Cosco continues to adjust contracts [Shipbuilding]
The roll of newbuilding cancellations and delays at Cosco Zhoushan has continued with a contract for three more bulkers adjusted yesterday. Parent Cosco Corp (Singapore) says one supramax has been axed and delivery of a 57,000-dwt brace has been p...
2009-05-08 07:58:31
Bulker demolition to accelerate through 2011 [Shipping]
Eagle Bulk Shipping's chief executive said Thursday that he expects accelerated bulker scrapping through 2011, even as the market improves. The same day, a Maxim Group analyst cut his rating on the New York bulker owner's stock. In a conference...
2009-05-08 07:53:34
STX handy order cancellation groundless [Shipping]
South Korean operator STX Pan Ocean has reportedly decided to cancel an order for eight 37,000-dwt Handysize bulkers it placed with compatriot shipyard STX Offshore & Shipbuilding, according to a market report. STX Pan Ocean is said to have blamed th...
2009-05-08 07:49:46
First LNG vessel under Dutch flag delivered [Offshore]
Dutch gas carrier specialist Anthony Veder has taken its first multi-purpose liquefied natural gas tanker into its fleet. Coral Methane (pictured) is the first LNG vessel under the Dutch flag and will be directly employed transporting natural gas ...
2009-05-08 07:45:40
China Shipping secures $5.4bn credit line [Finance]
State-owned China Shipping (Group) has sealed a deal with China’s Bank Communication (BoCom) providing credit lines of up to Yuan30bn ($4.4bn) to China Shipping. BoCom will also offer a further $1bn credit line to China Shipping for ship purcha...
2009-05-08 07:39:24
Boxship rates need to fall further for lay-up [Shipping]
Containership charter rates need to fall even further before owners are likely to consider putting ships into long-term lay-up, rather than merely keeping them idle, according to Howe Robinson Shipbrokers director of research Paul Dowell. Speaking...
2009-05-08 07:35:52
Hapag-Lloyd Q1 losses to reach €200m [Shipping]
Germany’s leading container line Hapag-Lloyd is expected to have suffered losses of €200m ($268.2m) in the first quarter of this year after being squeezed by weaker freight rates and lower volumes. And the latest equity research by Commerzban...
2009-05-08 07:30:00
HCI Capital launches fund to buy ships [Finance]
German KG finance house HCI Capital plans to launch a fund in cooperation with shipowner Peter Döhle in an effort to cash in on rock-bottom vessel prices. The company said that it would launch a new fund to focus on opportunity-driven invest...
2009-05-08 07:26:16
Cosco profit plummets: Supramax order axed [Finance]
Cosco Corp, the Singapore-listed shipbuilding arm of China’s largest shipping operator, said a supramax vessel had been cancelled at its Zhoushan shipyard, one of a quartet scheduled for delivery in 2010. Two of the remaining ships are to be del...
2009-05-08 07:06:02
10% of bulkers on order cancelled [Shipbuilding]
The global financial crisis has seen nearly 500 vessels on order at the world’s shipyards cancelled, including about 325 bulk carriers, 9.6% of bulk tonnage on order. Norwegian classification society Det Norske Veritas, in its latest research e...
2009-05-08 06:58:30
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