The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, posted its biggest weekly drop in six as demand from oil companies for ships to load next month’s cargoes fell.
Shipping costs on the Saudi Arabia to Japan route, the industry benchmark, fell 0.6 percent to 49.22 Worldscale points today, according to the London-based Baltic Exchange.That took the week’s decline to 4.8 percent, the largest such drop since the week to May 8. Daily earnings for ships plowing the route fell 3.4 percent to $30,340.
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Monday, June 22, 2009
Rongsheng snares large Omani order
Shanghai: Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co ,Won a $484 million deal.
Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co, which is aiming to sell shares to the public in 2009, won a $484 million deal to build four ships for Oman Shipping Co, a government official said on Sunday. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010. Brazil's Companhia Vale do Rio Doce (Vale) is building the $1 billion plant. Rongsheng has a relationship with Vale already – building $1.2bn of VLOCs for the Brazilian mineral conglomerate. "The vessels will be delivered by the end of 2011 or beginning of 2012 and will be chartered to Vale for its exports," the official from Oman's Tender Board told Reuters.
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Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co, which is aiming to sell shares to the public in 2009, won a $484 million deal to build four ships for Oman Shipping Co, a government official said on Sunday. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010. Brazil's Companhia Vale do Rio Doce (Vale) is building the $1 billion plant. Rongsheng has a relationship with Vale already – building $1.2bn of VLOCs for the Brazilian mineral conglomerate. "The vessels will be delivered by the end of 2011 or beginning of 2012 and will be chartered to Vale for its exports," the official from Oman's Tender Board told Reuters.
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Oil slides towards $69
Crude fell towards $69 a barrel today after extending the previous session's drop of more than 2% as bearish sentiment over gasoline markets in the US continued to dominate investors' concerns.
Crude fell 2.5% on Friday, dragged lower by a sell-off in the gasoline market as dealers bet there would ample fuel supply in the US to meet demand from summer vacationers. US crude for July delivery fell 39 cents to $69.16 by 0157 GMT. The contract fell $1.82 to settle at $69.55 a barrel on Friday, registering a weekly loss of more than 3%. London Brent crude fell 32 cents to $68.87. "In May, the market was pricing in that there would be a gasoline shortage but the latest data is obviously showing that it is not happening," said Ben Westmore, a commodities analyst at the National Australia Bank. "There are also high stockpiles of crude, so the general market sentiment is that the balance of demand and supply in the market hasn't improved too much"
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Lindo Shipyard might axe 2,000 out of 2,700 jobs
Denmark: Lindø Shipyard may be forced to cut 2,000 jobs in the workforce total of 2,700.
Lindø Shipyard may be forced to cut 2,000 jobs by the second quarter of 2010 if the shipyard does not receive new orders. Lindø has not received any orders since the first quarter of 2008. “The situation does not look good and things have become worse lately,” said Lindo CEO Finn Buus Nielsen in a Maritime Danmark story which quoted the Daily Borsen. “The adjustment is needed when taking into consideration the way our construction programme looks these days. If our products are not purchased we have to throttle down.” According to the report, Lindø yard owner AP Møller-Maersk may even decide to completely shut down the yard with a workforce total of 2,700, once its orderbook to 2011 is fulfilled. A final decision will be reached by the start of the northern summer holidays.
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Safe Bulkers, ,Inc. Announces the Sale of Panamax Class Vessel
The Company announced today that it has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33 million.Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced the sale of a Panamax Class Vessel.
Fleet Update. The Company announced today that it has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33 million, excluding commissions to brokers. The vessel will be delivered to its new owners in December 2009. The extended delivery period, which exceeds the market standard of three months, will permit the Company to employ the vessel in the spot market through December 2009. Proceeds from the sale of the vessel will strengthen the Company's balance sheet.The Company also provided additional details regarding its entry into a resale agreement to acquire a Capesize class newbuild vessel to be delivered in April 2010, which had been previously announced in a press release dated June 8, 2009. The acquisition price for the 177,000 dwt newbuild is $63 million, including commissions, and the vessel will be delivered by the Shanghai Jiangnan Changxing Shipbuilding Co., part of the SWS group
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