Tuesday, July 1st, 2008
Resales rise as listed companies snap up tonnage
DRY bulk secondhand activity continued to surge, with the majority of interest from buyers seeking modern units.
Indian breakers forge ahead as scrap bids rise
A STEEP rise in steelscrap prices in India has coincided with a serious financial crunch in Bangladesh, putting operators from the world?s largest shipbreaking yard in Alang firmly in the top position this week in the ship demolition stakes.
Tight VLCC supply pushes up Middle East Gulf rates
VERY large crude carrier rates are heading towards W250 or more than $200,000 per day in the Middle East Gulf, as tonnage availability looks thin for the rest of July, writes Jamie Dale.
Hyundai Mipo shows analysts are wide of the mark
IN 2005, liner companies became the victims of market sentiment. So-called analysts wrote countless reports insisting that statistics showed boxship freight rates would fall through an oversupply of tonnage, writes Mike Grinter in Hong Kong.
Panamax rates steady in Pacific despite Atlantic swell
WHILE the Panamax dry bulk market revived last week as grain volumes rose in the Atlantic, shipbrokers expect spot charter rates in the Pacific to fall, writes Sandra Tsui in Taipei.
News in brief
Eagle Bulk supramax deal
Laieta scrapping ?has broken Basel treaty?
ENVIRONMENTALISTS say the scrapping of the liquefied natural gas carrier Laieta, which is on its way to the Alang breakers, has broken the Basel convention on the export of hazardous waste because it allegedly has 1,200 tonnes of asbestos on board, writes Michelle Wiese Bockmann.
Tanker Fixtures
CLEAN
Dry Cargo Fixtures
ORE
ICAP HANDYMAX INDEX? 6,058 (-112) 30 June 2008
CLEAN
ICAP HYDE SUPRAMAX INDEX 9,274 (-66) 30 June 2008
Index basis: 50-52,000 dwt bulk carrier, maximum 10 years old, 25t cranes with grabs, 14k on 30t ifo no diesel at sea
BALTIC TANKER INDICES ?30 June 2008
For more information on routes or calculations, visit www.balticexchange.com
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Tuesday, July 1st, 2008
Markets slide in Europe and Asia
Markets fall across Europe and Asia as inflation worries and fears of further bank losses dent confidence.
Sub-prime woes force UBS changes
UBS overhauls its management structure as it tries to recover from losses linked to the sub-prime crisis.
BP anger at Russian permit move
Foreign staff at BP’s Russian joint venture could be forced out of the country after their visa requests were refused.
Watchdog cuts oil supply forecast
World oil supplies will grow more slowly than previously thought over the next five years, warns the International Energy Agency.
Mobile firms hit roaming deadline
Mobile phone firms reach a deadline to cut the price of sending text messages in EU member nations.
GM shares skid to 54-year nadir
GM shares fall to a 54-year low as investors worry about the firm’s financial position amid falling sales.
Mercosur anger at EU migrant laws
A South American summit under way in Argentina is set to voice strong criticism of new European Union immigration laws.
South Asians face fuel price rise
Bangladesh and Pakistan announce further sharp rises in fuel prices as the cost of crude oil continues to soar.
Lunch with Warren Buffett: Bidding ends at $2.1m
A Chinese businessman wins the right to have lunch with Warren Buffett after bidding $2.1m on auction site eBay.
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Monday, June 30th, 2008
Capesize newbuild orders plummet over fears of glut
Capesize orders byquarter
Wood cargoes up as beetles take their toll
VOLUMES of wood pellet shipped to Europe could increase 400% to 4m tonnes due to an infestation of bark beetles in British Columbia, Canada, and a lack of domestic pulp mills to process the dying timber, writes Jamie Dale.
Product tankers slow down as bunker costs rise
PRODUCT tanker owners are feeling the crunch from record high bunker prices, but those able to slow down are cashing in on firm rates while they last, writes Jamie Dale.
Emergence of Asian sellers puts dry FFAs under pressure
DRY bulk derivative contract rates jumped on the back of a physical rally, but came under pressure by the end of the week from Asian sellers, writes Jamie Dale.
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Monday, June 30th, 2008
Iraq seeking help to develop oil
Iraq begins the process of opening up its oil industry to foreign investment to help boost its production.
Oil breaks new ground above $143
Crude oil prices surge to a new high near to $144 a barrel as ministers from oil producing nations meet in Madrid.
Chrysler cuts minivan production
Chrysler announces plans to cut the production of minivans as rising fuel costs force drivers to switch to smaller cars.
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