Finance

  • MARAD will grant $19.6 Million to improve America...

    The U.S. Department of Transportation’s Maritime Administration announced the availability of $19.6 million in funding to small shipyards through the Small Shipyard Grant Program. The program is designed to support efficiency improvements and modernizations that allow U.S. shipyards to compete more effectively in the global marketplace. 

  • Dry bulk market: Capesizes on a roll

    The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down -884 to $24,631. This was a positive difference of $733 to the beginning of the week. The market was not without plenty of activity as the Atlantic Basin continues to maintain a strong positive sentiment with the Transatlantic C8 sitting at $36,425 against the Transpacific C10 at $17,133. Hampering logistics efforts in the Pacific had Cyclone Lucas kicked off the cyclone season in the North-West Australia region. The West Australia to China C5 had a decline in value this week of 0.941 to settle at $7.873. The activity out of Brazil has been tense with a standoff between charterers and owners breaking now slightly to the downside. The Brazil to China C3 now trades at $19.245. Period activity has been ticking over at a healthy level as the strong case for this year continues to hold.

  • Tankers: VLCC market weakens even more this week

    The market weakened even further this week with rates dropping and the timecharter equivalent for the main front haul voyages heading towards, if not actually realising, negative returns. In the Middle East 280,000mt to US Gulf via the Cape/Cape routing is assessed another point down at WS18, whilst 270,000mt to China is rated a further four points lower than last week at just below WS30 (which translates into a timecharter equivalent of -$800/day). In the Atlantic, rates for 260,000mt West Africa to China fell two points this week to WS31 (about $1,650 per day). For voyages of 270,000mt US Gulf to China the market dropped another $100k to just below $4.2m, which corresponds to daily earnings of about $8,000/day basis a round voyage.

  • Subsea 7 nets 'substantial' offshore...

    Offshore installation and construction firm Subsea 7 said Friday it had won a substantial contract - so, worth between $150 million and $300 million - to deliver a "lean gas platform" system to Cabinda Gulf Oil Company Limited (CABGOC) offshore Angola.

  • MSC picks up costs to avoid general average after...

    In a circular to customers issued Monday, number-two container carrier MSC said that it would be picking up unspecified costs in order to avoid a declaration of general average for its customers with cargo aboard Maersk Elba, operated by 2M Alliance partner and number-one container carrier Maersk. 

  • Royal Caribbean to sell Azamara brand for $201...

    Cruise operator Royal Caribbean Group said on Tuesday it reached a deal to sell its Azamara brand to private-equity firm Sycamore Partners for $201 million in cash, as it grapples with biting impacts of the COVID-19 pandemic.

  • Port revenues slide amid shipping slowdown

    Revenues for the state-owned and stock-listed Phnom Penh Autonomous Port (PPAP) topped $29 million last year but slid six per cent from 2019 on account of a pandemic-related slowdown in shipping.

  • BW Energy boosts stake in Kudu offshore license...

    Norway's BW Energy has increased its stake in the Kudu License offshore Namibia from 56% to 95%, following the signing of a farm-in and carry agreement with the National Petroleum Corporation of Namibia (NAMCOR). NAMCOR will retain the remaining 5% working interest.

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MARAD will grant $19.6 Million to improve America's small shipyards

The U.S. Department of Transportation’s Maritime Administration announced the availability of $19.6 million in funding to small shipyards through the Small Shipyard Grant Program. The program is designed to support efficiency improvements and modernizations that allow U.S. shipyards to compete more effectively in the global marketplace. 

English

Tankers: VLCC market weakens even more this week

The market weakened even further this week with rates dropping and the timecharter equivalent for the main front haul voyages heading towards, if not actually realising, negative returns. In the Middle East 280,000mt to US Gulf via the Cape/Cape routing is assessed another point down at WS18, whilst 270,000mt to China is rated a further four points lower than last week at just below WS30 (which translates into a timecharter equivalent of -$800/day). In the Atlantic, rates for 260,000mt West Africa to China fell two points this week to WS31 (about $1,650 per day). For voyages of 270,000mt US Gulf to China the market dropped another $100k to just below $4.2m, which corresponds to daily earnings of about $8,000/day basis a round voyage.

English

Dry bulk market: Capesizes on a roll

The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down -884 to $24,631. This was a positive difference of $733 to the beginning of the week. The market was not without plenty of activity as the Atlantic Basin continues to maintain a strong positive sentiment with the Transatlantic C8 sitting at $36,425 against the Transpacific C10 at $17,133. Hampering logistics efforts in the Pacific had Cyclone Lucas kicked off the cyclone season in the North-West Australia region. The West Australia to China C5 had a decline in value this week of 0.941 to settle at $7.873. The activity out of Brazil has been tense with a standoff between charterers and owners breaking now slightly to the downside. The Brazil to China C3 now trades at $19.245. Period activity has been ticking over at a healthy level as the strong case for this year continues to hold.

English

MSC picks up costs to avoid general average after Maersk Elba fire

In a circular to customers issued Monday, number-two container carrier MSC said that it would be picking up unspecified costs in order to avoid a declaration of general average for its customers with cargo aboard Maersk Elba, operated by 2M Alliance partner and number-one container carrier Maersk. 

English

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