Just 5, optimum number of Majors? [General]
The internal document, which reported that the South Korean government has determined that the optimum number of shipyards in the country is "five major builders," has been made public, causing quite a controversy in the country. There are current...
2009-04-24 07:45:58
China Cosco in talks upon delivery delays [General]
China Cosco Holdings Co, the world’s largest operator of dry-bulk ships, said it’s in talks to delay or cancel orders for new vessels after slumping to a second-half loss on plunging freight rates, writes Bloomberg. “The prospect for the dr...
2009-04-24 07:39:51
LNG carriers face scrapping [Offshore]
Further scrapping of both liquefied natural gas carriers and the largest liquefied petroleum gas vessels has been forecast by one of the leading operators in the sectors as spot freight markets remain under pressure. Delays in the completion of LNG p...
2009-04-24 07:36:22
Syndicated loan success suggests market easing [Finance]
Nine banks signing up to a sizeable syndicated loan says something positive about the moribund syndication market, according to a top shipping financier. “Everyone is saying that syndication has stopped but this sends out a powerful statement th...
2009-04-24 07:32:32
Siestas cuts a third of its jobs [General]
Hamburg shipyard Sietas plans to cut one third of its 880 jobs, managing director Rüdiger Fuchs has said. The job cuts, which will take place in the third quarter of 2009, are part of a reorganisation plan to rescue the yard. “Instead of c...
2009-04-24 07:28:31
MSC back into charter market [Shipping]
Mediterranean Shipping Co has stormed back into the containership charter market with a slew of fixtures for post-panamax tonnage that should guarantee much lower costs than many if its competitors. Chairman Gianluigi Aponte is taking full advant...
2009-04-24 07:24:34
VLCCs meet Atlantic oil storage needs [General]
Owners of very large crude carriers are ballasting their tankers from the Indian Ocean to the Atlantic to capitalise on strong demand for oil storage requirements. Demand for VLCCs strengthened in the Atlantic market since the start of last week, ...
2009-04-24 07:20:09
China Cosco 2008 profits down 40% [Finance]
China Cosco Holdings, the world’s largest bulk operator and sixth largest liner business, saw net profit plunge 40% during 2008, the company has announced. Cosco, which also has a terminal operation business, said net profit fell to Yuan11.62bn...
2009-04-24 07:15:51
Sri Lanka suggests incentives for shipbuilding [Shipbuilding]
Colombo Dockyard stands to benefit from several concessions being considered in the new draft Sri Lankan government shipping policy, industry officials said. The policy, being discussed by the shipping community, says obstacles preventing local s...
2009-04-24 07:13:11
$3bn distress fund disclosed [Finance]
The South Korean government has revealed details of a Won4trn ($3bn) fund that would be used to buy more than 100 ships from distressed shipping firms lacking sufficient liquidity. The fund represents the most ambitious plan yet to bolster the na...
2009-04-24 07:09:05
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