STX donation doubles [General]
South Korea’s STX Business Group held a ceremony on Thursday for donation of KRW 2bn ($1.78m) in ‘Hope 2010 Sharing Campaign’ at the Community Chest of Korea National Office in Seoul. The company wishes to help neglected class of people and ...
2010-01-14 13:12:12
Zim ratings upgraded [Finance]
Risk analyst Standard & Poor Maalot has responded to the improved cash flow of Zim Integrated Shipping Services with a credit ratings upgrade. After lifting the Israeli line’s bond rating by six grades to B stable, S&P Maalot indicated that the...
2010-01-14 08:19:00
Asia-Europe rates recover [Shipping]
Freight rates in the Asia to Europe box trades are powering ahead as stronger demand catches both forwarders and shippers off guard, but are still less than half those that container lines were charging in the heady days of 2007. Recovery is at a...
2010-01-14 08:16:33
China warns of deep freeze [Shipping]
China has warned that expanding ice cover in northern China will have a “serious” impact on oil exploration and shipping. The deep freeze is also restricting activity in the Yellow Sea, where ice may reach 90 nautical miles from the coast by ...
2010-01-14 07:39:59
New high for Liberian registry [Shipping]
The Liberian registry has reached a new record number of ships at the end of 2009. The flag grew to 3,140 vessels of 97.2m gt, adding 215 ships and 10.5m gt last year. Scott Bergeron, head of US-based registry manager LISCR, said 2009 had been a ...
2010-01-14 07:36:54
Sri Lankan scraps vessel in China [General]
Full Indian shipbreaking yards have led a Sri Lankan shipowner to send a multi-purpose unit to China for demolition. Colombo-based Mercantile Shipping has sold the 12,700-dwt Safmarine Soyo (built 1985) for an undisclosed price. Stephan Kuehl...
2010-01-14 07:34:29
China's iron ore imports jump [Equipment]
China's iron ore imports grew solidly by 41.6% in 2009 from 2008 to reach an all-time high of 627.78 million tons, according to an announcement made recently by China's General Administration of Customs. While iron ore imports by Japan and Europe...
2010-01-14 07:30:53
Bangladesh yards condemned [General]
A US human rights group has released graphic photos and published eyewitness accounts of a fatal explosion at a Bangladeshi shipbreaking yard that killed seven cutters working on a main gas tank, foreign media reports. The Pittsburgh-based Nationa...
2010-01-14 07:28:58
Delays to CMA CGM funding [Finance]
A French seafarers’ union has threatened to take industrial action after learning that CMA CGM has yet to be given access to the $500m credit line accorded by its banks before Christmas, foreign media reports. The Le Havre-based Normandy mariti...
2010-01-14 07:26:16
Ship prices could fall further 30% [Shipbuilding]
Modern secondhand ship values could fall a further 30% as newbuilding deliveries flood the market over the next two to three years and freight rates slide. The potential drop in asset values will continue to put pressure on the amount of cash shi...
2010-01-14 07:19:39
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