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Wednesday, January 17, 2018

Ship Brokerage News

Argosy Transportation Group Celebrates 20 Years

Image: ATG

As part of its 20th anniversary celebration, Argosy Transportation Group (ATG) is sponsoring various professional events, and contributing toward initiatives in education within the maritime industry. ATG said it appreciates the importance of investing in young professionals, and the group remains committed to developing a platform for the future of the industry. ATG said its commitment to trust and performance in transit is evidenced by its 20-year history. The company can trace its roots back to 1996 when Argosy Shipping was established by Rider Griswold…

AHHI Insures 1,900 Vessels in First Year

Photo: American Hellenic Hull Insurance

Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement. During its latest Board meeting in June 2017, American Hellenic Hull Insurance Company appointed two new Directors, Angelos Kostakos of Oceanstar Management Inc. and . Panagiotis Christodoulatos of Ikaros Shipping & Brokerage Kostakos is Legal, Insurance and Claims Director of Oceanstar Management Inc.

Baltic Dry Bulk Index Dips on Weak Demand

File Image: a FedNav bulk carrier alongside in the St. Lawrence Seaway

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 30 points, or 4.4 percent at 652 points. Shipping activity is expected to remain thin for the week due to the upcoming holidays in Japan and Korea, ship brokerage firm Clarksons Platou Securities said in a note on Tuesday. The capesize index fell 101 points, or 9.57 percent to 954 points.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship management activities. Both companies keep the content of the merger discussions in confidence. Rickmers Holding AG will continue to pursue its strategy, particularly in respect of expanding the fleet under third-party management. Additionally, processes are to be optimised, structures streamlined and profitability increased. Ignace Van Meenen, CEO of the Rickmers Group, explained the objective: “We aim to continue establishing and expanding customer relationships in an ongoing and focused way.

International Ship Valuation Panel Formed

An International Ship Valuation Panel has been created to provide service to the maritime community by offering the all-encompassing opinion of ship values from four long-time established international ship brokerage firms. Comprised of Barry Rogliano Salles, Paris; Clarksons, London; Jacq. Pierot Jr. & Sons, N.Y.; and R.S. Platou Shipbrokers, Oslo, the panel will offer an alternative to individual valuations that will be especially significant in more complex cases, such as purchase options/obligations, public offerings, fleet mortgages and disputes between parties.

Marco Joins OceanConnect

Strategic Advisor effective January 15, 2003. "Mike Marco was a chief architect of one of the most highly successful ship brokerage firms. His shipping expertise is unparalleled. OceanConnect is honored to have Mike join our team. We look forward to working with him as OceanConnect adds more services that bring value to shipowners," OceanConnect President Tom Reilly said. The collaboration will be an expansion of Marco's existing role at OceanConnect as author of the daily "Marcogram", one of the site's most popular features. continue," Reilly said. is a widely respected participant in industry forums. Director, Vice Chairman, and former President. includes stints at Simpson, Spence & Young, Jones & Thompson. Mechanical Engineering from the U.S. Point, New York.

LevelSeas Seeks Funds From Software Company

Internet shipbrokerage Levelseas is seeking to recoup payments from a sacked software developer, a move that illustrates the frustration many Internet start-ups have suffered in targeting the complex shipping industry. "The key to the issue is that they say the product works and we say it doesn't," Levelseas COO Kevin O'Connor said. "At the end of February we realized that CSC was unusable and we haven't used a single line of specification... or a single code," he added. CSC was unavailable to comment on Tuesday. Levelseas took the development of the world's first Internet ship-brokerage in-house in February and launched the finished product at the start of last month.

Bulk Carrier Delivered to Uni-Asia Holdings

Uni-Asia Holdings Limited announced an update on the progress of the vessel acquisition project of Regina Bulkship S.A., a 51% owned subsidiary under Uni-Asia Shipping Limited, a wholly owned subsidiary of the company. Regina Bulkship S.A. has acquired a 37,000 dwt newbuilding handysize bulk carrier pursuant to an agreement with Imabari Shipbuilding Co., Ltd. on March 3, 2014. The vessel was successfully delivered on February 9, 2015 by Imabari Shipbuilding Co., Ltd. and was immediately time chartered out to Pacific Basin. Regina entered into a loan agreement with Mega International Commercial Bank Co., Ltd., Offshore Branch for a term loan facility to be used solely for the purpose of the acquisition of the vessel…

Baltic Index Slips Below 300 Points

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped below 300 points on Thursday, to an all-time low. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell five points or 1.65 percent to 298 points. The index is yet to register a single session of gains this year, tumbling over 37 percent and touching fresh lows in 22 of the 24 sessions. A slowdown in the Chinese economy, which grew at its slowest pace in a quarter of a century in 2015, and a huge over-capacity in vessels has hit the index hard. "Part of the problem on demand side is that we are in a negative commodity inventory cycle...And that creates very tough conditions for shipping…

Baltic Index Rises as Capesizes Continue to Support

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, on surging capesize demand and improved activity across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 17 points or 3.4 percent to 517 points. The capesize index surged 85 points, or about 18 percent, to 562 points. The index has gained more than three-fold over the last one month, having touched an all-time low of 161 points on March 7. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, soared $506 to $4,533.

Baltic Index Up on Improved Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, supported by increased demand for panamaxes and smaller vessels. The overall index that gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, was up eight points, or 2.13 percent, to 384 points. The index has gained over 30 percent, since hitting an all-time low of 290 points on Feb. 10. The panamax index rose 19 points, or, 4.25 percent to 466 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, climbed $146 to $3,739. Among smaller vessels, the supramax index gained 13 points to 412 points, and the handysize index was up three points at 246 points.

On-Line Tool Launched for Tanker Industry

A leading software supplier to the shipping industry said on Friday it had launched a new internet-based tool for the chartering and operation of tankers. It said the system had been developed with support from three U.S. ship brokerages: Dietze, McQuilling and Weber. Strategic Software, which acquired its closest competitor Dataworks in May, has long dominated the shipping sector. In the last two years it has come under increasing pressure from internet start-ups keen on taking a slice of the $120 billion per year maritime freight industry. The system is likely to compete with the online services of London's Baltic Exchange, which will be launched next Monday. To some extent it also competes with LSX-2, a product being developed for online ship chartering by London-based Levelseas.

Stronger Demand for Bigger Vessels Pushes Baltic Index Higher

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities extended gains on Thursday, mainly propelled by firmer demand for bigger shipping vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 30 points, or 5.29 percent to 597 points. The capesize index rose 87 points, or about 12 percent, to 831 points, its highest this year. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $669 to $6,184. A healthy amount of iron ore booking activity on the back of stronger Chinese steel prices has been the main driver of the improvement for capesizes, ship brokerage firm Clarksons Platou said in note on Thursday.

Abundance Of Ships Keeps Rates Depressed

Charter rates for product tankers continued to be depressed as surplus tonnage kept a lid on rises last week despite an increase in business in several loading areas. The Middle East saw levels fall. Tankers carrying 25,000 tons into India were seen taking W165, the same for 30,000 tons to Japan. Larger ships carrying 75,000 tons to Japan were attracting around W120. Shipping brokerage E.A. Gibsons said there was sufficient prompt tonnage of LR 2s to indicate that rate may decline further. Increased chartering in the Mediterranean did not propel rates higher. Shippers said it was an all-too familiar problem of too many ships chasing too few cargoes. Rates for 30,000 tons of gas oil hovered around W110-120 with naphtha cargoes of 27,500 were able to secure carriage around W150.

Stronger Capesize Rates Perks Up Baltic Index

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose on Friday, supported primarily on improved demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, went up 38 points, or 6.37 percent to 635 points. The capesize index rose 118 points, or 14.2 percent, to 949 points. The index has climbed about 45 percent over the last week. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, jumped $892 to $7,076. Continued healthy volumes in the Atlantic market…

Baltic Index Rises to Five-month High

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, on Tuesday rose to its highest in over five months on improved rates across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 12 points, or 1.82 percent to 671 points. While current earnings are barely covering direct vessel operating costs, rates are on the rise primarily due to stronger Chinese steel prices boosting seaborne iron ore trade, ship brokerage Clarksons Platou Securities said in a note on Tuesday. Shipments of iron ore account for about a third of seaborne volumes on the larger capesizes, and iron ore price changes are a key factor for dry freight.

Baltic Index Falls on Weaker Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday weighed down by lower rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 22 points, or 3.57 percent at 594 points. The capesize index fell 85 points, or 10.16 percent to 752 points. "Cape rates continue to slip back on thinner volumes following recent pressure on Chinese steel prices," ship brokerage firm Clarksons Platou Securities said in a note. Chinese rebar steel futures posted their biggest intraday fall in seven years on Tuesday, as worries about demand in the world's second-biggest economy extended a rout that has spilled over into other industrial raw materials.

Baltic Index Hits Over 3-month Peak on Capesize Rally

© a_medvedkov / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to an over three-month high on Thursday, buoyed by a surge in capesize vessel activity. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 25 points, or 2.18 percent, to its highest since Dec. 6 of 1,172 points. The capesize index rose 129 points, or 6 percent, to 2,265 points, its best since the end of November.

Baltic Index Falls to Lowest Since Early March

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, on Thursday fell to its lowest since early March as demand slowed across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 1.71 percent, at 918 points. The capesize index lost 59 points, or 3.57 percent, at 1,595 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargo such as iron ore and coal, were down $427 to $11,750.

Baltic Index Near Fresh 3-year High

© Amarinj / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, touched a fresh near three-year high on Thursday, supported by firmer rates across vessel segments. The overall index — which factors in rates for capesize, panamax, supramax and handysize shipping vessels — rose 24 points, or 1.8 percent, to 1,361 points, a peak since November 2014. The capesize index gained 14 points, or 0.53 percent, to 2,642 points. The main capesize activity this week has been from the west Australian market…

Baltic Index Extends Gaining Streak

© Viktoriya Kundeus / Adobe Stock

Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a sixth consecutive session, helped by stronger rates for capesize and smaller vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 21 points, or 1.45 percent, to 1,470 points. The capesize index was up 87 points, or 3.04 percent, at 2,948 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $631 to $21,325 - their highest since Nov. 25, 2014.

Weak Capesize Rates Depress Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on weak demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 12 points, or 1.36 percent, to 869 points. The capesize index fell 41 points, or 2.16 percent, to 1,860 points. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $298 to $13,213. Last week started off on a bad note for capsize vessels with rates showing a softening trend…

Noonan Named CMA's 2017 'Commodore'

Jack Noonan, CEO, Chembulk Tankers

This morning CMA announced that Mr. John D. “Jack” Noonan, CEO of Chembulk Tankers, has been named as the CMA Commodore for the year 2017. Noonan joins a presigious list of previous award winners, including Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O’Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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