Asia VLCCs Face Pressure of Low Rates







By MarEx 2015-03-20 10:56:57

Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.

Ship owners were showing a united front to keep rates above 50 on the Worldscale measure from the Middle East to Asia, a Singapore-based VLCC broker said on Friday.

"Nobody is doing anything below W50. Owners are keeping numbers up," the broker said.

Oil majors including Chevron, Shell and BP had all chartered VLCCs at freight rates above W50 this week, Reuters freight data showed.

But the broker questioned how long ship owners could stop rates falling as the amount of available tonnage is increasing. "Owners seem to be

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BIMCO: Dry Bulk to Recover Slightly in Q2, But Rates Will Remain Under $10,000





Monday March 16, 2015

Capesize vessels are being scrapped younger

BIMCO Friday said since early December 2014 conditions in the dry bulk shipping market have been “extremely bad”, but the second quarter of 2015 may be looking up slightly.

On 18 February, the Baltic Dry Index (BDI) hit an all-time low of 509, with Capesize, Panamax, and Handysize bulkers all making less than $5,000 per day on the spot market and Supramax freight rates were only marginally higher at $5,002 per day.

BIMCO predicted that Capesize time charter rates for the second quarter of 2015 would fall within the range of $3,000 to $9,000 per day, while during the same period Panamax

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Ships Beached for Scrap as Returns Reach Record Low

1:01 AM CET
March 13, 2015

Pakistani shipyard workers cut up metal broken off vessels beached at one of the 127 ship-breaking plots in Geddani, west of Karachi. Photographer: Roberto Schmidt/AFP via Getty Images



(Bloomberg) -- Scrap yards are preparing for record numbers of freighters as shipping rates tumble to all-time lows.

Owners may demolish 40 million deadweight tons of dry bulk carriers, more than double last year’s total, according to Arctic Securities ASA in Oslo. Rates to ship commodities slumped 66 percent last year amid a glut of capacity, the worst performance since the global recession.

China’s combined imports of iron ore and coal, the market’s biggest cargoes, fell to a two year low last month, according to customs data. The

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Baltic Dry Index (BDI)

Daily Market: This page contains the latest Dry Bulk Shipping News

13 March 2015

Baltic Dry Index (BDI)    +2   562



(Cape index)


(Panamax index)


(Supramax index)






















  8956   12368  

Spot  TC Average = The Average Value of the Main Shipping Routes applicable for each of the 3 types of Ships
BDI=The Weighted Composite Index of BCI/BPI/BSI

Reuters: Greek Banks Offloading Shipping Debt to Shore Up Capital









by Aggelos Skordas - Feb 26, 2015

Greek banks are considering offloading part of their shipping debt portfolios worth billions of dollars in a bid to shore up their capital, Reuters stressed citing banking and ship-financing sources.

Earlier this week, Athens has secured a four-month extension of its existing loan agreement but the danger of it ending up in a wreck and the threat of a hurtful Grexit still in existence, raises the risk of Greek banks facing further deposit loses in the future, the news agency estimated.

“There are several portfolios being shopped around at the moment, including shipping loans,” an unnamed banking and ship-financing source said, adding that “it makes sense for the Greek banks, which face a huge liquidity problem,

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