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BALTIC MAIN INDEX GAINS NEARLY 3PC ON STRONGER VESSEL ACTIVITY

The Baltic Exchange’s main sea freight index rose nearly 3 percent on Wednesday to post its biggest percentage rise in three weeks as rates for all vessel segments perked up.

The overall index tracking rates for ships carrying dry bulk commodities was up 35 points at 1,250 points. The Baltic index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 2.88 percent to register its biggest one-day percentage rise since Aug. 17. The capesize index gained 125 points, or 5.4 percent, to 2,438 points.

Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, were up $864 at $18,231. Capesize average earnings have bumped up to around $18,200/day worldwide while Panamaxes have also continued to gain traction as activity levels remain strong in the Atlantic. The panamax index was up 39 points, or 3.06 percent, at 1,314 points.

SOUTH KOREA TAKES TOP SPOT IN SHIPBUILDING ORDERS

South Korean shipyards recaptured the No. 1 position in new orders worldwide in August amid a plunge in overall numbers, industry data showed Tuesday. According to the data, local shipbuilders clinched new orders worth a combined 130,000 compensated gross tons last month to build nine vessels.

Chinese rivals came next with 110,000 CGTs, or seven ships. Japanese shipyards bagged orders worth 40,000 CGTs or two ships. In the first eight months of the year, China ranked first with orders worth 4.22 million CGTs or 195 vessels, followed by South Korea with 3.48 million CGTs or 104 ships.

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CONTAINER CAPACITY ON INDIAN SHORES THREATENING

The upcoming container capacity on Indian shores is threatening the prospects of existing players whose capacities are already idling.

With Adani Ports setting up container capacity at Vizhinjam on the west coast, and Dhamra and Ennore ports on the east, a fight for volumes is in the offing. Together, the three container terminals will add a capacity of over 6 million TEUs, or twenty-foot equivalent units, a measure for container traffic. The economy has been slowing since January-March 2016 and growth hit a three-year low of 5.7 per cent in the April-June quarter, indicating slow growth in trade.

ROTTERDAM BUNKER FUEL RATES TOUCH NEAR 9-MONTH HIGH

Bunker fuel prices at Rotterdam hit their highest level in almost nine months Tuesday amid rising crude oil prices and increased buying interest. S&P Global Platts assessed 380 CST fuel oil at the European bunker hub at $315/mt delivered Tuesday, the highest point since on January 6 at $316/mt delivered. Prices were supported by rising crude oil prices and buyers’ fears of further price rises.

ASIA-US TANKER BOOKINGS FOR POST-HARVEY OIL SHIPMENTS POSTPONED

Several bookings for oil product tankers from Asia to the United States and Latin America have been cancelled as traders have not been able to find spot supplies to fill them and as demand has tapered off slightly.

About one-third of the estimated 25 vessels that were provisionally booked to load 880,000 tons of jet fuel, diesel and gasoline from North Asia and Singapore to head to the West Coast of the United States and to countries such as Mexico, Chile and Guam have been cancelled.

CONTAINER VOLUME AT TOP N. AMERICAN PORTS JUMPS

Big North American ports achieved 9.1 percent year-on-year growth in container volume through July – up 20 basis points on June.

Results have remained robust across west, east and Gulf coasts this year, with non-US and Gulf coast seaports continuing to lead performance. Laden imports remain the driver for improved traffic as laden exports continue to marginally drop. Class I TEU traffic results continue to improve and intermodal pricing may be getting back on track soon. During 2016, top seaports in North America were on track to witness a decline in container traffic.

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TOP KOREAN SHIPYARDS IN $1.5BN DEAL WITH MSC

Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) – two major shipyards in South Korea – are poised to sign a deal worth $1.5 billion to build container ships for Mediterranean Shipping Company (MSC).

It is said that this deal is the latest signal that the South Korea’s troubled shipbuilding industry is showing signs of recovery, after large losses posted by both companies in recent years because of a lack of orders. MSC is working on an order for up to 11 container vessels. The deals will help local shipyards struggling to win more shipbuilding deals.

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