Clean tankers in the intra-Asian trades have suffered an eighth week of stagnant trading, causing rates to slip another 10 points to W240 ($15.69 per ton), Singapore brokers said on Wednesday. "The panel rate (judged by a panel of six brokerages) is around W250, but we think it's much nearer W240 at the moment," said a broker. The benchmark trade from Singapore to Japan on 30,000 ton tankes almost touched W300 in June ($19.62 per ton). Another Singapore broker pegged the trade at W245 and said to ignore rumors of a fixture this week at W230. "There's just very little enquiry for ships from Singapore," said the broker. Singapore brokers were uncertain of the underlying reason, but Olso broker Lorenzen & Stemoco said in a report last week that Asian trades were set to be undermined by Atlantic trades and trans-Pacific trades, which were trading down on slack demand from the U.S. Rates for long-range cargoes from the Mideast Gulf to Japan on 75,000 ton tankers appear to have stabilized around the W200 mark ($25.48 per ton), following a slip from W230 at the start of June. "It's difficult to judge, because there hasn't been a 75,000 ton fixture in ages, but last week Vitol fixed an 80,000 ton cargo from the Red Sea to Japan at W192.5," said a broker. He pegged the trade on 55,000 ton tankers at W220 ($28.03 per ton).
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 281 points in the week ending Monday to 5,337. "The Pacific has weakened with tonnage being fixed APS Australia plus ballast bonus by a number of Chinese operators, which has been helped by diluted interest in December stems for trans-Pacific and backhaul routes," SS&Y said. "This has led owners to seek refuge in Richards Bay although rates are headed downwards at present, which hasn't been helped by this movement of vessels
Shares in A.P. Moeller dropped three percent after news reports container traffic growth was slowing due to the weaker U.S. economy. At 1005 GMT Moeller's two shares, D/S 1912 and D/S Svendborg, traded at 81,000 crowns ($10,097) and 108,000 crowns respectively, down 3.0 and 2.7 percent compared to closing prices on Friday. Container traffic and freight rates may tumble this year compared to 2000, denting Moeller's profits
The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health
According to a Jan. 10 report from Bloomberg, at a time when analysts anticipate record profits for the biggest mining companies and a third year of gains in commodity prices, shipping lines carrying raw materials are set for the lowest freight rates since 2002. Leasing costs for capesizes, 1,000-foot-long ships hauling iron ore and coal, will drop 34 percent to average $22,000 a day this year, according to the median in a Bloomberg survey of eight fund managers and analysts.
Over $335 billion worth of expenditure is expected over the next five years on offshore operations and maintenance, according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood. “In 2011, demand for offshore operations & maintenance services totalled $52.5 billion, having grown at a compound rate of 6.3 percent over the past five years,” said Jenny Harbour, author of the report
North Sea tanker markets tumbled to a one-year low by the middle of this week and have since fallen further still, brokers said. "There was virtually no Aframax (80,000 tonner) enquiry in the North Sea," said London tanker broker Gibsons. "Consequently rates fell to average W120 ($0.64 per barrel) and by the close (of the week) had dropped further to W112.5 ($0.60 per barrel)." "There's just no demand," said a London broker, "and the position lists are getting longer and longer and longer
A continued slide in Middle East tanker rates to near year lows was expected to end this week by the emergence of Saudi stems and a resumption of Iraqi exports, shipping brokers said. VLCC tanker operators' earnings hit their lowest levels yet this year as a result of a combination of heavily depressed Middle East tanker rates and fixtures plus high bunker prices, brokers said. With only eight VLCCs fixed from the Middle East last week, rates to Japan fell to W45 ($4
Fitch Ratings affirmed Carnival Corp.'s issuer default rating, bank credit facility and senior unsecured debt at an investment grade of "A-," due to its strong liquidity position. The rating service also affirmed the Miami-based company's short-term debt at "F2," which indicates a relatively low credit risk. Fitch said possible negative influences include cyclical softness in Caribbean demand, Carnival's shareholder-friendly capital allocation decisions
The Panama Canal Authority (ACP) released fourth quarter (Q4) operational metrics for fiscal year (FY) 2008. These metrics are based on operations from July through September 2008, the fourth quarter of the ACP's 2008 fiscal year and are compared with Q4 of FY 2007. In Q4 of FY 2008, tonnage decreased minimally, but tanker and passenger transits and tonnage jumped significantly. During Q4 of FY 2008, Canal Waters Time (CWT)
Drewry’s Carrier Performance Insight report, just published, revealed a disappointing drop in performance for both ship-level and container-level reliability Key Performance Indicators (KPIs) in the third quarter. Containership reliability dipped below 70% for the first time since the
Drewry’s analysis of ocean carriers’ latest financial results shows significant changes in cargo market shares, but how much of it is due to service differentiation is unclear. Ocean carriers’ third quarter financial results reported so far reveal that the largest
Developer RWE Innogy is pulling the plug on the 240-turbine Atlantic Array project, report BBC News citing a Department of Energy and Climate Change (DECC) source. The 222m (721ft) tall turbines, planned to be situated in an area 200 sq km, (77 sq miles) about 16
At least 10 Haitian migrants are reported dead and approximately 100 are being rescued by Coast Guard and Royal Bahamian Defense Force rescue crews 15 nautical miles southwest of Staniel Cay, Bahamas, Tuesday. More than 100 Haitian migrants fell into the water Monday night when their overloaded
Significantly rising rates for Capesize vessels began in late September to spread to Panamax vessels, and gradually also to the smaller vessel types. Citing a recent Sydbank market analysis, Maritime Denmark, notes signs of a noticeably better dry cargo market.
Chinese shipbuilders have been sailing toward bankruptcy in recent years, with China trying to consolidate the industry and bail it out from the woe of overcapacity. With delays in deliveries, order cancellations and price decreases for newly-built vessels
Moody's Investors Service has upgraded CMA CGM S.A.'s corporate family rating (CFR) to B2 from B3 and the company's probability of default rating to B2-PD from B3-PD. Concurrently, the rating agency has upgraded to Caa1 (LGD5/84) from Caa2 (LGD5/80) CMA CGM's EUR325 million and $475 million worth
The Port of Los Angeles has released its September 2013 cargo volumes. September overall volumes totaled 710,892 Twenty-Foot Equivalent (TEU) containers, the third consecutive month volumes exceeded 700,000 TEUs, but compared to September 2012, volumes dropped 4.57 percent.
Victaulic, a manufacturer of mechanical pipe-joining systems, has received Type Approvals from DNV (Det Norske Veritas) for its Vic-300 MasterSeal butterfly valves - Series 761 and Vic-Check check valves - Series 716 and 716H. The approval certificates are valid until the end of June 2017 and
Fitch Ratings has assigned an 'A+' rating to $19.3 million of refunding revenue bonds, series 2013 A, issued by the San Diego Unified Port District. In addition, Fitch has affirmed the 'A+' rating on approximately $39.2 million in outstanding revenue bonds, series 2004 A and 2004 B
NOL Group reported net profits of $20 million for the third quarter of 2013, and year-to-date net profits of $61 million. The Group posted year-to-date Core EBIT improvement of 33% or $42 million, from a $127 million deficit in the same period last year.
IHC Sealing Solutions, part of IHC Merwede, will launch the zero-pollution SUPREME Athmos seal at the Europort exhibition in Rotterdam, November 5-8. According to the manufacturer, the SUPREME Athmos seal enables ships – with limited draught up to approximately five meters – to
Bourbon released its results for the third quarter 2013 and reported signs of continued improvement in offshore vessel demand. Revenues were up 8.6% compared to third quarter 2012, and up 12.2% against first nine months 2012 partly as a result of contract renewals at improved rates.
Following on from the second quarter, Hapag-Lloyd once again generated a profit in the third quarter of the current financial year, primarily as a result of substantial cost reductions. Between July and September 2013, the group recorded a profit of €16
The Port of Los Angeles released its October 2013 cargo volumes. October overall volumes totaled 684,207 Twenty-Foot Equivalent (TEU) containers, indicating a volume drop of 4.76% compared to October 2013. Imports declined by 5.14%, from 364,881 TEUs in October 2012 to 346,137 TEUs this October