Spot rates for VLCC voyages east from the Middle East Gulf (MEG) look set to surge in the coming days. A Singapore-based broker told Tankerworld Thursday that markets west of the MEG are currently offering more attractive rates, and “owners will ballast their vessels there for better freight” terms. That will result in less tonnage availability in the east, he said. As of Thursday, VLCC markets around the world was already firming, led by a 38 point climb in rates for voyages from West Africa (WAF) to the US Gulf.
Posted by: Admin on Friday, December 05, 2008 - 09:46 AM
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Shanghai International Port Group Co., operator of the world’s second-busiest container harbor, will buy part of a new port in the city because of China’s rising exports. The company will buy the second section of Yangshan Port Phase 3 from Shanghai Tongsheng Investment Group, its third biggest shareholder, it said in a Shanghai stock exchange statement today. The port operator will sell 3.7 billion yuan ($540 million) of one-year bonds to help fund the deal, it added without giving a total price for the acquisition.
Posted by: Admin on Friday, December 05, 2008 - 09:44 AM
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A Russian destroyer will be sent to the Horn of Africa in December to take over from a missile frigate currently protecting civilian ships from Somali pirate attacks in the region, a Navy official said on Thursday according to RIA Novosti. The Northern Fleet's Neustrashimy (Fearless) frigate will continue to escort commercial vessels through the dangerous waters until the end of December, when the Pacific Fleet destroyer Admiral Vinogradov will take over, the high-ranking source told RIA Novosti. The Admiral Vinogradov will arrive in the area in three weeks.
Posted by: Admin on Friday, December 05, 2008 - 09:08 AM
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Up to 50 of 190 newbuilding orders at German shipyards may be cancelled due to the financial crisis, according to German media reports. The German shipyard association VSM claims that 25 orders worth EUR 600 million have already been cancelled. The German finance minister has now agreed that the shipbuilding industry may take part in the Government’s EUR 20 billion stimulus package. This means that the federal bank KfW can guarantee up to 90 per cent of loans taken by yards in other banks.
Posted by: Admin on Friday, December 05, 2008 - 08:32 AM
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The 11 container shipping lines participating in the Canada Transpacific Stabilisation Agreement (CTSA) that serves the trade between Canada and Asia have announced new bunker surcharges, starting from January 1. A statement issued on behalf of members said that from this date the "Fuel Recovery Charge" will be: US$328 per TEU, $410 per FEU, $461 per 40-foot high cube container, $519 per 45-foot container, and $9 weight/measure adjustment. This represents a 66 per cent decline in bunker surcharges over a two month period, reports American Shipper.
Posted by: Admin on Friday, December 05, 2008 - 08:31 AM
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