News
Baltic Dry Index Jumps 3.4 Percent as Iron Ore-Shipping Rates Extend Surge
Cargo
The Baltic Index, a measure of commodity shipping costs, jumped the most in six sessions as a surge in iron-ore transportation costs led rents higher. The gauge climbed 86 points, or 3.4 percent, to 2,644 points, according to the London-based Baltic Exchange today. Charter rates rose for all vessel classes in the index, led by [...]
Shipping industry picks up speed
Cargo
Danish shipping firm J. Lauritzen presented impressive first half 2010 figures, posting a profit of 99.6 million dollars after tax, an increase from 1.5 million dollars in the same period last year J. Lauritzen is in the midst of a significant expansion, where the shipping firm is constructing a number of new vessels. In the [...]
Utilisation, charter line rates up, says shipping industry expert
Tanker
Backed by an increased domestic LPG demand and enhanced exploration activities, the utilisation and charter line rates of vessels have risen in the current financial year, a top shipping industry expert said yesterday “During the current financial year, the utilisation and charter line rates of LPG vessels have improved considerably mainly due to an increased [...]
Somali pirates, Saudi ship owner say ransom agreed
piracy
Somali pirates and the owners of a Saudi ship held since March with 14 crew said on Tuesday they had agreed to a ransom of around $2-3 million, and a newspaper withdrew a report that the ransom was $20 million “We (pirates) and the owners of the Saudi ship had agreed on $3 million not [...]
AT & S May Get 24 More Orders For New Ships
Cargo
Vanuatu Shipping Corporation is considering buying an additional 24 ships from Brunei shipbuilder AT & S following the signing of a US$200-million deal for 12 ships last week Hj Abdul Wahab Hj Tengah, chairman of AT & S, said that Vanuatu Shipping Corporation’s president and chief executive had expressed interest to have the ships built [...]
Higher shipping cost seen as demand rises
cargo
The smallest profits in the commodity shipping market in 18 months may be ending as a rebound in steel and iron-ore prices signal improving Chinese demand that will ease the transport glut Chinese steel prices rose 4.7 percent last week, the most in 11 months. Derivatives for fourth-quarter iron-ore prices jumped 23 percent between July [...]
Supertanker Returns Slump 24% to Nine-Month Low on Excess Supply of Ships
tanker
Per Mansson, managing director of Nor Ocean Stockholm AB, comments on supply and demand for supertankers hauling 2 million-barrel cargoes of Middle East crude this year. Rental income after fuel costs from shipping Saudi Arabian crude oil to Japan on the industry’s benchmark route fell 24 percent yesterday to $11,585 a day, according to the [...]
Seafarer wage hikes hit Asian flags
cargo
Coastal trading vessels in Asia flying flags such as Singapore, Malaysia and Japan are set to be hit with hefty increases in crewing costs, according to the latest issue of Seatrade Asia Week. The International Transport Workers Federation’s (ITF) congress in Mexico next week is set to push through new benchmark pay rates for foreign [...]
Shipping goods from Asia more costly
cargo
The cost of shipping consumer goods from Asia to Canada is surging, with another price increase kicking in Sunday, as freight forwarders face a shortage of containers this summer and fall “This is traditionally the peak season for imports coming from China to Canada,” said Perry Lo, president of Canaan Transport Group Inc., a freight [...]
Middle East supertanker surplus falls for 2nd week
tanker
A surplus of supertankers competing to haul Middle East oil shrank for a second week as owners cut ship speeds and the flow of cargoes from the world’s biggest crude-loading region accelerated. There are 16 per cent more very large crude carriers competing for business over the next 30 days than there are cargoes, according [...]
