SeaNews Turkey
Home FAQ RSS Links Site Map Contact Friday, 25.Jul.2014, 23:02 (GMT)
All News
INTERVIEW
TURKISH STRAITS
SEANEWS MAGAZINE
COLUMNISTS
WORLD SHIPPING
PORTS
SHIPPING NEWS
SHIPBUILDING
ACCIDENTS
PILOTAGE&TOWAGE
MARKETS
LOGISTICS
SHIP RECYCLING
IMO&EU NEWS
PIRACY
TURKISH PRESS REVIEW
SEA SPORTS
NEWS FROM TURKEY
INSIGHT/OPINION
SHIPBROKER REPORTS
OFFSHORE
GUEST COLUMNIST
MARITIME RSS
Poll
Will freight markets ever return pre-crisis levels?
Yes, in 2014
Yes, in 2015
Yes, after 2015
No, never!
Who knows?
Get Adobe Flash player


 
MARKETS

Ship freight rates subdued in September
Ship freight rates subdued in September


Global freight rates, both in the tanker and dry bulk segments, continued their downward journey, forcing ship owners to keep a slice of their fleet idle as the rates at times did not even cover the operating costs, the whole of last month.Monday, 11.Oct.2010, 22:07 (GMT)

Global freight rates, both in the tanker and dry bulk segments, continued their downward journey, forcing ship owners to keep a slice of their fleet idle as the rates at times did not even cover the operating costs, the whole of last month.

Shipping analysts feel that the tanker rates, which touched distress levels, may get some support in the next few weeks, especially with an expected increase in heating oil demand in the US and Europe that could lead to increased movement.

However, the dry bulk segment is unlikely to post any significant recovery, especially with Chinese steel production slated to be cut.

VLCC rates

Freight rates for a Very Large Crude Carrier (VLCC) fell from an average of $37,368 a day in April 2010 to $7,109 and $2,475 in August and the beginning of September respectively. The rate touched a low of $1636 on September 29, forcing many tanker owners to keep their fleet idle.

Similarly, in the Suezmax segment, the daily earnings of a vessel tumbled from an average of $26,869 in May this year to $8625 and $3305 in the last two months.

Dry bulk segment

On the dry bulk front, the Baltic Dry Index hovered between 2,737 and 2,446 in September, after touching a high of 3836 in May this year. “Weakness in the dry bulk freight rates is expected to continue in October. We remain cautious as steel production in China continues to moderate, which would necessitate a drop in iron ore inventory levels,” a latest report by ICICI Securities says.

The report further points out that new building orders for dry bulk vessels declined from 93 to 68, while that for tankers increased from 32 to 38 in September. Analysts feel that in the long run, the new building orders may keep freight rates subdued.

The Hindu Business Line-Amit Mitra Hyderabad, Oct. 11

Read: 5003 Times- freisght rates, -


Rating (Votes: 1)
Add your comment(Existing: 0)  Tell friend  Print

COMMENTS ( 0 Existing)

Related Articles:







Events
July 2014
Su Mo Tu We Th Fr Sa
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31    
 

COLUMNISTS
MOST READ TODAY
Cruise Liners Scratching Israel off Itineraries- 772
Turkey To Formalize Fast Missile Boat Race- 377
EU Adopts Maritime Activities Planning Legislation- 359
Hyundai’s Anti-Collision System Testing the Water- 319
Panama locks 'too small for tugs to keep big ships safe in high winds'- 311
Demand for Ultra-Large Vessels Changes Course- 279
Istanbul Shipyard to integrate OceanWorks’ SEVDS into Turkish Navy vessels- 239
Ireland, Belize Ratify ILO Maritime Labour Convention- 237
BMT Partners with Ares Shipyard to deliver 17 Patrol Boats for Qatar Coastguard- 217
CMA CGM alters Asia-Africa rotations, affecting ASAF, WAF strings- 204

E-MAGAZINE
SeaNews June
October Issue
SeaNews June
September Issue
SeaNews June
July/August Issue
SeaNews June
June Issue
SeaNews June
May Issue

News in Pictures


Model Alexandra Fotopoulou holding the 9th issue of seanews magazine at the Posidonia Shipping Fair


Hot News
Asia-Europe rates continue slide, Drewry expects brief rise in August
Maersk Line increases Asia-north Europe rate US450/TEU from August 1
Transatlantic box volumes increase in May, as freight rates decline
Singapore GDP slows in second quarter to 2pc, half as fast as before
China's quarter GDP increases 7.5pc, but still relies on stimulus

 
Archive Search