The cost of shipping liquefied petroleum gas headed for the biggest weekly gain on record as surging U.S. exports of the cooking fuel and chemicals feedstock sap vessel supply. Rates for very large gas carriers already jumped 24 percent to … Continue reading →
A.P. Moeller-Maersk A/S (MAERSKB) said its container-shipping line, the world’s largest, posted a first-quarter profit as freight rates picked up. Maersk Line’s net income totaled $204 million, compared with a loss of $599 million a year earlier, the Copenhagen-based group … Continue reading →
Panamax coal freight rates on established routes from South Africa’s Richards Bay and Indonesia to India ended the week stable to lower on Friday as an oversupply of vessels outstripped demand, sources said. Platts assessed the daily Panamax freight rates … Continue reading →
Mitsui O.S.K. Lines, Ltd. (MOL) announced the completion of a tabletop drill done in cooperation with the fifth Regional Coast Guard Headquarters. The scenario entailed a containership operated by MOL Liner Division (Hong Kong) and managed by an MOL Group … Continue reading →
International Container Terminal Services Inc (ICTSI) has been named among the short-list of bidders to build and operate Melbourne’s third international container terminal. ICTSI is partnering with Anglo Ports for the bid and together the two parties bring extensive sector … Continue reading →
Three Chinese government ships entered the waters of disputed islands today, Japan’s coastguard said, more than a year after the then-Tokyo governor set off the row by announcing plans to buy them. The Chinese maritime surveillance vessels were spotted off … Continue reading →
The premium traders in Asia are paying for the earliest deliveries of fuel oil is poised to slide from an eight-month high as Europe floods the region with excess supplies and Chinese refinery demand wanes. Deliveries to Singapore in June will … Continue reading →
THE Port of Los Angeles April cargo volumes declined 9.5 per cent to 640,330 TEU compared to 707,182 TEU in the same month last year. Imports dropped 10.4 per cent from 364,555 TEU in April 2012 to 326,780 TEU this … Continue reading →
Rates for iron-ore carriers fell for a sixth day on speculation Chinese steel mills are drawing on stockpiles instead of imports, according to RS Platou Markets AS, the investment-banking unit of Norway’s largest shipbroker. Daily earnings for Capesizes hauling 160,000 metric … Continue reading →
A cruise ship ran aground Thursday near Sainte-Pétronille, at the south end of Île d’Orléans on the St. Lawrence River. There were 57 passengers on board, but no one was hurt. All were brought safely to shore by tugboat. The Louis-Jolliet … Continue reading →
FIGURES from the Hong Kong Marine Department show the port handled 1.7 million TEU in April, representing a year-on-year decline of 12.2 per cent from two million TEU in April last year. Singapore’s Maritime and Port Authority reported a one … Continue reading →
Rates for the largest oil tankers on the benchmark trade route fell the most in six weeks on concern demand from refiners returning from maintenance stalled. Charter costs for very large crude carriers hauling 2 million barrels of Middle East oil to Asia … Continue reading →
GERMANY’s Hapag-Lloyd, the world’s sixth largest carrier, has announced it will increase the rates for westbound Asia-Europe trade by US$1,000 per TEU with effect from July 1. Additionally, the carrier plans to impose a peak-season surcharge of $500 per TEU … Continue reading →
Rates to ship liquefied natural gas fell to the lowest in almost two years as the opportunity to profit from shifting cargoes to Asia closed, curbing trading distances, according to Fearnley Securities AS. Daily earnings for modern turbine vessels slid 6.3 … Continue reading →
GERMANY’s Hamburg Sud, the world’s 12th biggest container shipping line, has declared a 2012 revenue increase of 16 per cent year on year to EUR4.8 billion (US$6.17 billion), but declined to reveal profit or loss figures. The company handled four … Continue reading →
The global shipbuilding industry may not be in a good shape, but with business for Cochin Shipyard looking up, the government is likely to divest a 10 per cent stake in the company. This would be the first disinvestment in … Continue reading →
West Texas Intermediate crude swung between gains and losses after rising the most in a week. OPEC was forecast to increase oil exports this month to meet rising demand from Asian refiners. Futures fluctuated in New York, heading for the first … Continue reading →
Rates to ship iron ore fell for a fifth day as the glut of vessels offset demand for imports to China, the largest buyer of the raw material used to make steel. Daily earnings for Capsizes carrying 160,000 metric tons … Continue reading →
GERMANY’s Hapag-Lloyd, the world’s sixth biggest container line, declared it nearly halved first quarter losses to EUR53.2 million year on year, drawn on revenues of EUR1.65 billion, up 3.1 per cent. “The result is in line with expectations for Q1, … Continue reading →
The cost of shipping 2 million barrels of Middle East crude oil to Asia, the benchmark route, fell after 11 sessions of gains as a glut of tankers absorbed increased demand for cargoes. Rates for very large crude carriers on … Continue reading →
