Shipping
Nanjing Tanker to order VLCCs
Nanjing Tanker Corporation plans to build two 320,000-dwt very large crude carriers (VLCCs) through its wholly-owned Hong Kong subsidiary, it revealed in a company filing. The cost of construction of each VLCC will not exceed $100m. Funds for t...
2010-08-31 08:26:31
Frontline profits jump
Frontline has seen profits jump nearly three-fold from a year ago on the back of improved tanker rates. The tanker giant’s profits were just shy of $81.5m, or $1.04 per share, while revenues jumped over 25% to $356m. Shareholders in the Joh...
2010-08-30 08:23:55
China inland shipping faces golden time
An Executive Meeting of the State Council was held by China’s Prime Minister Wen Jiabao on 25th, to research on development on Chinese inland shipping. The government intended to establish a smooth, efficient, safe, green and modern inland shipping...
2010-08-30 01:09:55
COSCO: Go forward in fluctuation
Wei Jiafu, Chairman of China’s COSCO Group, recently announced on results conference he still held optimistic point on the shipping market in the second half year although people were worried about the fluctuation and the growth might be slowed dow...
2010-08-30 01:09:10
Zim turns a profit
Zim parent Israel Corp swung to a net profit in the second quarter as container shipping results improved. It made $157m to 30 June, compared with a net loss of $157m the year before. Revenues were down however at $2.54bn, against $2.93bn in ...
2010-08-27 08:34:38
SFI buys supramax trio
Ship Finance International (SFI) has splashed out over $100m on a trio of supramax bulkers but remains coy on much of the detail. The John Fredriksen-controlled company announced the purchases as it unveiled a drop in second-quarter profit as rev...
2010-08-27 08:25:31
Box heavyweights launch new service
CMA CGM, CSCL, Hanjin Shipping and Hyundai Merchant Marine have banded together to launch a new ACSA 2 direct service between Asia, Mexico and the West Coast of South America. This new joint service is expected to appeal to customers as it provid...
2010-08-26 08:19:34
China Cosco back to profit
Booming box rates and a better dry-bulk market helped China Cosco Holdings pile on the profit in the second quarter. The positive figure continued the Hong Kong-listed owner’s climb out of the red and followed a profitable first period of the y...
2010-08-26 07:24:04
CSCL $675m profit swing
China Shipping Container Lines raced back into the black in the first half of 2010 following an improvement in the global economy. But the shipowner echoes the warning of rival Maersk Line in expressing uncertainty about developments in the contai...
2010-08-26 07:21:46
STX signs CVC
STX Pan Ocean has won a 15-year consecutive voyage contract (CVC) to ship coal from Australia to South Korea. The deal has been secured with Korea South Power Co and is worth an estimated $210m, the shipowner said Tuesday. The dual-listed shipown...
2010-08-25 08:17:03
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