Category Archives: News

India: JSW Steel posts Rs656.49 crore profit in Q1

India’s third largest steel maker JSW Steel Ltd on Friday reported consolidated net profit of Rs.656.49 crore for the June quarter against a loss of Rs.381.82 crore a year ago. Consolidated revenue rose 28.9% to Rs.13,067.48 crore in the April-June … Continue reading

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Baltic Aframax freight rates at 6-week low on light Urals loading program

The cost of transporting a 100,000 mt crude oil cargo from the Baltic Sea to the UK-Continent has fallen to a six-week low due to a shorter Baltic loading program for August, according to shipping sources. Freight rates on the … Continue reading

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‘K’ Line Q2 profits fall 38.6pc to US$42.2 million, revenues rise 8.1pc

“K” LINE, the smallest of Japan’s Big Three, has posted a 38.6 per cent second quarter net profit decline to JPY4.3 billion (US$42.2 million), drawn on revenues of JPY319.8 billion, up 8.1 per cent. While the company reported improved quarterly … Continue reading

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Pola Maritime takes delivery of their 4th Eco 37500 dwt Sea Horse

Cyprus based Shipowner and Operator Pola Maritime Ltd has added to the existing fleet their fourth Seahorse (MV POLA UGLICH, 37727 Dwt, ice class, e-Engine, fitted with mewis duct and BWTS) out of a total of six units under construction  … Continue reading

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Tilbury and Zeebrugge’s Strategic Agreement signs up SCS Multiport New route starts in August at London Container Terminal

Port of Tilbury, owned by Forth Ports Limited, and Port of Zeebrugge / MBZ have today (31 July) announced that SCS Multiport will add a brand new route to their current service –Amsterdam-Tilbury – to deliver Far East deep sea … Continue reading

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Commodities Cap Biggest Monthly Decline Since May 2012

Commodities had the worst monthly performance in more than two years, led by losses for crops including soybeans and wheat on signs of bigger supplies. The Bloomberg Commodity Index of 22 raw materials fell 5 percent in July to 127.91, … Continue reading

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Global LNG-Asian prices remain depressed; floating storage eyed

Asian spot liquefied natural gas (LNG) remained at depressed levels this week amid weak demand, but traders were looking for floating storage to take advantage of an expected pick-up in prices ahead of the winter heating season. Prices were mostly … Continue reading

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Shipping Rates Suffer as China Hydro Curbs Coal Imports: Freight

Record production of hydropower from China’s Three Gorges and newer dams is displacing so much coal that rates to transport it have plunged to about record lows, roiling the shipping market. Daily earnings for Panamaxes, vessels that are about 750 feet … Continue reading

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Asia Dry Bulk-Capesize rates to stay flat on overcapacity, cargo woes

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability, ship brokers said. But there … Continue reading

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Kurdish oil cargo unloaded at sea, destination a mystery

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the buyer and where the two tankers are headed. The United Emblem, which … Continue reading

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EXMAR: Provisional results first half year 2014

The Executive Committee of EXMAR today reported preliminary unaudited results for the first semester 2014. Highlights of recent developments are: – Significant Capital Gains on the sale of older LPG tonnage and strong LPG rates still going forward – Strengthening … Continue reading

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Montreal could become an oil export hub as markets continue to shift

Montreal has emerged as an export base for Western Canadian heavy sour crudes as prospects to construct new pipelines to the British Columbia coast, Eastern Canada and US fade. Suncor, owner and operator of the 137,000 b/d Montreal East refinery … Continue reading

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Korean shipbuilders lag behind as China rises

Korean shipbuilders are struggling. Their world market share fell 27 percent in the first six months of this year, a sharp drop from the 40 percent recorded in 2011 according to data from B-S Financial Group. Chinese shipbuilders have filled … Continue reading

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Savannah annual container volume increases 6.3pc to 3.14 million TEU

The Port of Savannah handled a record 3.14 million TEU in FY14, up 6.3 per cent or 186,567 TEU year on year, marking the first time the port has surpassed the three million TEU mark in a single year. Overall, … Continue reading

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Asian buyers take 25 pct more Iran oil in first half

Iran’s biggest clients took in a quarter more oil in the first six months of 2014 than in the same period of last year, with China and India holding to the higher volumes they started after the agreement that relaxed … Continue reading

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Vale’s improves performance in 2Q14, but misses forecasts on iron ore supply glut

Vale delivered a strong operational performance in 2Q14, with iron ore production reaching 79.4 Mt, the best performance for a second quarter ever, with Carajás production reaching 29.3 Mt, due to the successful ramp-up of Plant 2. Despite lower iron … Continue reading

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US Crude Oil production to rebound despite decline in May: Barclays

The US Crude Oil is poised for a rebound despite suffering its first m/m decline in May 2014, a Barclays report says. Annual US crude production growth is accelerating, reaching 1.07 mb/d in April and May, a pace of growth … Continue reading

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India to become net importer of iron ore in FY15: FIMI

The Federation of Indian Mineral Industries (FIMI) expects India to become a importer of iron ore in the 2014-15 fiscal. In a curtain raiser event for the industry body’s annual general meeting on Wednesday, FIMI President, H C Daga, said … Continue reading

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India: Government planning to convert 12 of 13 Union govt-owned ports into companies

The National Democratic Alliance (NDA) government is planning to convert 12 of the 13 ports owned by the Union government into companies to improve efficiency and competitiveness. The ports currently operate as trusts. The shipping ministry has initiated the process … Continue reading

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Singapore ex-wharf 500 CST bunker fuel August discounts up to $6-7/mt

Singapore ex-wharf 500 CST bunker fuel term contracts for August have been concluded at discounts of around $6-7/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, market sources said Wednesday. Discounts in July were around … Continue reading

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GAIL to buy one-third of LNG ships from Indian shipbuilders

Faced with the prospect of a second Presidential directive, state gas utility GAIL India Ltd has decided to buy from Indian shipbuilders a third of the LNG ships for ferrying gas from the US. GAIL wants 9 ships to ferry liquefied natural gas (LNG) … Continue reading

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Ship loads first U.S. condensate export cargo in 40 years – sources

An oil tanker has started loading a cargo of condensate, or ultra-light oil, the first such export from the United States since the easing of a 40-year-old ban on U.S. crude exports, two sources familiar with the matter said on … Continue reading

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Asia thermal coal (CCI8): South China cargoes sold to Chinese plants at $64/mt

A large producer and trader of Australian 5,500 kcal/kg NAR thermal coal was heard Wednesday to have off-loaded a large quantity of this maximum 23% ash fuel to Chinese power plants at $64/mt CFR South China, market sources in Asia … Continue reading

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Novorossiisk bunker fuel prices hit 10-month high on rising demand, tight prompt supply

Novorossiisk high sulfur bunker fuel spot prices reached a 10-month high for the second consecutive day Tuesday, rising to $480.50/mt on increased demand and a lack of prompt supply. The last time 380 CST high-sulfur bunker prices in Novorossiisk were … Continue reading

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