By Gavin van Marle (The Loadstar) - At least 100 panamax-class containerships need to be scrapped if owners are to see charter rates return to break-even levels, shipping analyst Alphaliner said today. More than any other class of container vessel, the classic panamax – ships of 4,000-5,100 teu – has struggled with severe overcapacity in the months following the … [Read more...]
2010-Built Panamax Containership ‘Hammonia Grenada’ Sold for Scrap
Another 7-year-old panamax containership is headed to the breakers, all but solidifying the death of the panamax-class amid global shipping's downturn and the opening of the expanded Panama Canal. Sources familiar with the matter tell us that 2010-built, 4,250 teu M/V Hammonia Grenada has been sold for about $5.5 million. The ship was spotted today in … [Read more...]
1st Suezmax Crude Tanker Enters New Panama Canal
by Liz Hampton (Reuters) The first Suezmax crude oil tanker that was slated to go through the newly expanded Panama Canal began its transit on Thursday, a public relations official told Reuters. The Aegean Unity, a Greece-flagged Suezmax vessel coming from the U.S. West Coast, entered the Canal Thursday morning, according to Reuters' vessel tracking … [Read more...]
Asia Buyers of U.S. Oil Struggle on Tight Ship Supply
By Anna Louie Sussman and Florence Tan NEW YORK/SINGAPORE, Aug 13 (Reuters) - Asian buyers of ultra light oil from the United States are struggling to find small-sized ships willing to undertake the month-long voyage at affordable rates as U.S.-Asia oil trade flows grow. U.S. exports of the ultra light oil to Asia are expected to double in August with two shipments lined … [Read more...]
Dry Bulk Ship Rates Poised for Record Low on Indonesian Ore Ban
By Naomi Christie June 26 (Bloomberg) -- Freight rates for the biggest vessels to navigate the Panama canal are poised to slump to a record because of Indonesia’s ban on exports of nickel and aluminum ore, according to an operator of the ships. The daily rate to hire Panamax ships, which can carry about 70,000 metric tons of commodities including coal and grain, fell to … [Read more...]