World News
Dry Bulk Shipper Plans Fuel-Efficiency Upgrades
Dry bulk shipper Baltic Trading Ltd. [NYSE:BALT] (Baltic Trading) says it will spend about $250,000 per vessel to improve the fuel efficiency of some of its ships.
"We believe this program will generate considerable fuel savings going forward and increase the future earnings potential for these vessels," the company said.
Baltic Trading, which transports iron ore, coal, grain, steel products, and other cargoes on worldwide shipping routes, operates a fleet that will total 13 vessels when two Capesize ships are delivered in Q4 2013.
The company reports it experienced a net loss of $2.3 million on revenues of $9.1 million in the third quarter of the year, compared with a loss of $4.8 million and revenues of $6.3 million in Q3 2012.
"During the third quarter, we expanded our modern high-quality fleet and strengthened our financial position while implementing our fleet deployment strategy that provides the ability to drive future performance upon improvement in the prevailing freight rate environment," said President and CFO John C. Wobensmith.
"Specifically, we capitalized on favorable asset prices by completing the acquisition of two Handysize vessels.
"With this acquisition, combined with our recent agreement to acquire two Capesize vessels, we are poised to expand Baltic Trading's fleet approximately 63% on a tonnage basis and increase the Company's long-term earnings potential."
The two vessels, build by Hyundai Heavy Industries in 2011 and 2012, cost a total of $103.0 million, financed partly through an offering completed in September, the company said in a previous statement.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
Popular Now More
-
Apr 23Initial Ship & Bunker analysis shows ships would need to use between 17.6% and 23.3% biofuel in B100 terms to avoid penalty charges in 2028. -
Apr 24Suppliers in South Korea are already shifting to the use of MFMs, and barge fees are likely to rise in the country as a result, a local source tells Ship & Bunker. -
Apr 24FincoEnergies has partially acquired the business operations of bunker supplier Oliehandel Klaas de Boer.