Tag: rates

In January, U.S. crude oil exports to Asia fell to 1 million barrels per day, marking the lowest level in more than two years. This decline was attributed to elevated freight rates and the availability of more competitively-priced Middle Eastern oils, which resulted in reduced shipments, Reuters highlights.

Early indications suggest ocean freight shipping rates are set to increase further in early February amid the ongoing Red Sea crisis, according to data released by Xeneta on 23rd January.

Any hopes of a revival in long-term ocean freight shipping rates were short-lived after the latest data from Oslo’s Xeneta indicated the market is once again in decline.

The Suez Canal Authority (SCA), in an effort to enhance its competitive advantage, is offering discounts for product tankers crossing the canal between US Gulf and Caribbean Ports and Asia.

The Russian State Agency Rosmorport (RMP) has announced an increase of port dues at Russian ports with effect from 1 January 2022.

A number of tankers carrying diesel fuel are floating off Taiwan and Southeast Asia, due to the fact that a sudden fall in oil prices kept buyers at bay. This development led rates to their highest since January 2016. Tanker rates also were also benefited by strong Chinese oil exports.

Rates for shipping LNG in Pacific and Atlantic basins amount at approximately $140,000 to $150,000 a day for a 160,000 cubic metre LNG tri-fuel diesel electric (TFDE) vessel, according to brokers. This increase was caused by supply from new plants, longer distances and expectation of higher prices, which make shippers sign longer-duration contracts.

Shipping hit by decline in bulk commodity prices

Baltic index drops as panamax rates weaken

Lack of firm cargoes pressure Panamax coal freight rates