COSCO expects rates to rise this quarter [Shipping]
COSCO ceo Wei Jiafu (pictured) has stated that business is looking up for the COSCO Group as a recovering Chinese economy helps boost trade and international freight prices. "Even a slight tick-up in the macro economy will surely enhance trade flows,...
2009-04-21 07:25:43
US imports LNG as prices decline [Offshore]
The United States received a flurry of liquefied natural gas cargoes this week, a potential portent for the coming months as European gas stocks are replenished. Terminals in the US Gulf and east coast are receiving cargoes from Atlantic basin pro...
2009-04-21 07:21:26
Sweden builds its first LNG import terminal [Offshore]
Sweden has moved closer to gaining its first liquefied natural gas import terminal. NCC Construction Sweden has been awarded a contract by AGA Gas to construct an LNG terminal at Brunnsviksholme outside Nynäshamn. The contract involves the c...
2009-04-21 07:18:34
Tanker rates reach record lows [Shipping]
Tankers are being chartered for voyages at spot rates that fail to cover bunker and port costs, as earnings dramatically plunge across all tanker types in both dirty and clean trades. Worldscale rates for clean tankers operating on some major rout...
2009-04-21 07:15:11
China needs 35 more VLCCs [Shipping]
An additional 35 very large crude carriers will be needed to meet the demand for tankers carrying crude oil from Venezuela to China. Earlier this month the two countries signed accords to boost oil exports to China by 260% until 2013. Venezuelan p...
2009-04-21 07:10:58
Russian wins newbuilding order [Shipbuilding]
Russia’s Krasnoye Sormovo shipyard has clinched a vital contract to build three tankers for Kazakh state shipowner Kazmortransflot, its first new order since last August. The deal is worth a combined $66.45m, the shipping company said in a state...
2009-04-21 07:03:15
Majors launch new businesses [General]
South Korean shipbuilders are seeking to diversify their business portfolios as declining orders stemming from the global economic recession are threatening to eat into their earnings. Orders to South Korean shipyards have surged over the past few...
2009-04-21 06:56:47
Sungdong loading out boxship on-land [Shipbuilding]
At dawn on April 20th, Sungdong Shipbuilding & Marine Engineering of South Korea has succeeded in loading out a containership built purely on land for the first time in the world. Boxships need to have faster cruising speeds than bulkers or tanker...
2009-04-21 06:16:58
Rebuilt-up US Navy [General]
The increased piracy in commercial shipping lanes and the build-up of China and Russia's navies demand that the U.S. maintain a strong naval presence for national security and to protect global commerce. The wars in Iraq and Afghanistan have also ...
2009-04-20 15:11:42
ASRY posts record-breaking figures for 2008 [Finance]
Bahrain-based Arab Shipbuilding and Repair Yard Co (ASRY) has posted record-breaking figures for 2008. Both Chairman, H.E. Shaikh Daij bin Salman bin Daij Al-Khalifa and Chief Executive Chris Potter were pleased that the yard’s sales in 2008 bro...
2009-04-20 15:07:07
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