Tag: freight rates

Danish giant Maersk Line joined the New York Shipping Exchange, the innovator of the first digital forward freight contract for global container shipping, as a founding member. In less than nine months, NYSHEX has added six of the top global ocean carriers as members, representing a combined 52% of the global capacity.

With a fall of 19% from 2016, the 2017 went down in history as the worst year ever for container volumes at the Swedish Port of Gothenburg. The total freight volume came in at just over 40 million tonnes, buoyed up by good, and in some cases record-breaking, performances in other sectors.

Following an approach by leading Baltic Exchange LNG shipbroking companies, the Baltic Exchange has formed the Baltic LNG Panellists Group, as it looks to develop a new LNG Index comprising several routes for the evolving LNG shipping market. 

At the beginning of 2018, new challenges are noted for VLCC owners. Rates are sluggish, with insufficient volumes and an oversupply of tonnage being the main reason. Specifically, the Suezmax market has seen limited action, with Wafr being particularly quiet.

In 2017, shipping confidence continued its high rating. Oil prices reached their highest point in three years, while in the Baltic Dry Index a 50% rise was noticed in the second half of 2017, Richard Greiner said.

2017 was a mostly year of change to better, but a cautious approach is still needed for 2018 to maintain the progress already achieved, BIMCO noted. Specially, BIMCO expects an improvement in dry bulk and container shipping sectors, while for tanker sector, there is a potential upside in low fleet growth for both crude oil and oil product tankers.

In 2018, the dry bulk fleet is likely to grow at the slowest pace seen since 1999, while global demand growth could outstrip supply growth, according to BIMCO. The level of growth in the fleet and the extent of demolition of excess capacity are key factors in the 2018 market.

Moore Stephens revealed that charterers are leading the way in terms of improved confidence and appetite for new investment. There is optimism in the dry bulk trades, and evidence of continuing improved confidence in the gas sector. The Baltic Dry Index has risen by over 50% in the past six months.

Oil tanker shipping company 'Frontline', forecasts that shipping firms will scrap more old vessels in the following years, a development that may cause a recovery in rates for the remaining global fleet in the second half of 2018.

India’s total containerized cargo capacity of 8.75 million TEUs at all its 12 major ports is less than a quarter of containerized goods handled at China’s single port of Shanghai, making it imperative for the country "to do a fast catching up", noted India's ASSOCHAM in a new report.