Author Archives: admin

BIMCO: The fall in bunker prices reduce fuel costs significantly

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs will be reduced by as much as USD 1 million a year if current price levels stay put. Assuming a difference from the average of the first … Continue reading

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World seaborne trade grew by just 3.8% in 2013, new report reveals

Reflecting stumbling growth in the world economy, world seaborne shipments grew by an average of just 3.8 per cent in 2013, taking total volumes to nearly 9.6 billion tons, UNCTAD’s Review of Maritime Transport 20141 reports. Much of the expansion … Continue reading

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Seafarer and docker union leaders warn EC over Euro ports plans

A meeting of key ITF (International Transport Workers’ Federation)  member union decision makers in London issued a strong warning to the European Commission (EC) today over the future of the continent’s ports.   Docker and seafarer trade union leaders meeting … Continue reading

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MSC puts back congestion surcharge despite shipper and regulator objections

AFTER withdrawing its west coast congestion surcharge – as other shipping lines have done – the Mediterranean Shipping Co (MSC) now tells customers it will be collected from November 26 at US$800 per TEU, $1,000 per FEU and $1,125 per … Continue reading

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Zim narrows losses by one accounting standard but widens them by another

ISRAELI flag carrier Zim Integrated Shipping Services posted a narrowing third quarter net loss to US$20 million year on year, down from $76 million in 2013 and drawn on quarterly revenues of $854 million, down 2.5 per cent on a … Continue reading

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ILWU shuts Oakland for ‘safety stand down’, dock talks stop until December 2

OAKLAND and other Bay area ports were shut down by the International Longshore and Warehouse Union (ILWU) for a day-long “safety stand down” after death of docker, reported American Shipper. Meanwhile, contract talks have broken off with negotiating committee going … Continue reading

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American Club’s 4.5% General Increase for 2015

The directors of the American P&I Club, meeting in New York, have decided on a 4.5% general increase for the 2015 renewal of mutual P&I entries, plus any additional costs of the club’s reinsurance, with the release call set at … Continue reading

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COSLProspector – China’s most advanced deep-water semisubmersible drilling rig delivered with DNV GL class

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province. It represents another milestone for China’s deep-water drilling rig going into the global mainstream market. The … Continue reading

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Iron ore delivered to China falls below $70/dmt for first time in 5.5 years

Seaborne iron ore prices tumbled below the $70/dry mt CFR North China mark for the first time since June 2009, with the benchmark Platts 62% Fe Iron Ore Index being assessed at $69.75/dmt CFR North China Friday, November 21. The … Continue reading

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Tight Oil Test: U.S. Production Growth Remains Resilient Amid Lower Crude Oil Prices

The vast majority of potential U.S. tight oil production growth remains economical in the current crude oil price environment, according to a new report by IHS IHS, -0.15% the leading global source of critical information and insight. About 80 percent … Continue reading

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Singapore 380-cst Dec/Jan spread hits over 2-month high

The price difference between the Singapore 380-centistoke December and January swaps widened to a more than two-month high on Thursday, an unusual peak towards the end of the year that is leaving many baffled, traders said. The 380-cst December/January timespread … Continue reading

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WAF-UKCM Suezmax freight rates reach 6-year high on limited vessel availability

The cost of sending 130,000 mt crude oil cargoes from West Africa to the UK Continent and Mediterranean has surged to a six-year high as a dwindling tonnage list struggles to accommodate high levels of inquiry from charterers, shipping sources … Continue reading

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Maersk Line: To Implement Low Sulphur Surcharge To Support The New 2015 ECA Sulphur Regulation

To offset the additional cost incurred by switching to cleaner fuels in Emission Control Areas, as required by the new regulation, Maersk Line will introduce a new Low Sulphur Surcharge (LSS). The surcharge will be effective from 1 January 2015 … Continue reading

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ECB May Take More Conservative Look at Ship Loans, NordLB Says

The European Central Bank may take a more conservative approach than national regulators when assessing German banks’ shipping assets, said Oliver Faak, head of ship finance at Norddeutsche Landesbank. “It is in no way sure that the ECB won’t look … Continue reading

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Megaships loom large on container market dynamics

The trend towards megaships is not only inevitable, but ongoing and lower rates as a consequence of the big injection of capacity next year will incentivise container lines to chase down their costs in the lower rate environment, said Bank … Continue reading

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Rose George joins judging panel for WISTA – UK’s “Came by Ship” writing competition

As WISTA – UK’s writing competition “CAME BY SHIP” continues to capture the creative imagination of many young people across the UK, the organisers are delighted to announce that renowned British journalist and author, Rose George, has agreed to join … Continue reading

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Irish Continental pre-tax profit up 6.7pc in Q3 to US$29.8 million

IRISH Continental Group (ICG), operating between Ireland, the UK and the continent, has posted a 6.7 per cent third quarter operating profit increase to EUR23.8 million (US$29.8 million), drawn on revenues of EUR93.4 million, up 10.3 per cent. The company … Continue reading

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Mediterranean, Black Sea FOB crude oil markets plunge as freight rates soar

Soaring freight rates in the Mediterranean and Black Sea over the last week have pushed FOB crude differentials in the region to multi-month lows. On Wednesday, Aframax cargoes of CPC Blend, FOB basis the CPC Blend terminal North of Novorossiisk, … Continue reading

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Exmar – Delaying of the launch of the contemplated IPO

EXMAR (Euronext: EXM) announced today that due to unfavorable current capital market conditions, it is delaying the launch of the contemplated initial public offering of common units in the United States of EXMAR ENERGY PARTNERS LP (the MLP). EXMAR will … Continue reading

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World Steel output at 137Mt in Oct, same as last year

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 137 million tonnes (Mt) in October 2014, the same compared to October 2013. China’s crude steel production for October 2014 was 67.5 Mt, a … Continue reading

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We see multiple opportunities in India: Mr. Michael Golonka

Crowley Accord has been in the news during recent months after a new partnership was reached  between Accord Marine Management and Crowley Maritime Corporation to enhance the existing operations . Crowley Maritime Corporation is a U.S.-owned and operated marine solutions, … Continue reading

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India: Exim Bank to set up Rs. 1,500-cr fund to assist ship-building industry

To give a boost to ship building in the country, the Export-Import Bank of India (Exim Bank) is planning to set up a dedicated Rs. 1,500-crore fund with Government support. This proposal comes in the backdrop of the slump in … Continue reading

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Mumbai, Hong Kong bunker fuel demand steady since OW Bunker collapse

Bunker fuel demand in Mumbai and Hong Kong has remained largely steady since the collapse of OW Bunker, despite some predictions that it would rise as vessels sought ports with fewer credit issues, traders in those markets said this week. … Continue reading

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Drewry fears mega ship slot cost cuts will bring about rate plunge

mega shipTHE delivery of 54 ships of at least 10,000 TEU for the Asia-North Europe by December 2015, will have a “huge” impact on the industry, says Drewry Maritime Research. “The delivery of over 50 ULCVs [ultra large container vessels] … Continue reading

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