News
The Freight Market week 35
The S&P Market week 35
The Short Sea Market week 36
The Wet and Dry Bulk Market week 36
The Offshore Market report week 36
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NEWS
Scandlines will continue to service the Fehmarn-link after 2018
SSG-RINGKØBING. “Scandlines’ intention is to continue to service the Rødbyhavn-Puttgarden link after 2018”. The statement came yesterday from Scandlines’ spokesman Frank M. Havemann in response to the question of what is going to happen with Scandlines after the opening of the fixed link in 2018.
”There is no guarantee that the company will continue, but in 2018 our ferries will be 20 years old and well written off and they can easily continue another seven to eight years of service. Scandlines’ intention is a blow to all the estimated figures for the coming fixed link. State-owned Sund & Bælt Holding, which will build the bridge, cannot apply sanctions to Scandlines as the company is privately owned and also owns the two ports in the service.”
(04.09.08)  Up
Mols-Linien put up for sale
SSG-RINGKØBING. Mols-Linien A/S has been put up for sale by the shareholders, following a fall in value on the Stock Exchange in recent weeks.
A group of professional investors, who until now have owned 60 per cent of the shares in Mols-Linien, put all their shares up for sale yesterday. The investors have not yet explained why they want to sell all their shares, but if the shares are sold at their current value, the shareholders will make a substantial loss.
Clipper Group A/S still owns 30 per cent of the shares and the company has not put any shares up for sale. After the fall in value during the first four days, last week, the price rose somewhat to 123.5 after falling from 209.
(03.09.08) Up
Finnish shipping policy possible blow to the Swedish-flagged fleet
SSG-GÖTEBORG. The new Finnish shipping policy proposa,l which includes a revised tonnage tax system, has been welcomed by Finnish shipowners, and if the policy is adopted, this could have serious consequences for the Swedish-flagged fleet.
”The proposal looks very attractive to us, and we will consider whether we have the right flag on our ships” says Christer Antson, CEO of Finnlines to SSG. The company currently has 11 vessels trading under the Swedish flag. According to Antson, the proposal shows that there exists a distict political will to develop Finnish shipping.
(04.09.08) Up
VDR fights to keep Hapag in German hands
SSG-GÖTEBORG. The German owners’ association Verband Deutscher Reeder, VDR, opposes a sale of Hapag-Lloyd to a foreign buyer. VDR fears that such a scenario could endanger thousands of jobs and weaken the maritime industry in Germany, Lloyd’s List reports. On August 19, around 300 workers from the German shipping group Hapag-Lloyd protested against a possible takeover by Singapore’s NOL, Neptune Orient Lines.
(05.09.08) Up
Rosneft took delivery of arctic tanker
SSG-TALLINN. On September 3, the Spanish shipyard Factorias Vulcano in Vigo delivered the arctic tanker RN Arkhangelsk, 30,000 DWT, to the Russian oil company Rosneft. RN Arkhangelsk is the first tanker in Rosneft’s fleet. The vessel will transport oil from the Timan-Pechora oil deposit to the floating storage Belokamenka close to Murmansk. The shuttle tanker will transport 1.2 million tonnes of crude oil annually. RN Arkhangelsk has a length of 176 metres and a beam of 30 metres. Next year Rosneft will take delivery of two sister vessels of RN Arkhangelsk.
(05.09.08) Up
Obama gets support from seafarers’ union
SSG-GÖTEBORG. The Democratic Party’s candidate in the presidential election of the United States of America, Barack Obama, gets support from the US-based Seafarers’ International Union, SIU.
”The SIU is proud to endorse the candidacy of Senator Barack Obama for President of the United States... As most Seafarers know, we work in a very heavily regulated industry. That means our livelihoods depend in part on decisions made by legislators and administrations in Washington, D.C”, says the SIU President Michael Sacco, in a statement.
Responding to the SIU’s decision, Barack Obama stated:
“It is an honour to have the endorsement of the SIU and its members. America needs a strong and vibrant US flag merchant marine. That is why you and your members can continue to count on me to support the Jones Act (which also includes the Passenger Vessel Services Act) and the continued exclusion of maritime services in international trade agreements.”
(05.09.08) Up
Wilson acquires ECL
SSG-GÖTEBORG. Bergen-based Wilson and Eimskip Nederland B.V have entered into an agreement according to which Eimskip has agreed to sell its 50 per cent share in Euro Container Line, ECL, to Wilson for NOK 40 million. After the transaction, Wilson will own 100 per cent of the shares in ECL. In 2007, ECL had a turnover of NOK 129 million. ECL operates a fleet of three vessels.
(04.09.08) Up
Tanker close to accident in Åland Sea
SSG-GÖTEBORG. The Maltaregistered chemical tanker Havi Trader was minutes from land, when a military serviceman supervising the traffic in the area noticed that the vessel had deviated from its ordinary course. After repeated calls, maritime surveillance at the Muskö military base made radio contact with an officer on board the tanker, which turned at the last minute. It is suspected that the officer had fallen asleep. The incident happened last Saturday night off Björkö on the Väddö coast. The Swedish Coast Guard boarded the vessel west of Gotland and the officer was taken into custody in Visby, suspected of reckless driving. The Havi Trader continued its voyage from Finland to Agadir in Marocco.
(04.09.08) Up
Color Line sells Prinsesse Ragnhild
SSG-GÖTEBORG. Color Line has sold the ferry M/S Prinsesse Ragnhild, built in 1981, for EUR 23 million to the American shipping company Celebration Cruise Holdings. The vessel will be delivered before October 1. With this agreement, Color Line has sold six ships in the space of two years for a total of EUR 170 million.
”We are very pleased with the agreement to sell the Prinsesse Ragnhild. We now intend to focus on operations and on refining our two concepts of quality cruises on long-distance routes and efficient transportation services on the short routes”, says Trond Kleivdal, Color Line’s CEO, in a statement.
(04.09.08) Up
Plans to privatise the Port of Göteborg
SSG-GÖTEBORG. The Port of Göteborg has carried out a study ofthe future operation of the port. The study includes three alternatives: to carry on as a municipally owned company, to sell the stevedoring business including car transportation or to just sell the car transportation business. The chairman of the board, Sven Åke Hulterström says to the Swedish daily Metro that the reason is that the business has developed more poorly than expected in the last couple of years. The report will now be considered by the municipal board.
(04.09.08) Up
Hurtigruten to deploy older ships to save money
SSG-GÖTEBORG. Next winter, Norwegian Hurtigruten will lay up the cruise ship Nordnorge, built in 1997. The shipping company, which has tried to sell the vessel without success, will replace it with the Nordstjernen, built in 1956, on the Bergen–Kirkenes route next winter. The crisis-hit company hopes that this will save it money.
”I think that many passengers understand this. We have also used older ships in Hurtigruten’s traffic earlier and the results were good. Many people think that it is enjoyable travelling on the older ships”, says Ragnar Norum, Director of Communications and Public Relations at Hurtigruten AS, to NRK.no.
For the last five years, the Nordnorge has been sailing in cruise traffic in the Antarctic during the winter, but due to poor profitability, only the Fram, built in 2007, will sail in this traffic. This means that the Nordnorge will be idle and Hurtigruten has thus decided to lay up the ship.
(04.09.08) Up
STX to develop its European shipyards
SSG-ÅBO. The Korean STX Group is ready to develop the activities at Aker Yards and improve its efficiency. STX owns 92.4 per cent of Aker Yards, which will change its name to STX Europe during the autumn.
”We have made substantial investments in buying Aker Yards because we believe in the great opportunities offered by its strong market position and technology. STX Business Group is one of the largest shipbuilding companies in the world and as owners we will support Aker Yards’ future development and streamlining of its activities,” states Duk-Soo Kang, chairman of the Board of STX Business Group.
(03.09.08) Up
Balex Delta held at oil platform
SSG-TALLINN. Helcom’s annual international oil spill response exercise was held at an old oil platform in the Kaliningrad Region. According to the scenario, a gas leak had caused a fire and a spill of 1,200 tons of oil as well as injuries to personnel. Two persons fell into the water when the accident occurred. More than 20 oil spill response vessels from six of Helcom’s member countries, one EMSA vessel (European Maritime Safety Agency) and observers from eight countries took part in the exercise. Olev Luhtein, a member of the evaluation team, told SSG that Russia, which currently holds the chairmanship at Helcom, had planned the exercise well.
The weather was as bad as during the exercise last year and the ships’ captains themselves decided the extent to which they could use their ship’s oil spill equipment. Next year, Balex Delta will be held in Latvian territorial waters.
(03.09.08) Up
MISC stops all sailings to Gulf of Aden
SSG-GÖTEBORG. Following the hijackings of the MISC-owned chemical tankers Bunga Melati Dua and Bunga Melati 5 in the Gulf of Aden recently, the Malaysian shipping company has now stopped all sailings to the area until additional security measures by MISC are in place.
”This move is in addition to the precautionary and preventive measures already in place for all of MISC vessels. In the case of Bunga Melati 5, such precautionary and preventive measures were carried out and despite this, the vessel was nevertheless hijacked by pirates”, the company writes in a statement.
On September 2, MISC made contact with Bunga Melati 5 for the first time since the hijacking.
”The master of the Bunga Melati 5 confirmed that all the crew members are safe and are being treated well. We have also been informed that all Muslim crew members on board the hijacked vessel are allowed to practise their religious duties during the holy month of Ramadan”.
According to Andrew Mwangura, head of the East African Seafarers’ Assistance Programme, the pirates are demanding USD 4.7 million to release the two MISC-owned vessels, reports Reuters. MISC has not yet made any comments about the alleged ransom demand.
(03.09.08) Up
Fehmarn Bridge will be ready in 2018
SSG-RINGKØBING. The Fehmarn Bridge from Denmark to Germany will be a reality in 2018. Yesterday, the Danish parliament Folketinget approved the final bill making the project possible. According to Minister of Transport Carina Christensen, the new bridge will be a combined bridge for road and rail traffic, which will cut one hour off the transit time between Copenhagen and Hamburg for both categories. The bridge has an estimated price tag of DKK 32 billion when finished in 2018. The current ferry operator Scandlines will probably halt further investments in new ferries for the service between Rødbyhavn and Puttgarden, as a consequence of the new law.
(03.09.08) Up
Work on newbuildings secured at bankrupt Norwegian yard
SSG-GÖTEBORG. Last month, Flekkefjord Slipp & Maskinfabrikk went bancrupt with debts in excess of NOK 120 million. The shipyard had three offshore vessels in its order book, one for Solstad and two for Simon Møkster Shipping. Two under construction will be delivered, while one on which work has not started yet has been cancelled. John Haugstad at Simon Møkster Shipping says to Tradewinds that they have taken over the first vessel and have made a deal with the new owners and are paying them on an hourly basis. The bancrupcy does not affect emplyment, rather, the contrary. The new owners, Palmer Johnson Yacht Norway, have plans for expansion. The current work force is 140 employees, but this will increase to 200-220.
(02.09.08) Up
Erria reports poor profit for first half of 2008
SSG-RINGKØBING. Erria A/S logged a profit of DKK 4.8 million during the first six months of 2008. The profit is slightly better compared to the same period in 2007, but was heavily affected by the USD/DKK exchange rate and the sky-high oil prices. Greater activity at Erria’s Vietnamese and Indian subsidiaries has also affected the 6-month result. Revenues were DKK 38.5 million and the operating profit was DKK 10.9 million. The revenue comes from several divisions: Consultancy DKK 6.5 million, Management DKK 11 million, Chartering DKK 8.5 million and Investment DKK 12.4 million. Equity increased in the period from DKK 172.5 million to DKK 323.5 million. Erria A/S operates 45 vessels, of which 17 are owned by companies connected with Erria.
(02.09.08) Up
Odense Steel Shipyard sells Loksa
SSG-TALLINN. Odense Steel Shipyard (Lindø) wants to sell Loksa Shipyard to increase the group’s efficiency. Loksa Shipyard, located east of Tallinn, was sold to Odense Steel Shipyard in 1994 and is one of the leading manufacturers of hatches.
Loksa Shipyard increased its income by 33 per cent to EUR 44.8 million in 2007, but the profit fell from EUR 1.2 million to EUR 191,000, reports the news agency BNS. Fjodor Berman, one of the main owners of BLRT Grupp, told the Estonian newspaper Äripäev that the group is interested in buying Loksa Shipyard. BLRT Grupp is currently considers the conditions.
(02.09.08) Up
Maersk Contractors changes company name
SSG-RINGKØBING. Maersk Contractors in the A. P. Møller-Mærsk group has changed its name and has been split into two divisions with the same management. “The split has been made in order to strengthen the brand in the market and is now named according a clear and logical identity”, says CEO Claus Hemmingsen in a statement.
The rig division will again operate under the name Maersk Drilling, ahe name it had until 15 years ago. The division has just taken delivery of the second of three jack-up rigs from Jurong Shipyard in Singapore. The rig was named Mærsk Convincer in a ceremony with Beth Allen as sponsor. She is the wife of William Allen, Senior Vice President, A. P. Møller-Mærsk. The new jack-up rig has left the shipyard on a semi-submersible heavyweight carrier for Brunei in order to work for Brunei Petroleum on a one-year contract wit an option for another year.
The second division in Maersk Contractors has changed its name to Maersk FPSOs and will take care of all the business involving floating equipment in the offshore segment.
(01.09.08) Up
Maersk signs up for four VLCC’s in Korea
SSG-RINGKØBING. Maersk Tankers took a quick decision when the South Korean shipyard STX shipyard offered a slot for six Very Large Crude Carriers (VLCC) for delivery in 2011 and 2012. The Danish giant signed up for four tankers with options on another two units. The 320,000 DWT vessels are standard crude oil carriers. Each vessel will have a price tag of USD 155 million making the total investment around USD 620 million for the four firm orders. Maersk Tankers' current VLCC fleet was built by New Dalian Shipyard and Hyundai. The Hyundai built E class vessels will be around 12 years old when the new vessels are ready. Presently the class consists of two units, the Eli Mærsk and the Effie Maersk. A third unit has been sold to Maersk FPSOs and is now employed in Australia as the Maersk Ngujima-Yin.
(01.09.08) Up
Nordic Tankers reports loss and new strategy
SSG-RINGKØBING. Nordic Tankers A/S reported a loss of USD 0.2 million for the first half of 2008 after a decline in the market for product tankers. However, the full-year profit is expected to be of USD 22.4 million after the sale of the company’s largest and newest tanker, Nordic Lisbeth. The tanker was sold for USD 19 million more than its book value when delivered at the end of November.
Along with the 6-month report, the company launched a new strategy, the main elements of which are: Continued focus on shipping, development of the company's organisation, disposal of the LR1 tankers, reduction from three to two segments, development of the involvement in the remaining two segments and possible entry into new shipping segments.
Currently, Nordic Tankers A/S is a passive tonnage provider, but will in the future be an active asset manager. Nordic Tankers’ sailing units are at the moment managed by outside technical management as well as two commercial companies (Eitzen Chemcicals and Torm).
(01.09.08) Up
Saaremaa ferries sold for scrap
SSG-TALLINN. Saaremaa Shipping Company has sold two ferries to BLRT Grupp for scrap. The Hiiumaa (ex Taars), was built in Kristiansand in 1966. Estonian Shipping Company bought the ship in 1985 for the service between Hiiumaa and the mainland. In 1994, the ferry was taken over by the new company Saaremaa Shipping Company. The Vardo (ex Vårdö), was built at Rauma Repola in Loviisa in 1962 and operated at first in the Finnish Road Administration’s service in the archipelago of Åland. Later on it was chartered and also bought by Saaremaa Shipping Company for liner traffic between the two largest Estonian islands. Both ferries stopped sailing in liner traffic in 2005.
(01.09.08) Up
Seafarer killed in pirate attack
SSG-GÖTEBORG. A Filipino seafarer was killed when the chemical tanker Bunga Melati Dua was hijacked by armed pirates off the coast of Somalia recently. The vessel was carrying 32,000 tonnes of palm oil when it was attacked in the Gulf of Aden. The vessel, owned by Malaysian MISC, is still hijacked. Last Friday, an additional MISC-owned vessel was hijacked, the tanker Bunga Melati 5. The recent attacks have been widely debated in the Philippines. Crewing agencies in the country have proposed a ban on Filipino seamen serving in areas at high risk of piracy such as the Gulf of Aden, reports Lloyd’s List. The Department of Labour and Employment is considering the matter.
German shipping companies have also voiced concern regarding the recent increase in piracy, the owners are now demanding that the German navy fight piracy off the Somali coast, reports Lloyd’s List.
“We have appealed to all parties in the German parliament to give permission for the German navy to take action against pirates”, said Uta Ordermann, secretary of the German Shipowner’s Association, VDR, in a comment.
(01.09.08) Up
The Freight Market week 35
Freight Market Indicators(Earnings, change compared to friday week 34)
Bulk
Capesize +
Panamax 0
Handysize i.t.
 Up
Tank
VLCC, modern + +
Suezmax + +
Aframax – –
Produkt, clean i.t.
Produkt, 37,000 UK Cont–Med/US – –
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Explanation
–/+ = change less than five per cent,
– – / + + = change more than five per cent,
0 = change less than two per cent,
i.t. = indistinct trend
n.a. = not available
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Bunker oil and crude oil prices
Port Bunker price 380 cSt (USD/tonnes)
C= change compared to Friday the week before (USD)
P= price difference for MDO (USD/tonnes)
Rotterdam 642 C –6 P +289
Brent, London (USD/barrel) 113.99 C –3.35
The crude oil price is the spot market price at the Friday opening of the International Petroleum Exchange, IPE.
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Scrapping/Conversions/Deliveries/Order book
Scrapping (S)/Conversions (C)/Deliveries (D)/Order book (O) to this date 2008
VLCC 4S/14C/21D/45O (2007: 0S/20C/30D/30O)
Suezmax 3S/6C/12D/25O (2007: 4S/16C/26D)
Aframax 6S/16C/33D/79O (2007: 10S/27C/59D/59O)
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Sources: Stockholm Chartering, Fearnleys
THE S&P MARKET WEEK 35
Bulkers
Resale Cape Bulker: 181,000 dwt blt 2009 STX Junhe 5001, 9Hoha.
Sold region USD 119,000,000 to Greek buyer.
RZS Harmony: 171,800 dwt blt 99 Hyundai, 9Hoha.
Sold region USD 141,500,000 to undisclosed buyer.
Resale Supramax Victoria I: 55,308 dwt blt 2008 Taizhou Jiantiao, Crs 4x36t.
Sold region USD 72,000,000 to undisclosed buyer.
Sea Crown: 43,304 dwt blt 84 Tsuneishi, 5Hoha, Crs 4x25t.
Sold region USD 28,500,000 to undisclosed buyer.
Voyager V: 25,057 dwt blt 82 Hyundai, 4Hoha, Crs 3x25t.
Sold region USD 10,500,000 to Chinese buyer.
Vinashin Summer: 21,340 dwt blt 83 Shin Yamamoto, 4Hoha, D 1x25t, Crs 3x25t.
Sold region USD 7,500,000 to Hoang Son of Vietnam, sale incl tc for 6 months as USD 15,000 per day.
Oceania Queen: 8,240 dwt blt 96 Ching Fu, D 2x30t, 2x25t.
Sold region USD 15,500,000 to Thailand buyer.
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Containers
Barzan: 23,200 DWT BLT 99 Imabari S.B. 1560 teu.
Sold region USD 25,500,000 to SeaChange
Palucca: 5,270 dwt blt 97 Mutzelfeldt, 432 teu.
Sold at undisclosed price to undisclosed buyer.
F. Camellia: 3,978 dwt blt 96 Jiangsu Yangzijiang, 327 teu.
Sold region USD 4,100,000 to Russian buyer.
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Reefers
Thorgull: 6,325 dwt blt 83 Shikoku Dock, 313,100 cu.ft.
Sold region USD 3,000,000 to undisclosed buyer.
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Tankers
Resale Aframax: 107,500 dwt blt 09 Tsuneishi.
Sold region USD 85,000,000 to Centrofin of Greece.
Leonis: 94,225 dwt blt 94 Fincantieri.
Sold region USD 36,000,000 to undisclosed buyer.
High Harmony/High Consensus: 45,879 dwt blt 05 Shin Kurushima.
Sold region USD 56,500,000 each to United Arab Chem.
Fairchem Pegasus: 19,700 dwt blt 04 Usuki Japan.
Sold region USD 40,000,000 to European buyer.
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Newbuildings
No Size Type Yard Delivery Price ($m) Owners
2 158,000 dwt Tank Sungdong S.B. 2011 GrandUnion Inc.
2 6,600 dwt Chem Okskaya Shipyard 2009 American Eagle Tnker
2 75,000 dwt Prod Sungdong S.B. 2010/11 GrandUnion Inc.
2 81,000 dwt Bulk STX Shipbuild. 2011 58.30 Emirates Trading
2 35,000 dwt Bulk Nantong Daoda 2011 Atlas Shipping A/S
1 15,000 dwt MPP Dalian Shipbld. 2010 Jindal Steel
2 7,500 dwt MPP Dalian Shipbld. 2009/10 Jindal Steel
1 FPSO/LNG Samsung H.I. 2012 SBM Production Cont.
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Demolition
India
MT Homi Bhabha: 41,126 dwt blt 82, 9,300 ldt, USD 725.00/ldt. Indian Government sale as is Vadinar.
MV Katerina (Container): 2,279 dwt blt 78, 1,154 ldt, P+C
MV Nordic Star (Reefer): 9,344 dwt blt 80, 4,675 ldt, USD 700.00/ldt
MV Snow Flower (Reefer): 12,782 dwt blt 72, 9,220 ldt, USD 704.00/ldt
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Hoha = holds and hatches
All details believed to be correct but not guaranteed.
Source: Aquamarine Shipping Consultants, www.aquamarine.org
THE SHORT SEA MARKET WEEK 36
Baltic
No change in market sentiment in the Baltic with owners struggling to find suitable employment in almost any position. Several traditional Baltic operators are now avoiding sending their ships to the area whenever possible while a further drop in steel and scrap prices most probably will make it even more difficult to boost activity in the region in near future. New grain crop is slowly entering the market and will hopefully absorb tonnage in coming weeks, but so far there is little pressure on rates as orders are easily cleared from the board.
Activity level: Slow
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Scandinavia
The Scandinavian market has taken another step down this week as lack of alternatives have forced owners to consider marginal aggregate cargos from WC Norway to Baltic and German North Sea. Aggregate Charterers are reporting of high interest from owner’s side looking to re-position their ships. Little re-let activity this week, and with 2,000 mt of ferro products from Norway to Finland fixed at EUR 23,50 p/mt this week it is obvious that some owners are getting rather concerned.
Activity level: Slow
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UK/Continent
The market on the Continent and French Bay remains unexciting with increasing number of prompt ships in all areas. Activity in the commodity markets is sluggish with falling prices in all segments, and UK scrap exporters are struggling hard to attract buyers even with a weaker GBP which should have stimulated foreign buying interest. The grain markets have also seen a significant fall in commodity prices with Charterers reporting of acceptable volumes and quality which should hopefully ignite some shipping activity in coming weeks.
Activity level: Slow
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Mediterranean
Little change in activity from last week with rather sluggish activity in all areas. Ships are more visible and showing prompter positions also in Eastern regions. Steel orders have remained unfixed for several weeks as the gap between owners asking price and Charterers ideas are growing bigger. According to brokers they believe activity will pick up again in coming weeks as holidays are coming to an end. Ramadan started this week and is already causing delays in Algeria and other North African ports.
Activity level: Slow
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Fixtures
– 2,500 mt bulk fishmeal 2 port Iceland/Denmark fixed EUR 30 p/mt
– 8,000 mt aggregates WC Norway/Gdynia fixed EUR 8.50 p/mt
– 2,000 mt ferro prod WC Norway/S.Finland fixed EUR 23.50 p/mt
– 1,000 mt generals on pallets German North Sea/Kaliningrad fixed EUR 30,000 lump sum
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Earnings Estimates on T/C basis per day (Modern, Box)
Size This week Last week
1,250 DWT EUR 1,850 EUR 1,875
1,750 DWT EUR 1,950 EUR 1,950
2,500 DWT EUR 2,200 EUR 2,250
3,500 DWT EUR 3,000 EUR 3,150
6,500 DWT EUR 4,400 EUR 4,500
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Market snapshots
This week Last week
Brent USD 108.61 USD 116.53
MGO Rotterdam USD 984.50 USD 1,028.00
IFO180 Rotterdam USD 636.00 USD 670.00
EUR/USD 1.445 1.476
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Source: Norbroker Shipping & Trading A/S, Flekkefjord, www.norbroker.no
THE WET & DRY BULK MARKET WEEK 36
Wet – Change of trend in VLCC rates
VLCC rates took a significant jump upwards this week, as Fearnleys report WS 87.5 on the Persian Gulf – Westbound trade, against WS 70 a week earlier. Rates on all VLCC trades has firmed. Suezmakes had a relatively good beginning of the period, and on the West Africa trade, rates moved up to WS 190. According to Fearnleys, this made VLCC chartering more attractive, and rates for Suezmaxes flell back to WS 170. Rates for Aframaxes in the North Sea fell from WS 200 to WS 170.
While rates for clean products, 37,000 ts across the Atlantic firmed by on average of WS 10 on a week-on-week basis to WS 320, 65,000 ts on the Baltic transatlantic trade fell by as much to WS 300.
Some fixtures:
Clean:
Brofjorden – US Atlantic coast, Stena Conqueror, 37,000 ts, WS 315
WC Norway – US Atlantic coast, Torm Camilla, 37,000t s, WS 327.5,
Dirty:
Klaipeda – UK/Cont, King Everest, 30,000 ts, WS 277.5
Primorsk – UK Cont , Arafura Sea, 100,000 ts, WS 140
T/C
BM Mimosa, 2007, 106,000 dwt, 18 months, USD 39,500 p d
Ankleshwar, 1994, 147,564 dwt 2 24 months, USD 41,000 p d
Up
Dry – Capesize under USD 100,000 mark
Rates for the largest dry bulk carriers continued this week to decline, and according to Fearnleys, spot average daily earnings fell sharply from USD 123,000 to mid USD 90,000. At the same time, there is almost no activity in the COA and period markets.
Panamaxes took the other way, and average was up, driven by more caroes in the Atlantic. Average earnings for a transatlantic round trip was up by USD 1,000, to USD 58,500.
Rates in the handysize segment dropped sharply, Fearnleys reports an average T/C below USD 40,000. The Atlantic round voyage fell from USD 47,250 to USD 39,500.
Rolf P Nilsson
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Some fixtures
Wet
Some fixtures:
Clean:
Brofjorden – US Atlantic coast, Stena Conqueror, 37,000 ts, WS 315
WC Norway – US Atlantic coast, Torm Camilla, 37,000t s, WS 327.5,
Dirty:
Klaipeda – UK/Cont, King Everest, 30,000 ts, WS 277.5
Primorsk – UK Cont , Arafura Sea, 100,000 ts, WS 140
T/C
BM Mimosa, 2007, 106,000 dwt, 18 months, USD 39,500 p d
Ankleshwar, 1994, 147,564 dwt 2 24 months, USD 41,000 p d
Dry
Ore:
Port Hedland – Qingdao, Genco Constantine, 160,000 ts, 26 p t
Tubarao – Taranto, CSK Fortune, 170,000 ts, 34 p t
Coal:
Richards Bay – Rotterdam, Cyclades, 155,000 ts, 29.5 p t
Richards Bay – Rotterdam, Cape Pioneer, 155,000 ts, 30.65 p t
T/C
Madeira, 2007, 177,926 dwt, 5 years, USD 87,000 p d
Triton Lark, 2006, 56,025 dwt, 5–7 months, USD 53,000 p d
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All details believed to be correct but not guaranteed.
THE OFFSHORE MARKET WEEK 36
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Based on information from R G Hagland Offshore – www.hagland.com
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