McQuilling ends tanker contracts with PDVSA
A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…
IMO 2020: Fujairah Tightens Exhaust Rules Ahead of 2020
Key Middle East oil terminal bans open-loop scrubbersFujairah in the United Arab Emirates has become the latest major port to ban a type of fuel exhaust cleaning system to comply with a coming tightening in rules regarding global sulphur emissions, mirroring similar moves in Singapore and China.Under International Maritime Organization (IMO) rules that come into effect from 2020, ships will have to reduce the sulphur content in their fuel to less than 0.5 percent, compared with 3.5 percent now…
ITIC Reimburses Broker Accused by Owner of Breach of Authority
International Transport Intermediaries Club (ITIC) recently represented a shipbroker accused by an owner of breach of warranty of authority in a dispute arising under a non-performing contract of affreightment (CoA).The shipbrokers had negotiated the terms of a CoA between the charterers and the ship owners, receiving all their instructions from an agent purporting to act for the charterers. The CoA provided for a minimum of 18 shipments to take place over a 12-month period but…
Diesel-Loaded Tankers Stranded off Asia as Demand Wanes
Several tankers carrying diesel fuel are floating off Taiwan and Southeast Asian waters as a steep fall in oil prices kept buyers at bay, trade and shipping sources said on Friday, helping push rates to their highest since January 2016.With tanker rates also boosted by strong Chinese oil exports, it was a big relief for an industry that has been in the doldrums for the past three years.About seven to nine long-range tankers carrying about 5 to 7 million barrels of diesel are currently floating off Taiwan waters largely due to a drop in bunker fuel demand from the South China Sea…
Baltic Index [Finally] Gains on Higher Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, snapped its 12-day losing streak on Thursday, powered by a rise in demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 11 points or 1.1 percent - after falling 12 sessions in a row - to 1,020 points.The capesize index marked its first gain in 12 days, rising 7.1 percent, or 67 points, to 1,007 points.
Baltic Index Losing Streak Continues as Capesize Rates Drag
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, fell for the eighth consecutive session on Thursday, pressured by weakness in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 73 points, or 5.6 percent, to 1,231 points, its lowest since June 4.The capesize index declined for the seventh straight session, tumbling 221 points, or 11.2 percent, to 1,747 points - also its lowest since June 4.
US Oil Exports to Asia May Slide Further
Rising shipping rates have increased the costs of shipping oil from the United States to Asia and may further the restrict the flow of U.S. oil to the region later this year, multiple trade and shipping sources said on Thursday.Freight rates for tankers that carry crude oil have soared globally, buoyed by peak seasonal demand, weather disruptions and higher bunker fuel costs, the sources said.The cost of chartering a Very Large Crude Carrier (VLCC) capable of carrying 2 million barrels of crude from the U.S.
Maritime Ports Pushed to Up Cyber Security
Resilience planning, Info Sharing Take Spotlight“Oh what a tangled web we weave, when first we practice to deceive.” That old chestnut gets turned on its head when it comes to port cyber security. It’s more like “Oh what a tangled web we’ve woven, so much harder to stop data stolen.”Ports today have the physical aspect of security pretty well nailed shut - gates, locks, fencing, alarms, cameras, drones, etc. As Chris Mason, Rajant Corp.’s director of sales for EMEA, notes, “Every…
Harper Petersen Appoints New Managing Directors
Simon Aust, Managing Director of Hamburg-based shipbroker Harper Petersen, is leaving the company later this year. The management of Harper Petersen in Hamburg will be taken over by Bjoern Andersen and Arne Corleis as the new managing directors as from 1 August 2018. The global leadership team will therewith consist of three managers including Chief Representative Officer Mr. Hu Hui in Shanghai who will remain in charge of Harper Petersen Asia. Bjoern Andersen successfully built…
KPI Bridge Oil Athens Promotes Chandris
KPI Bridge Oil, a leading global trader and broker in marine fuels, marine lubricants and risk management products, announces the promotion of Isidoros Chandris to Senior Bunker & Lubricant Consultant. Isidoros joined KPI Bridge Oil’s London office as a Bunker & Lubricant Trader in 2014, and relocated to the Group’s Athens office as a Bunker & Lubricants Consultant in 2016. Before joining KPI Bridge Oil, Isidoros spent over four years working as an Offshore shipbroker in Houston and Oslo, and as an Operations Assistant and Bunker Trader in Piraeus, Greece.
Baltic Index Slips to Two-week Low
The Baltic Exchange's main sea freight index on Thursday fell to its lowest level in two weeks, pulled down by falling rates for capesize and panamax vessels.The overall index, which tracks rates for ships carrying dry bulk commodities, slid 26 points, or 1.9 percent, to 1,347 points.The capesize index lost 52 points, or 2.5 percent, to end at 2,038 points."Extremely few cargoes out of west Australia, hence the general activity level for Pacific market this week been very low," ship broker Fearnleys said in a weekly report on Wednesday referring to the capesize segment.Average daily earnings f
Oil Tanker Scrapping to Hit Multi-year High
The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations.The surge in scrapping underscores how the sector is grappling with one of its worst-ever crises, hit hard after rates for transporting oil plunged to multi-year lows in the wake of excess tanker supply and tepid demand as OPEC production cuts bite."The tanker markets are definitely in a trough at the moment…
Baltic Index Falls to Six-Week Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday to a six-week low as rates across vessel segments fell.* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 20 points, or 1.9 percent, at 1,057 points, its lowest since April 17.* The capesize index lost 71 points, or 5.1 percent, to 1,324 points.
Bulk Shipping: Economics 101
Supply and Demand in the bulk transport sectors will define the course line ahead. Less ships and more cargo will be the key.The drybulk sector – where iron ore, coal, grain and other raw materials dominate – is still wrestling with a decade-long hangover that began with the financial collapse of 2008. A recovery ensued in 2010 and 2011, but, following the time honored trade pattern, the brighter outlook brought about an avalanche of new build orders and another drop in rates ensued.
Muted Capesize Activity Weighs on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth straight session on Tuesday, dragged down by lower demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 40 points, or 3.2 percent, at 1,199 points.The capesize index lost 103 points, or 5.3 percent, at 1,854 points."Capesize average earnings declined to about $13,900 per day due to reduced inquiries on Brazil or China voyages while most of Europe began the week with a religious holiday," analysts
Baltic Index Down for Fifth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth-straight session on Monday as capesize vessel rates remained weak.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 34 points, or 2.7 percent, at 1,239 points.The capesize index lost 96 points, or 4.7 percent, at 1,957 points."Capesize rates have continued to soften over the last week to about $14,800 per day, partially reflecting an increase in the number of vessels ballasting to Brazil," analysts at ship broker Clarkson
Dry Bulk: Baltic Index Touches over 4.5 Month High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday to its highest in over 4-1/2 months, boosted by rising rates for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 33 points, or 2.3 percent, at 1,465 points.The capesize index rose 134 points, or 5.4 percent, to 2,616 points, its highest in four months."Capesize rates continued to demonstrate positive momentum, with average earnings improving," analysts at ship broker Clarksons Platou Securities said.Averag
Baltic Index Hits Three-week High
The Baltic Exchange's main sea freight index climbed 2.6 percent on Wednesday to mark a three-week high, boosted by an increase in activity across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 29 points, or 2.6 percent, to finish at 1,146 points, its highest since Jan. 31. "Sentiment in the dry bulk market is firming up after a return of activity in the Pacific," said analysts at shipbroker Clarksons Platou Securities. The capesize index gained 39 points, or 2.32 percent, to close at 1,717 points.
Baltic Index Drops
The Baltic Exchange's main sea freight index dropped nearly 2 percent on Wednesday, weighed down by lower rates for capesize vessels ahead of a week-long Lunar Year break in China starting Thursday. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 19 points, or 1.71 percent, at 1,095 points. Despite the Lunar New Year and the fact that the effects of the traditional slowdown are already visible, the Baltic index signals a positive period from March if the pattern of previous years repeats itself…
Capesize Rally Boosts Baltic Index by Nearly 2%
The Baltic Exchange's main sea freight index on Friday marked its best day in over two weeks, led by stronger demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose for the fourth straight day and was up 19 points, or 1.72 percent at 1,125 points. The index logged its biggest one-day percentage gain since Jan. 24. The capesize index gained 128 points, or 7.7 percent, to 1,790 points. With a 22 percent jump, the index saw its best week since the week of Sept.
Baltic Index Posts First Gain in Seven Sessions
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the first time in seven sessions on Tuesday, following a rebound in capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, edged up 13 points, or 1.2 percent, to 1,095 points. The capesize index snapped its five-session losing streak and climbed 86 points, or 6 percent, to 1,519 points. It touched its lowest in more than six months on Monday.
Zeaborn Takes Over E.R. Schiffahrt
Hamburg entrepreneur Erck Rickmers has sold his ship management and ship brokerage activities. Effective January 1, 2018, Bremen-based Zeaborn Group acquired all shares in E.R. Schiffahrt GmbH & Cie. KG and shipbroker Harper Petersen & Co. With the takeover, Zeaborn’s shipping fleet under commercial and technical management has been expanded by 61 container vessels and 20 bulk carriers to more than 165 vessels. All staff, approximately 200 employees ashore and 2,800 at sea, will transfer to the Zeaborn Group. Nils Aden, currently chief executive officer of E.R.
Lower Rates Drag Baltic Index
The Baltic Exchange's main sea freight index fell for the second straight session on Tuesday, weighed down by lower rates across vessel categories. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, was down 23 points, or 1.89 percent, at 1,191 points. The capesize index snapped its five-day winning streak and shed 36 points, or 2.02 percent, to 1,748 points. "Capesize spot earnings have come under some pressure in part due to a lack of fresh cargoes in the Atlantic…
Baltic Index Rises on Firmer Rates for Larger Vessels
The Baltic Exchange's main sea freight index marked its strongest daily percentage gain in nearly three weeks on Tuesday as the capesize segment rebounded from its two weeks of declines, and the panamax rates climbed further. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, climbed 28 points, or 2.48 percent, to 1,157 points. The capesize index rose for the first time in 11 sessions and was up 80 points, or 5.54 percent, to 1,525 points. "Capesize earnings have ticked up ...
China, Australia Ports Clogged as Coal, Ore Demand Soars
Around 300 ships caught in jam that would stretch 40 miles; freight rates for biggest coal, ore carrier hit 3-yr high. More than 300 large dry cargo ships are having to wait outside Chinese and Australian ports in a maritime traffic jam that spotlights bottlenecks in China's huge and global commodity supply chain as demand peaks this winter. With some vessels waiting to load coal and iron ore outside Australian ports for over a month, key charter rates have jumped to their highest in more than three years.
SSY Acquires Bidsted & Co
British-based ship broker Simpson Spence Young (SSY) has acquired Danish dry bulk broker Bidsted & Co. Bidsted & Co, which was founded in 1940, is one of the last few remaining independent shipbrokers in Copenhagen. Bidsted’s chartering and S&P expertise focuses on serving Danish and Far Eastern dry cargo charterers, operators and shipowners.