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...
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...
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...
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...
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...
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 ...
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...
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...
'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...
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...
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