Greek hit by financial crisis
GREECE, which controls nearly 20% of the world’s merchant fleet, is feeling the pinch of the global financial crisis. “The shipping industry is at the forefront of the free economy, and we’re the first ones to feel the recession as well as t...
Norway to boost shipbuilding guarantee $1.1billion
The Norwegian Government unveiled a package of measures on Sunday intended to boost export-created jobs by boosting Guarantee Institute for Export Credit (GEIK) by up to NOK 50 billion (about $7 billion) to NOK 110 billion (about $15.3 billion). The ...
Dry bulk market looking for lifeline
Just when some market observers started looking for signs of a modest recovery of the dry bulk freight rates, the cruel reality set them back to reality. The Baltic Dry Index (BDI) didn’t manage to sustain the growth marked for five-six straigh...
Crisis talks begin amid fears of more bankruptcies
Around 400 of the global shipping industry’s heavyweights are locked in talks at a London conference centre, amid concern the continuing market meltdown will trigger further insolvencies and chartering defaults. The crisis meeting is hosted by t...
Hellenic banks have low exposure in shipping
Despite the rapid pace of involvement of the banking sector of Hellas with the country’s dynamic shipping industry, the banks’ exposure remains at low levels, according to a report by Merrill Lynch. The investment bank said that the shipping sect...
Maersk likely to lay up containerships
Maersk Line has indicated it will "very likely" lay up containerships in 2009 to counter the deepest market downturn in three decades. The vessels likely would be withdrawn from the market in the first half of 2009. Maersk Line Chief Executive Ei...
Navios axes newbuilding orders
NAVIOS Maritime Holdings has become the latest publicly-listed dry bulk shipping company to batten down the hatches in the face of market turmoil by canceling newbuilding orders. The New York-listed bulker and logistics company has dumped no less ...
150,000TEU worth of ships idle
A dozen container ships with capacities ranging from 5,000 to 8,500 teu were believed to be lying idle at the ports of Singapore, Hong Kong and Shanghai early this month, according to French box watchers AXS-Alphaliner. Alphaliner said it expected a ...
Moody's negative look on shipping sectors
Moody's Investors Service has a negative outlook for all three shipping sectors of dry bulk, tankers, and liners in Asia Pacific over the next 12-18 months. Moody's said in a report on Monday that the global economic downturn, tightening bank cred...
Cido axes tank order
Japanese-korean shipping player is said to have axed six ships on order at Sungdong Heavy Industries. The global credit squeeze is said to have pushed Cido Shipping to cancel its long-range-one (LR1) products tankers on order in South Korea. Accor...
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