Baltic Exchange News
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Charter costs for the biggest tankers hauling Middle East oil to Asia rose for a third day as owners moved to seek higher rates for their vessels.
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Rates to ship gasoil in northwest Europe had this year’s biggest weekly increase after BP Plc booked tankers to carry refined fuel from the region to Algeria, draining vessel supply.
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Rates to transport minerals and grains by sea were little changed as new vessels joined the fleet, extending a glut, and bookings to China slowed.
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Golden Ocean Group Ltd., the dry bulk shipping group controlled by billionaire John Fredriksen, rose in Oslo as a strong balance sheet and low vessel values allow it to expand ahead of an expected increase in rates.
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Charter rates for the largest oil tankers hauling Middle East crude to Asia rose the most in two weeks amid speculation demand to book vessels strengthened.
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Iron ore shipping rates, which have been below what owners need to cover daily running costs since January, gained for a second day, amid speculation that Chinese demand for the steelmaking commodity is gaining.
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Charter rates for the largest oil tankers hauling Middle East crude to Asia rose after five sessions of declines as a surplus of the vessels shrank.
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The number of gasoline cargoes booked for shipment to the U.S. from Europe is poised to rise during the next two weeks on deliveries of summer-grade fuel, a Bloomberg News survey showed.
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D/S Norden A/S, Europe’s biggest owner of ships hauling iron ore and coal, is making its first bet in three years that rates for Panamax vessels will rally from the lowest in more than a decade.
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Rates to ship iron ore fell for a ninth day on speculation Chinese steelmakers will cut back from record-high production as prices fall.
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