Ship Broker News

13 Feb 2020

Baltic Index Remains Flat

© Infinitum Produx / Adobe Stock

The Baltic Exchange's main sea freight index remained flat on Thursday, as higher rates for panamax vessels offset weaker rates for other vessel categories.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, was unchanged at 421.The main index slid to a near 4-year low of 411 earlier this week.The capesize index fell 25 points to negative 284.Average daily earnings for capesizes, which typically transport 170,000-180…

12 Feb 2020

Baltic Index Edges Up

© Unkas Photo / Adobe Stock

The Baltic Exchange's main sea freight index inched higher on Wednesday, helped by an uptick in rates for panamax vessels, but sentiment remained negative as the coronavirus outbreak disrupted vessel shipments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, was up 3 points, or 0.7%, at 421.The main index slid to a near 4-year low of 411 on Monday.Global ship deliveries have been hit as yards in China struggle to get fully back to work as a result of the coronavirus outbreak, with one shipbuilder saying it could not deliver two ve

06 Feb 2020

Panamax Gains Buoy Baltic Sea Freight Index

© Alexey Lesik / Adobe Stock

The Baltic Exchange's main sea freight index edged up on Thursday, snapping a 14-session long streak of losses, propped up by gains in the panamax segment and slightly higher earnings for capesize vessels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels to ferry dry bulk commodities, rose one point, or 0.2%, to 431.The capesize index slipped four points to a negative 187, down for the 40th consecutive session.However, average daily earnings for capesizes…

03 Feb 2020

Coronavirus hits Supertanker Rates

© Trueffelpix/AdobeStock

Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face of plunging consumption."The market has gone back to what it was before the COSCO sanctions came in," one ship broker said, referring to U.S. sanctions on subsidiaries of the state-owned Chinese shipping company."All the other variables have gone away…

31 Jan 2020

China Virus May Delay Scrubber Retrofits

© hasehase2 / Adobe Stock

Shipping companies may face delivery delays of vessels fitted with exhaust gas filtering equipment that complies with anti-pollution rules that kicked in this year due to the impact from the virus outbreak in China, shipping sources said on Friday.A Mitsui OSK Lines executive said many vessels were in Chinese docks to get so-called scrubbers installed to meet the new emissions rules but with four Chinese provinces asking companies to extend the Lunar New Year holiday by a week, to Feb.

28 Jan 2020

Byron E. Vernicos Appointed as Ardent Rep

Byron E. Vernicos has been appointed exclusive Agent for Ardent for the Greek and Cypriot market.Ardent is a global specialist in emergency preparedness, emergency response, waste management, wreck removal, subsea services and decommissioning, servicing the marine and oil and gas industry. Byron E. Vernicos is a shipbroker who specializes in the offshore and maritime market since its establishment in 1978. Main focus areas are salvage, offshore vessels employment including deep sea towage and period charter, sale and purchase and other related activities.

24 Jan 2020

Coronavirus Places Shipping on High Alert

Ports in Singapore have started screening inbound travelers on passenger and commercial vessels for coronavirus symptoms (© hit1912 / Adobe Stock)

The Wuhan coronavirus outbreak has placed the shipping industry on high alert amid a rising death toll in China and reports that the fast-spreading illness is reaching new shores.The flu-like coronavirus, first identified in Wuhan, Hubei Province, China on December 31, has killed more than two dozen people in China and is believed to have infected more than 900 worldwide, according to several media reports. Cases have been confirmed in Beijing, Shanghai and Guangdong, and internationally in travelers returning from China to Japan…

16 Jan 2020

Baltic Index Flat

© Kovalenko I/ Adobe Stock

The Baltic Exchange's main sea freight index stayed flat on Thursday, as rise in demand for panamaxes offset fall in capesize rates, with the capesize index dropping to near 9-month low.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, remained steady at 768.The capesize index dropped 94 points, or 10.7%, to 784 - its lowest since April 26.The index has fell for a 25th straight session."Far East iron ore and coal volumes are fair but not sufficient to change a nervous spot sentiment…

09 Jan 2020

Mideast Tensions Create Insurance Headache for Tanker Owners

© leodeep / Adobe Stock

Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week - higher insurance bills.According to industry sources, payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly, adding hundreds of thousands of dollars to shipping costs in some cases that will ultimately…

21 Nov 2019

Baltic Index Drops On Capesize Rates

© yaniv / Adobe Stock

The Baltic Exchange's main sea freight index ticked lower for a sixth straight session on Thursday, hurt by weaker demand for capesize vessels.* The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 5 points, or 0.4%, at 1,255 points.* The capesize index fell 34 points, or 1.4%, to 2,401 points, it's lowest since June 18.* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal…

14 Nov 2019

Baltic Index Inches Lower on Weaker Panamax Rates

© papa1266 / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched lower on Thursday, as lower panamax rates offset a rise in capesize rates.* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down 1 point, or 0.1%, at 1,364 points.* The capesize index rose 58 points, or 2.3%, to 2,623 points.* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal…

24 Oct 2019

Braemar Shipping Services Profit Slips

Pic: Braemar

Braemar Shipping Services posted half-yearly results for the six months ended 31 August 2019 which showed that interim revenues rose 4% to GBP59.5mln, while losses dropped to £1.3mln from £2.8mln.The UK-based provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, however, said that strong performance from shipbroking, especially in second quarter, achieving 9% revenue growth and underlying operating profit growth of 16% in the first half.Ronald Series…

18 Oct 2019

Exxon, Trafigura Tap Lower Freight Rates

A VLCC loads crude oil in the port of Corpus Christi, TX (File image / credit Port of Corpus Christi)

U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources.Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela.Seventeen supertankers returned to service in October after being sidelined for overhauls, as 11 entered drydocks.

13 Oct 2019

C-Shipping & Logistics Established in Rotterdam

Image: Port of Rotterdam

C-Shipping & Logistics handles freight transport from origin to destination and is a strong new addition to the port of Rotterdam’s roster of players. The new company was founded by Rederij de Jong, after teaming up for the occasion with two other big names in shipping and transport: Wouter Kleiss and Mathijs van Schaik.As operational directors, Kleiss and Van Schaik bring along a large network in the shipping sector, and Rederij de Jong ranks as one of the largest shipping companies in the inland shipping and push towing segments.

11 Oct 2019

U.S. Sanctions Bite; Traders Shun 300 Tankers

AdobeStock / © Jose Gill

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

11 Oct 2019

CNOOC Seeks Replacements for Sanctioned COSCO LNG Tankers

AdobeStock / © Kasto

China National Offshore Oil and Gas Company (CNOOC) is on the hunt for liquefied natural gas (LNG) tankers to charter, several industry sources told Reuters, looking to replace ships it had previously hired that are linked to a Chinese company sanctioned by the United States for allegedly transporting Iranian oil.The company, COSCO Shipping Tanker (Dalian), is one of four Chinese firms on which the Trump administration imposed sanctions on Sept. 25, in what it described as the biggest sanctions taken by the U.S.

08 Oct 2019

Oxy Books Supertanker for a Record $13.25 Mln

© Ken Scott / MarineTraffic.com

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated November 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

07 Oct 2019

Occidental Tentatively Fixes VLCC for Record $13.25 mln to Asia

File Image: the M/V Maran Andromeda (Credit: MarineTraffic.com / © Ken Scott)

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated Nov. 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia <TD-LPP-SIN>, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

04 Oct 2019

VLCC Rates Surge as U.S. Sanctions COSCO

File Image: AdobeStock / © Carabay

Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…

03 Oct 2019

Baltic Index Hits Two-month Trough

© ManHin / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, slid to a near two-month low on Thursday, as weak demand for iron ore and lower industrial activity continued to weigh on the index.* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, declined 46 points, or 2.55%, to 1,757, recording its seventh consecutive decline.* The overall index was at its lowest level since Aug. 9.* The capesize index fell 218 points…

11 Sep 2019

Røine Joins Pacific Green Technologies

Anders Jorgen Røine (Photo: Pacific Green Technologies)

Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the ENVI-Marine and ENVI-Clean Exhaust Gas Scrubbing Systems, said that Anders Jorgen Røine has joined the company as Direct Sales Commercial & Business Development Director based in the office in Oslo.Røine has more than 25 years of commercial shipping experience as a ship broker and senior chartering manager in London, New York and Oslo. After he left The Royal Norwegian Navy he joined Simpson Spence & Young in London…

23 Aug 2019

GRS in South Korea Collaboration

Image:  Global Renewables Shipbrokers

German shipping service company Global Renewables Shipbrokers (GRS) has announced the start of a strategic partnership with South Korean wind project development consultancy SerFac.The shipbroker for offshore tonnage in renewable energy said that the aim of the cooperation is to provide project development of offshore wind farm projects in South Korea. As an independent advisor, GRS supports the negotiation of all contracts across all value creation stages of the entire project development.At the subsequent installation and operation stage…

22 Aug 2019

Baltic Index at 4-week Peak on Broad Support

AdobeStock / © Lucasz Z

The Baltic Exchange's main sea freight index rose to its highest in more than four weeks on Thursday, lifted by strong demand across all vessel segments.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 57 points, or 2.8%, to 2,118, its highest in a month.The capesize index jumped 158 points, or 4.3%, to 3,829, its highest since July 23. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $1,059 to $29,490. "The Brazil to China route is now showing signs of improvement.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News