SCI plans adding 40 more ships [Shipping]
Shipping Corporation of India (SCI) today said it plans to buy 40 more ships and double its shipping tonnage to 10 million tonnes by 2012. The company is also in talks with several Korean companies for setting up world-class shipbuilding yards. "O...
2009-03-27 08:39:00
Shipyard worker killed by an explosion [General]
An explosion at an Indonesian shipyard has killed one worker. The man died at an unnamed Kuala Baram yard on Wednesday evening. The cause has not been officially established. But local sources told the Bernama news agency that the victim was Sadin...
2009-03-27 07:38:11
Oil tanker rates gaps widening [Shipping]
Amid plummeting freight rates for oil, petroleum product and LPG tankers, a gap of rates for crude oil tankers has become increasingly apparent depending on ship types and regions. Many of VLCC rates are falling below break-even points with VLCC rate...
2009-03-27 07:33:01
Teekay LNG plans public offering [Finance]
Teekay LNG Partners L.P. announced early this week that it plans to offer 4,000,000 common units representing limited partner interests in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 600,0...
2009-03-27 07:27:06
GAC launches ship lay-up service [Shipping]
GAC (Gulf Agency Company) has launched GAC Ship Lay-up Solutions, a new service package to help owners/operators avoid non-profitable journeys, and reduce wear and tear, fuel consumption and insurance premiums during periods of low demand. The servic...
2009-03-27 07:24:21
LNG tonnage under further pressure [Offshore]
Tokyo Gas has become the second major Japanese utility to confirm plans to reduce imports of liquefied natural gas in the next financial year, placing further pressure on this already over-tonnaged sector of the shipping industry. The company sai...
2009-03-27 07:20:30
Shipyards share the work [Shipbuilding]
Scottish shipyards and their workforces have had their futures for the next decade secured with defence contracts. Two Clyde yards — Govan and Scotstoun — will share in some of the work on the £4.2bn ($6.1bn) contract to build tw...
2009-03-27 07:18:08
UASC to lay up more ships [Shipping]
UASC may be forced to take out more ships if the downturn deteriorates, according to deputy chief executive Jorn Hinge. Mr Hinge said UASC had already withdrawn four 2,000 teu vessels and five 2,800 teu vessels have been laid up “on and off”....
2009-03-27 07:15:16
Relax & Confidence [Shipping]
The head of Chinese shipping giant China Ocean Shipping (Group) says the dry bulk market will recover by the second half of 2008, but remains less confident about containership prospects, partly because of America’s protectionist trade stance. Cosc...
2009-03-27 07:09:41
Shipowners hope for reality check from Brussels [Shipping]
European Commission competition regulators have shown a clear understanding of market realities during the economic downturn, which shipowners hope will be extended to a new regulation covering consortia agreements between container lines. But lawyer...
2009-03-27 07:04:58
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