased for the third consecutive month in January 2013, according to the latest industry study undertaken by Transport Intelligence. The overall index, an average of the current and expected situation, increased 0.8 points to 48.8 from 48.0 in the last month of 2012. Increased sentiment among sea forwarders drove the overall increase. In terms of the current logistics situation, the sea freight index increased 1.8 points to 46.6 in the first month of 2013. Meanwhile, air freight continued to lag, down 0.8 points to 39.7. At below the 50.0 mark, both indices indicate weaker volumes relative to the time of year.
Forwarders’ Volumes Continue to Fall
Following five consecutive monthly increases, the overall Stifel Logistics Confidence Index fell 1 index point to 51.5 in April. Despite the decline, the index remained above the significant 50 mark, denoting expansion, for the third consecutive month. However, a look at the present situation reveals that both air and sea freight volumes are below those expected relative to the time of year. Although the index for sea freight remained virtually flat at 47.4 in April (down 0.1 points from March), it still indicates a decline in volumes. Meanwhile, the index for current air freight volumes fell 1.2 points to 42.0 for the month, indicating an even greater decline relative to the volumes expected for the time of year.
Outlook Bright for Freight Forwarders
The Stifel Logistics Confidence Index for May indicated some improvements from April’s decline. In particular, the six-month outlook appears bright as airfreight gained 2.8 points to 63.4 and sea freight increased 2.1 points to 62.9. Overall, the total index increased 1.1 points to 57.4. Even though this is down 0.6 points from one year ago, it is still 6.7 points higher than May 2013. Airfreight continues to lead the optimism for both the six-month outlook as well as for the present. Sea freight however, remains troublesome for the present and while some ports have settled labor issues, other issues such as the rise of the mega-vessel and larger shipping alliances are straining port operations.
Main Sea Freight Index at Baltic Exchange Raises
The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose further on Friday mostly on higher capesize rates. The index tracks rates for ships carrying dry bulk commodities. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose rose 4 pts, or 0.67%, to 597 pts. The capesize index rose 11 points or 2.11 percent to 532 points. The panamax index was up six points at 642 points.
Baltic Exchange Main Sea Dreight Index Declines Further
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying industrial commodities, sank to a new record low for the sixth straight session on Tuesday, reports Reuters. The overall index, gauging the cost of shipping dry bulk cargoes including grain, iron ore, cement, coal and fertilizers, fell 3.13 percent to 402 points due to lower cape, panamax and supramax rates. The index has fallen by about 14 percent so far this year. The main sea freight index at Baltic Exchange is the rate which tracks for ships carrying dry bulk commodities.
Kuehne + Nagel to Disclose CO2 Emissions for Seafreight
Kuehne + Nagel has expanded its sustainability offering for global seafreight services: As of May 2017, the total amount of CO2 emissions generated by seafreight ship-ments is printed on each invoice assisting shippers to identify their carbon footprint from transport operations. With this initiative Kuehne + Nagel customers are able to improve the analysis, reporting and management of CO2 emissions caused by their transport chain and thus achieve long-term reduction of the environmental impact.
Container Shipping Rates Continue to Plummet
Due to overcapacity & economic turmoil in the market, the market index for 40ft containers has taken a massive dip, 44% from May 2012. Xeneta, the price comparison service for sea freight, found that the average container freight rates from Asia to North-Europe continues to drop to $2,564 per 40-foot container and $1,341 per 20-foot. Due to overcapacity and various economic turmoil in the market, the market index for 40-foot has taken a massive dip with it being down 44 percent from May 2012.
Second Consecutive Decline for Stifel Logistics Confidence Index
The Stifel Logistics Confidence Index continued its downward trend in May as it fell for the second consecutive month. Compiled by Transport Intelligence, the overall index, which combines the current situation with future expectations, was down 0.8 points from April to 50.7 in May and was 1.3 points lower compared with the same month in 2012. Yet, even with deteriorating confidence, the Logistics Confidence Index registered above the 50 threshold, indicating growth, for the fourth consecutive month. Lucy Palmer, Economist at Ti, observed, "Air forwarders have continued to express less optimism compared with sea forwarders since the index began in March 2012…
Chinese New Year Bolsters Confidence
The Stifel Logistics Confidence Index increased for the fourth consecutive month in February 2013, according to the latest survey undertaken by Transport Intelligence. The index combining both the current and expected situation rose 3.3 points to 52.1 from 48.8 in January. Both sea and air forwarders indicated an improvement in the present environment compared with January. The index for air freight increased 3.4 points to 43.1 in February, while the increase in sea freight was slightly less marked, up 1.7 points to 48.3. The approach of the Chinese New Year was apparent, as the Asia to Europe lane for both air and sea saw a greater improvement than other routes.
SSAB, Aspo ESL Shipping Pact On Sea Transport
The global steel company SSAB and Aspo Group’s ESL Shipping Ltd have signed a long-term frame agreement covering sea freight for SSAB’s inbound raw material sea transport within the Baltic Sea and from the North Sea. The purpose of the agreement is to secure deliveries of raw materials, enable mutual, long-term gains in efficiency and to reduce overall logistics costs. This will simultaneously make raw material logistics as sustainable and environmentally aware as possible. The estimated transport volume is 6-7 million tonnes annually.
FMH Targets Profit Growth
Freight Management Holdings Bhd (FMH) is targeting a double-digit growth in net profit for the financial year ending June 30, 2007. This is due to its new barge business and consistent contribution from its sea freight business. The company had in February acquired a 51% stake in Singapore-based TCH Marine Pte Ltd, paving the way for it to enter the barge and tugboat business. TCH is a provider of barge and tugboats, servicing the freighting of bulk raw materials between southern Thailand, Peninsular Malaysia and Singapore. Freight Management was expecting TCH’s earnings contribution to its consolidated group performance to be more significant beyond its current financial year. With the addition of the newly launched 240-ft. barge TCH now has five barges.
Softlink Bundles WIN Connectivity in Cloud ERP Logi-Sys
Softlink’s Cloud ERP platform Logi-Sys for freight industry now includes WIN connectivity, enabling users to communicate with other WIN-connected forwarders. Amit Maheshwari, CEO-Softlink, said, “WIN’s unique value proposition is connecting forwarding agents to their agent partners who use completely different systems. Softlink completed this integration and deployed it to a major customer, (TKPL - Tulsidas Khimji Pvt Ltd), with record speed becoming the First Freight Forwarding Solution on the market to be fully integrated with WIN. Cloud ERP platform Logi-Sys integrates air freight, sea freight, transport, containers, warehouse, PO and several other operations with specially designed financial system. Logi-Sys also provides online visibility to customers and agents.
100th Voyage of MV Stadt Rendsburg
On Feb. 5, Port Everglades and SeaFreight Line celebrated the 100th voyage of the MV Stadt Rendsburg from the South Florida seaport. Built in 2004, the 1,100-TEU containerized cargo vessel has spent its entire working career home-ported at Port Everglades and sailing every three weeks to Jamaica, Aruba, Curacao, Bonaire, Venezuela, Panama, Trinidad and Jacksonville, Fla. “We congratulate SeaFreight on the MV Stadt Rendsburg’s 100th voyage to Port Everglades and a successful business model that generated nearly 75,000 TEUs at Port Everglades this past year,” said Port Director Phil Allen.
Seatruck Confirms Newbuilding Delivery Dates
Seatruck Ferries has celebrated its tenth anniversary by confirming that the third and fourth vessels in a four-ship series building in Spain for the Clipper Group-owned Irish Sea freight ferry operator will be delivered in 2008. Last year, Seatruck ordered two 142 metre-long, 120-unit, 22-knot vessels from Astilleros de Huelva in Spain. These vessels – the Clipper Point and the Clipper Pace – will be delivered in 2007, replacing the Riverdance and Moondance, doubling capacity and significantly increasing speed and efficiency on the company’s Warrenpoint to Heysham route. The new vessels will be the largest and fastest freight-only ships ever to be used on the Irish Sea, offering a new level of service and reliability.
NOL and APL Receive Industry Accolades
Neptune Orient Lines (NOL), and its container shipping subsidiary, APL, this week received top prizes at the Asia Logistics Awards 2006. NOL was lauded for Ethical Responsibility and APL was named Shipping Line of the Year at a gala ceremony in Singapore attended by more than 300 senior representatives of the global logistics and freight transportation industries. NOL’s supply chain management business APL Logistics was also a finalist in the Seafreight Forwarder and 3PL of the Year categories. The annual awards are based on votes cast by the readers of leading supply chain management publication Lloyd’s Freight Transport Buyer Asia, as well as the Asian readerships of Containerisation International and International Freighting Weekly.
GreenCarrier Asia Names Chu Managing Director
GreenCarrier Asia, part of the Björk.Eklund Group, has appointed Peter Chu as Managing Director. will take on the task of developing GreenCarrier’s operations in Greater China. For much of his career has been involved with the Sweden-China trade and has considerable knowledge of both the Swedish market and its corporate culture. Formerly with Wilson Freight, he fulfilled roles as Sea Freight Manager, Assistant General Manager, Director and Deputy Managing Director before becoming Managing Director of TNT Freight Management. In 2006 he joined Baltrans Logistics HK Ltd as Managing Director of its North China operations, where he was also accountable for Hong Kong and Greater China exports to .
Grindrod Inks Writedown Charge, Cites Flagging Profit
South Africa's Grindrod flagged as much as 35 percent drop in annual profit on Thursday, after taking a $100 million writedown charge due to a slide in shipping rates and volumes. Africa's biggest shipping group said headline earnings per share - a widely watched measure of profit in South Africa that strips out certain one-off items - is likely to drop by between 30 and 35 percent for the year ending in December. "Persistent decline in the dry-bulk shipping rates has continued into 2016 and are now at unprecedented levels," the group said, adding that had forced it to take a impairment charge of $100 million on its shipping business. The global shipping and freight industry is facing he longest downturn in three decades.
Maersk to Face Price War
A.P. Moller-Maersk's main sea freight business faces the threat of a new price war in a consolidating industry, though the company has been fortified by the $7.5 billion sale of its oil and gas business to France's Total Reuters reported. Maersk, the world's biggest container shipping company, has shifted its focus this year from preserving market share to higher margins, a strategy that was helped by a recovery in freight rates, the report said. Reuters quoted Chief Executive…
Rosneft, Pietro Barbaro JV Enters Global Shipping Markets
Russia's Rosneft and Italy's shipping company Pietro Barbaro have agreed to jointly develop international sea freight operations, as the oil group has been aiming to expand its shipping business. Rosneft (represented by RN-International projects) and Pietro Barbaro S.p.A. have signed an agreement to establish a Joint Venture (JV) for international sea freight at the ХХ St. Petersburg International Economic Forum. The document was signed by Rosneft Chief Executive Officer Igor Sechin and Pietro Barbaro Group owner Giovanni Barbaro.