#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Container Market: SCFI rates diverge - According to figures from the Shanghai Containerised Freight Index (SCFI), spot box rates for long-haul cargoes from China are diverging. Fairplay have reported that due to sluggish demand and high capacity, Asia-Europe rates continued to decline last week. Rates to Northern Europe fell 9% to $668 per TEU, with a very notable drop of 35% to $779 per TEU for shipments to the Mediterranean.
Tanker Market: Product recovery - The opening of Saudi Arabia's new refinery on the coast of the Middle East Gulf points towards a recovery for the product tanker market, as noted by Lloyd's List. According to the International Energy Association, the 400,000 barrel per day Jubail refinery is part of an influx of new Saudi refineries, which will hugely influence global trade in refined oil products.
Dry Bulk Market: Fleet growth slows - It is forecast that the global fleet of ships that carry minerals and grains will expand at its slowest pace in a decade, according to DNB Markets. The fleet will most likely expand by 5% in 2014, slower than the 7% expansion experienced for 2013. This provides some optimism for the dry bulk fleet, as tonne-mile demand will rise by 10% in 2013 and outpace fleet growth for the first time in six years.
For more of the above visit the IMDO Weekly Markets Review (Week 21) and also on Afloat.ie's dedicated Ports & Shipping section
