Rio Tinto sheds 700 jobs [General]
Rio Tinto is axing over 700 jobs as it slashes production and cuts back expansion as metal prices and demand slump. An Australian alumina and aluminium unit of the mining giant warned that “at current prices around 70% of the industry is current...
2009-04-08 07:32:53
Chinese iron ore inventories mounting [Equipment]
Chinese iron ore inventories have continued to rise and could stay high, "which could likely keep a lid on day rates," a US analyst said Tuesday. Wachovia's Justin Yagerman said inventories have risen to 68.1 million tonnes, a 17% increase from Fe...
2009-04-08 07:28:04
Hapag-Lloyd to ax UK jobs [General]
Hapag-Lloyd is planning to outsource its UK documentation offices to its global service centres in India and China. Shipping sources said the company was still in negotiations with staff representatives. The talks would take at least another two ...
2009-04-08 07:25:08
Norden in a move to cancel orders [Shipping]
Norden is ready to cancel, delay or convert some of its newbuilding orders as the dry-bulk market remains depressed. The Danish owner vowed, however, that it will not simply walk away from orders and has the company cash to finance its large order...
2009-04-08 07:20:33
Oceania rebuffs talk on delivery delay [Shipbuilding]
Private equity-controlled Oceania Cruises has rebuffed market talk that it is likely to seek a delay in delivery of a second $500 million newbuilding at Fincantieri. The Apollo Management company last month saw the keel laid at Fincantieri’s Ses...
2009-04-08 07:15:46
Ship finance becomes tougher [Finance]
The ship finance market has slowed down considerably as banks turn inwards to reinforce their balance sheets. “The market is definitely slower,” said Didier Salomon, head of ship finance at French banking group BNP Paribas. Where credit was o...
2009-04-08 07:03:43
Qatargas activates idle LNG ships [Offshore]
UP to 14 liquefied natural gas carriers idle in the Middle East will be brought into operation now the Qatargas II LNG project is underway. The two processing trains at the $13.2bn Qatargas II plant in Ras Laffan will be able to produce up to 7.8m ...
2009-04-08 07:00:03
BMT wins Arctic fleet support contract [Shipbuilding]
Underscoring its strengths in ship design and Arctic operations, Ontario-based BMT Fleet Technology has been entrusted with the definition, engineering, logistics and management support contract for Canada’s Arctic offshore patrol ship project. A s...
2009-04-08 06:53:14
CMA CGM to cut $600m in cost [Finance]
French container line CMA CGM is planning to cut operating costs by $600m in 2009 following a sharp slide in 2008 profits as market conditions collapsed in the final weeks of last year. But no permanent jobs will be lost, with CMA CGM chairman an...
2009-04-08 06:47:58
A tinge of hope in tankers [Shipping]
Tanker rates across many sectors have fallen sharply, and remain below breakeven in many segments, especially for clean products. Yet some analysts forecast a softer landing for tanker owners and operators than for owners of bulk carriers. One US-...
2009-04-08 06:43:52
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