STX confirm $880m orders [Shipping]
South Korea’s leading bulk operator STX Pan Ocean has finally confirmed $880m order for eight VLOCs linked to its long-term chartering contract with Brazilian mining giant Vale. Furthere more, the Korean owner announced that the 400,000-dwt behe...
2009-11-13 05:34:08
Shipowners face choppy seas [Shipping]
Container shipping lines, which expanded their capacity to match growing cargo demand during boom times, are now in a tight spot as the global trade slowdown has struck containerised shipments, said marine experts. The slowdown in shipping trade i...
2009-11-13 05:33:15
Boxship sales rise [Shipping]
Boxship sale and purchase activity picked up in the third quarter after stalling earlier this year as the freight and charter markets collapsed. Secondhand prices, however, continue to slide. Clarkson Research Services reports in its Container Int...
2009-11-13 05:32:11
Danaos net down 42% [Finance]
Piraeus-based Danaos Corp has reported a near 42% drop in third quarter net profits to $16.4m or 30 cents per share. Chief executive John Coustas blamed the decline in profits primarily on the increased realized losses on its interest rate swap c...
2009-11-13 05:31:17
China constructs new oil pipeline [Offshore]
China National Petroleum Corporation (CNPC) has started construction on the China – Myanmar pipeline and a crude oil port in Myanmar. The 771 km pipeline will have a capacity of 12 MMt/a and connect Myanmar’s port at Maday Island on the In...
2009-11-13 05:29:50
Chinese are still behind [Shipbuilding]
According to Wang Jinlian, general secretary of the Chinese Association of National Shipbuilding Industry, China was world number two in terms of ship output in the first three quarters. He said that its new ship orders and order book ranked it first...
2009-11-13 05:28:46
Maersk expects 1bn loss [Finance]
AP Moller-Maersk still expects to post its first ever loss this year after reporting a third quarter deficit of $166m. The third quarter results brought the nine months loss to $706m, a massive reversal from the $3.6bn profit in the corresponding ...
2009-11-13 05:28:10
Bergen steps up its cost-cutting drive [General]
Norway's Bergen Group is contemplating cutting costs at one yard in 2010 and at another in 2011 because of a shortage in new orders. The Oslo-listed company is also interested in selling chunks of its divisions as part of structural changes withi...
2009-11-13 05:27:03
Aegean profits jump 50% [Finance]
Aegean Marine Petroleum Network has seen third quarter profits jump almost 50% year-on-year. The US-listed bunker player said net income for the three months ended 30 September was $14.1m versus the $9.4m seen a year ago. Revenue for the third qu...
2009-11-13 05:21:52
Daewoo sales restart [Finance]
The state-owned Korea Development Bank (KDB) said on Thursday it would pick an adviser by year end to restart the sale of Daewoo Shipbuilding & Marine Engineering. A KDB spokesman cited its CEO Min Euoo-sung as saying that the sale process would b...
2009-11-12 13:00:35
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