Shipping
Greek orders at lowest
Greek shipowners ordered just one vessel in the last quarter of 2008, representing their lowest quarterly level of newbuilding ordering activity in eight years. Piraeus-based George Moundreas Shipbrokers said only one bulk carrier had been ordered...
2008-12-17 07:03:05
Dry bulk continues rising
Hot on the heels of the upward trend established throughout last week, the dry bulk market continued rising on Monday, breaking the 800-point ground, as the Baltic Dry Index closed at 803 points, up by 39 points. Again, leading the pack was the Ca...
2008-12-16 11:01:22
Cosco hit by massive loss
China Cosco Holdings has racked up a massive $577m loss on forward freight agreements (FFA) as the dry-bulk market all but collapsed in the fourth quarter. The losses from changes in fair value of its FFA contracts was larger still in 2008 but the...
2008-12-16 08:36:30
New tanker orders be cancelled?
The crude tanker market is currently much higher than at end November. One week ago rates for VLCC trading AG-East increased from W62 to W92 and although the market has eased back, rates are still around W82 (close to $70,000/day). Similarly, rates i...
2008-12-16 08:30:20
Indian bail-out?
The Indian government is plotting a shipping bail out in the form of a borrowing subsidy. The state wants to protect the industry from the rising cost of finance by coughing up 2% to 3% of loan expenses, local media reported. It is estimated India...
2008-12-16 08:20:09
Go ahead for dry bulk
A revival of the ailing Capesize market drove the Baltic dry market ahead during the past week, with the Baltic Capesize Index (BCI) moving at fast paces, quickly leaving the 1,000-points mark and closing the week at 1,331 points. The BCI managed to ...
2008-12-15 14:04:33
Iran continues fleet expansion
The Islamic Republic of Iran's Shipping Lines will take delivery of three new oil supertankers in the first-quarter of 2009, boosting its fleet by 12 percent, a senior company official said. According to ISNA, Iran is the world's fourth-largest o...
2008-12-15 14:04:01
AP Moller-Maersk suspends new investment
Nils Andersen has slammed the brakes on all new investment at AP Moller-Maersk in light of the global economic slowdown. The company has been hit by collapsing container rates and a crash in energy prices and will earn less money in the coming yea...
2008-12-15 08:35:59
'Resurgence' for Capes but still 'miserable&#...
The Baltic Exchange reports that the Capesize market has seen a resurgence this week. Renewed interest on the period market has seen modern 177,000 dwt tonnage fixing for a year at $17,500 daily. In Asia reports of Chinese buying spot iron ore from A...
2008-12-15 08:23:17
Owners worry about fall in secondhand price
Shipowners in Japan are getting nervous about falls in secondhand ship prices. Drops in asset value are giving a direct blow to businesses of owners, especially those holding ships with their charter contracts terminating shortly. Such price falls wi...
2008-12-15 08:22:13
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