Demolition sales slow
THE relentless supply of vessels facing demolition, coupled with the steel price crash and potential yard closures hanging over the heads of Bangladeshi ship recyclers, ensured that last week became perhaps the slowest week in recent months. Wit...
Scrapped exceeding newly-built
Amid severe economic slump, the number of ships being scrapped is outpacing that of newly-built ships. This may be a relieving factor for the worries of tonnage oversupply in shipping industry. According to statistics from Clarkson Research Servic...
UN SG Wife sponsor ‘World Harmony’
Yoo Soon-taek (right in the picture), wife of Ban Gi-mun, the United Nations Secretary-General and Chantal Mitropoulos, wife of IMO Secretary-General Efthimios E. Mitropoulos stood sponsors to a pair of 74,000-dwt product carriers. The naming cere...
Chinese delegation calls on Pakistan
A Chinese delegation headed by Vice President of China Shipbuilding Industry Corporation (CSIC) and Chinese Ambassador Luo Zhaohui called on President Asif Ali Zardari at Aiwan e Sadr Friday. Shao Kiawen, Vice General Manager CSIC, briefed the Presid...
VLCC sale for demolition emerging
Sale of VLCCs for demolition surfaced for the first time after a long hiatus. According to a market report, a 254,956-dwt VLCC completed in 1984, the Eleuthera, was sold to a Bangladesh dealer at a per-light ton price of $355. VLCC scrapping will ...
Bonyad grabs bargain capesize
An Iranian player is making the most of depressed bulker values. Iran's Bonyad Shipping has taken advantage of rock-bottom bulker values to make a break into the capesize sector. The company has picked up Toyo Sangyo's 141,000-dwt Lady Madonna (bu...
"Sea Asia 2009" in Singapore
Sea Asia 2009, the region's leading maritime conference and exhibition, opens in Singapore on Apr. 21, with more than 350 companies from 27 countries participating. A symposium for Asian business executives will be held during the three-day session a...
TTA scraps elderly bulker
Thoresen Thai Agencies has sold a 27-year-old bulk carrier for scrap. Its 17,326-dwt Thor Merchant (built 1982) was bought by Gibraltar-based Unisoft International for $2.01m, a statement says. TTA, which says the sale price matches up with the sh...
Bangladesh steel price fall hurts ship values
Ships sold for demolition have lost 15% of their asset values in the last week, after Bangladeshi scrapping prices fell suddenly. Steel prices in Bangladesh have plummeted by around $70 per ldt, and the fall has been “echoed around the world”,...
Hanwha to sue KDB over aborted DSME sale
South Korea's Hanwha Group plans to file a lawsuit this month to reclaim a deposit seized by a state-run bank after the group's aborted deal to buy a shipbuilder, industry sources said Thursday. Hanwha had been selected by the Korea Development Bank ...
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