Booming Capesize rates have been driven by increased Japanese steel production more than they were by the August market raid by Belgium's Bocimar when it chartered about 35 ships, according to shipping sources. Capesize spot rates have doubled over the last three months with the market now looking for $15-16,000 for a Pacific round trip, compared with about $7,500 in August. Atlantic rates have also soared, although this is partly due to the grounding of the 274,326 dwt ore carrier Weser Ore at Tubarao in Brazil last week.
STX Shipbuilding won a $247.3m order from Europe to build two very large ore carriers, according to a Reuters report, with delivery scheduled for 2012.
Reduced demand for domestically-made steel and uneven demand for stone from the construction industry again produced a shortfall in U.S.-Flag carriage on the Great Lakes in August. Cargo movement in U.S. bottoms totaled 12,761,930 net tons, a decrease of 8.3 percent. The season-long slump has now left a gap of 6.2 million tons between the end-of-August totals in 1999 and 1998. Steel mill-bound iron ore cargo slipped below six million tons in August
Mitsui O.S.K. Lines, has launched one of the worldâ€™s largest iron ore carrier, the Brasil Maru (327,180 MT DWT). Naming and delivery ceremonies were held at the Mitsui Engineering & Shipbuilding Co., Ltd. Chiba Works on December 7, 2007. It will transport Brazilian iron ore to Japan under a long-term contract with Nippon Steel Corporation. The new ship is the third-generation of MOL vessels to carry the Brasil Maru name
Vale SA, the iron-ore producer building a fleet of the world’s largest commodities ships, said its Vvalemax vessels carrying the raw material can stop at other countries if not allowed to enter Chinese ports, according to a Bloomberg report. The fleet, which will have the capacity to transport about 60 million metric tons of iron ore per year once fully in operation, can serve alternative ports including those in Malaysia and Oman. Vale is spending a reported $8
MHI announces outline of FY 2012 first 3-month financial results ended June 30, 2012 (consolidated). Highlights from the financial report follow: Orders received ⇒ Down ¥128.9 billion: Year on Year (YOY) (¥621.3 bn → ¥492.4 bn) Overall, orders declined from a year ago, reflecting decreases in Power Systems and Machinery & Steel Infrastructure Systems, where orders were strong in the previous fiscal year. Shipbuilding & Ocean Development Segment
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 532 points in the week ending Monday to 4,400. SS&Y officials reported that the index is now nearly 1,500 points higher than it was in the same period in 1998. It is also just 19 points off pre-Asian crisis levels in October 1997. The surge in rates was due mainly to the grounding of the 274,326 dwt ore carrier Weser Ore at Tubarao, Brazil, on Oct. 4, which led to spot replacement tonnage seeing knee-jerk rate rises
Vale announced that it has entered into agreements with The Export-Import Bank of China and the Bank of China Limited for the financing to build 12 very large ore carriers with 400,000 dwt (Chinamax vessels) at the Rongsheng Chinese shipyard. The two Chinese financial institutions will provide a credit line of up to $1.2b, which corresponds to 80% of the amount required to fund the construction of the vessels. The credit line has a 13-year total term to be repaid
Reuters is reporting that the damaged Vale Beijing, the world's largest iron-ore carrier, was moved from its berth in Brazil for repairs. Tugs reportedly moved the ship from the dock in the port in Sao Luis in northeastern Brazil and will tow it to a location outside the shipping channel, a harbor pilot official told Reuters. The port in northeastern Brazil is operated by Vale. The 384,300 tons of ore loaded aboard the Vale Beijing
Vale SA of Brazil said it has increased access of its Valemax iron ore carriers to Asian ports. The company even docked one of its ships in China where a ban on the giant vessels has been in effect for more than a year, Reuters.com reported. Reuters reported on April 18 that the Vale Malaysia docked at China's port of Lianyungang April 15 and left April 17 after unloading its cargo, but the 402,285 deadweight ton (dwt) ship, one of the world's largest bulk freighters, was only partly loaded
Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, may start talks on a contract to transport iron ore from Brazilian miner Vale on Valemax ships, the world's biggest bulk carriers, to cut costs, a senior official said. Such a contract would be a boost for Vale
Sales and technical support agreement signed for Singapore and Myanmar. Eco Marine Power (EMP) announced that it has entered into a sales and support agreement with MINs Control Systems Solution Pte. Ltd. (MCSS) to sell and support EMP's renewable energy solutions for shipping in Singapore and
Brazil hopes that during a visit by Chinese President Xi Jinping it can boost ties with its biggest trade partner beyond the exchange of commodities for manufactured goods, but that may be wishful thinking. Accords China will sign with Brazil when Xi meets with President Dilma Rousseff on
China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and
Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake Carriers’ Association (LCA) said in a news release. Shipments from U.S. Great Lakes ports fell even more, 52 percent.
During the year ended 31, December 2013 China Rongsheng, the largest non-state-owned shipbuilder in the PRC, reports that revenue of the Company was RmB1,343.6 million, a decrease of 83.1% from RmB7,956.3 million for the year ended 31 december 2012. Excerpts from the report follow:
It all began with a pre-World War Two contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937, the ships were nowhere to be found. That year also marked the start of a full-scale war between China and
It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937, the ships were nowhere to be found. That year also marked the start of a full-scale war between China and Japan
Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave a Chinese port soon after it paid a Chinese court to release the vessel from seizure.
China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money. Japan's Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by
Classification society ClassNK announced today that it has released an updated edition of the Rules and Guidance for the Survey and Construction of Steel Ships. ClassNK continuously reviews, updates, and amends its technical rules and guidance as part of its ongoing efforts to improve the
Award recognizes MOL’s Development of a Waste Heat Energy Recovery System for Marine Diesel Engine Used to Generate Electric Power and Assist Ship Propulsion Mitsui OSK Lines, Ltd. today announced receipt of the 2014 Japan Society of Naval Architects and Ocean Engineers (JASNAOE) Award
Eco Marine Power (EMP) today revealed details of its Aquarius Unmanned Surface Vessel (USV) and announced that it will begin work related to the construction of a prototype. The Aquarius USV is being developed as a cost-effective unmanned surface vessel (USV) and will incorporate a number of
The push to outfit commercial vessels with energy saving equipment continues, and news out of Japan says that a Mitsubishi Energy Recovery System (MERS) supplied by Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME) was installed on a VLOC (Very Large Ore Carrier) for
Chinese shipbuilder on the SGX Main Board Yangzijiang Shipbuilding Holdings Limited announced that it has secured a shipbuilding contract for four 260,000DWT very large ore carriers (VLOC). The shipbuilding contract was secured from an Australia based ore company listed on the Australian