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BALTIC MAIN INDEX SLIDES ON LOWER RATES FOR LARGER VESSELS

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for the second straight session on Wednesday, hurt by falling rates for larger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 27 points, or 2.16 percent, to 1,222 points. The capesize index shed 107 points, or 4.3 percent, at 2,382 points – its biggest one-day percentage fall since July 27. The index snapped a 17-day rally on Tuesday. Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, were down $860 at $17,974. The panamax index fell 34 points, or 2.53 percent, to 1,311 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tones decreased $268 to $10,510.

INDIA SEEKS APPROVAL FOR MARITIME DEVELOPMENT FUND

The Ministry of Shipping has sought the government’s approval for setting up a maritime development fund that will meet the financing needs of the entire maritime sector, including shipbuilding.

According to sources, this is part of the long-term solutions suggested by the shipping ministry to support and promote the domestic shipbuilding industry. The ministry is also of the view that shipyards should be allowed to access external commercial borrowing by the Reserve Bank of India for working capital under the automatic route. A government report had stated that between October and December 2013, banks received 194 projects involving an investment of Rs468,665 crore. However, during the April 2014-January 2015 period, the number of new projects was down to 88 with an investment of Rs 141,830 crore.

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INCHEON PORT SEES BOX TRAFFIC TO RISE 15PC TO 3.1M TEU THIS YEAR

The Incheon Port Authority (IPA) anticipates second-half container throughput will reach 1.61 million TEU, up from 1.47 million TEU for the first half of the year.

The IPA expects the total box throughput for 2017 will amount to 3.1 million TEU, representing a year-on-year increase of 14.9 percent. The forecast is based on the performance during the first half and current trends. It highlighted that the percentage of the port’s trading volume for the second half to the first half has continuously increased (7.3-16.5 per cent) since 2013. In addition, the IPA anticipates container throughput will hit two million TEU by September, one month earlier than the prior year.

ROTTERDAM BUNKER FUEL SALES DOWN 2.1PC IN Q2

Marine fuel and lubricant sales at Rotterdam, the world’s third-largest bunkering port, slipped 2.1 percent year-on-year in the second quarter. Total sales dropped to 2.49 million cu m in the three months to June 30 from 2.55 million cu m a year earlier. Fuel oil sales sank by 3 percent to 2.08 million cu m, while marine gasoil and marine diesel oil demand together climbed 2 percent to 385,446 cu m. Marine lubricant sales jumped 17.1 percent to 26,425 cu m.

Sales at Singapore, the world’s largest bunkering hub, also declined in the second quarter, losing 2.3 percent to 12.27 million mt.

ASIA FUEL OIL CRACKS SLIP ON INCREASING CRUDE

Rising crude oil prices weighed on fuel oil cracks on Tuesday amid muted trade activity in both the physical and paper markets. Asia’s 180-cst fuel oil crack to Dubai crude for September slipped 17 cents a barrel from the previous session to minus $1.72 a barrel on Tuesday, its lowest since Aug 14.

Similarly, the front-month 180-cst fuel oil crack to Brent crude was down 8 cents to minus $3.29 a barrel, its lowest since Friday. Oil prices rose on Tuesday, lifted by indications that supply may be tightening gradually, especially in the United States. Brent crude’s premium to Dubai rose on Tuesday to $2.13 per barrel for October, the widest spread between the two crude oil benchmarks since Dec. 21.

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ASIA SHIPPING MISHAPS CAUSE CONCERN OVER SEA SAFETY

Two shipping collisions near the Singapore Strait in less than a week have caused serious concerns and brought into renewed focus the need for seamless movement of cargo traffic worth billions of dollars annually in the region, it is said on Wednesday.

Separately, Southeast Asia is already grappling with piracy and terrorism in the Sulu Celebes Sea region, and when it showed some signs of ebbing, recent traffic accidents brought a different additional concern to the forefront — safety at sea.

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