Chinese buy most demolition tonnage [General]
Chinese buyers snapped up most of the demolition tonnage available last week. US-based cash buyer GMS reported six vessels sold into China, with one for India and two for Pakistan, but none for Bangladesh. “For now, demo prices appear to have...
2009-05-12 07:57:05
Bargain-sale: Newbuildings [Shipbuilding]
It looks like that the newbuilding market will become a fierce battleground for owners, centering upon overseas ones, to acquire newbuildings at low prices. It seems that there will emerge a succession of sales offers/fixtures of not only secondh...
2009-05-12 07:54:20
Samsung earnings drop in Q1 [Finance]
Samsung Heavy Industries, the world’s second largest shipbuilder, revealed lower than expected earnings on the announcement of its first quarter 2009 results. SHI said net earnings were down 12.1% year-on-year at Won102bn ($82.4m) compared with...
2009-05-12 07:46:11
Vale buys more capes [Shipping]
Vale, the world’s largest iron ore exporter, is looking to buy more capesize bulk carriers as it plans to boost sales of iron ore to China by 30%. Record shipments to China in the first quarter and the collapse in vessel values have combined to acc...
2009-05-12 07:43:20
United action needed to scrap old ships [Shipping]
Shipowners need to take collective and concerted action to scrap older vessels that are more than 23 years of age in an effort to revive troubled shipping markets, the head of one of China’s largest private shipowners said. Hebei Ocean Shipping...
2009-05-12 07:39:37
BDI ''no longer indicator of real economy'�... [General]
The Baltic Dry Index is no longer a bellwether of the world’s economy, according to new research. Pundits who watch the four-route composite index for signs of industrial decline and recovery might do well to look elsewhere, because the numbers...
2009-05-12 07:35:53
Equipment suppliers take action over non-payment [Equipment]
Suppliers of ship equipment and services are arresting ships whose owners refuse to pay up on time and are diversifying into delivering essential goods to prevent non-payment. International Ship Suppliers and Services Association president Jens Ol...
2009-05-12 07:32:55
Hapag-Lloyd suffers €222m loss [Finance]
Germany’s largest container carrier Hapag-Lloyd suffered operating losses of €222m ($302.5m) during the first three months of the year, compared to a operating profit of €18.5m in the previous year. The carrier’s sales dropped by 22.9% to...
2009-05-12 07:22:44
Restructuring needed to attract new capital [Shipping]
The shipping industry must undertake a wholesale restructuring if it is to attract new equity capital and debt financing, First International chairman Paul Slater (pictured) told the Mare Forum Italian shipping conference in Sorrento yesterday. Mr...
2009-05-12 07:19:21
Limbe shipyard funds suspended [General]
The African Development Bank, ADB, has suspended its financial contribution to Limbe shipyard project, the post has learnt. The ADB programme officer for Cameroon and Central Africa Republic, Tounkara Samba revealed the information to the post recen...
2009-05-12 07:14:40
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