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IMDO Shipping Review: Irish Export Drive to Asia, Panama Canal forecast Cargo Volume fall, Tanker Market Rates to US Surge and much more…

14th May 2013
IMDO Shipping Review: Irish Export Drive to Asia, Panama Canal forecast Cargo Volume fall, Tanker Market Rates to US Surge and much more…

#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.

Irish Economy: Asian export drive - The Asia Trade Forum, an initiative of the Irish Exporters' Association set up to boost two-way trade, is planning a major business mission to two of China's leading business cities, Suzhou and Hangzhou next month. The mission will be similar to last year's visit to India, in which 40 Irish firms took part, said Hugh Kelly, chairman of the Asia Trade Forum. China is forecast to be Ireland's fourth largest export destination by 2030, overtaking countries such as France and Japan.

Panama Canal: Cargo forecast reduction - It is forecast that there will be a fall in cargo volumes of 8 million tonnes in the Panama Canal for 2013, according to Jorge Qiujano, the administrator for the Panama Canal Authority Administrator. This is a decline from the 330 million tonnes forecast to pass through the waterway, as reported by Seatrade Global. The anticipated 2.4% decrease is mainly due the impact of the drought that has affected the US.

Tanker Market: Petrol tanker rates surge -The amount of cargoes booked for tankers to ship European petrol to the US jumped, with rates for these tankers also surging, according to Bloomberg. There was a 14% gain in industry standard Worldscale points for voyages to New York from Rotterdam, the Baltic Exchange reported. Vessels earnings increased by 33%, rising to $19,410 per day.

To read more of each of the above stories and other news from the IMDO Weekly Markets Review for Week 19, click HERE to be viewed or downloaded as a PDF


Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

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