110 newbuildings cancelled [Shipbuilding]
According to local newspaper reports, China Academy of Telecommunication Research (CATR) of the Ministry of Information Industry (MII), the main agency in charge of industrial and information communication in China, disclosed late March that the numb...
2009-04-22 07:39:00
LPG freight rates may recover [Offshore]
Freight rates to transport liquefied petroleum gas may improve, but only if imports to the Americas recover. That could see earnings on the spot market for very large gas carriers rise from above the extremely poor levels of below $5,000 per day, ...
2009-04-22 07:34:51
PNG LNG project inks first sales deal [Offshore]
The ExxonMobil-led Papua New Guinea liquefied natural gas export project has received a major boost by reaching its first sales agreement. The buyer was an unnamed party in Asia. Oil Search, one of the project’s partners, said a heads of agreem...
2009-04-22 07:30:18
Warns of protectionism [General]
Growing protectionism in reaction to the global economic crisis is one of the biggest threats facing the shipping industry, according to BW Group boss Helmut Sohmen (pictured). The economic crisis has seen huge declines in exports from Asia and t...
2009-04-22 07:26:17
Bangladesh scrapping rates soften [General]
Demolition rates remained soft against a plentiful supply of tonnage and short capacity in key centres such as Bangladesh, where a question mark still hangs over the future of the industry. Last week, the Supreme Court of Bangladesh gave breakers ...
2009-04-22 07:20:27
Concern over hull and machinery incidents [General]
Intertanko has expressed concern over the growing number of hull and machinery incidents on tankers caused by engine problems. “Since 2002 statistics do show more machinery incidents, this is of real concern,” Intertanko managing director Peter S...
2009-04-22 07:16:20
Nokbong leases Orient yard facility [Finance]
Financially troubled Nokbong Shipbuilding of South Korea has signed a contract to build six vessels at compatriot shipbuilder Orient Shipyard, in an effort to avoid delays in delivery. A source at Orient Shipyard said that the company had recentl...
2009-04-22 07:12:14
China stimulus could boost liners [Shipping]
China’s massive stimulus spending plan coupled with a focus on developing inland provinces could provide a boost to the liner shipping sector. But a leading shipping specialist said the full effect of the programmes had yet to be felt. Sinotran...
2009-04-22 07:05:39
Euronav secures $300m loan to finance ships [Finance]
Euronav has accompanied sharply lower first quarter profits with the positive news that Belgium’s leading tanker operator has secured a $300m loan to help finance six vessels. Net profit dropped to $16.78m from $80.74m in the opening three mont...
2009-04-22 07:01:05
Korea Line sells capesizes for liquidity [Finance]
Major South Korean bulk operator Korea Line has sold ships and issued asset-backed loans to boost liquidity. Korea Line said it was selling five capesize vessels aged between 15-20 years to Tiger United of Panama for $162m. The company said it inten...
2009-04-22 06:56:31
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