Shipping
Navios 7-VLCC deal
Navios Maritime Acquisition has made a near $600m entry into the VLCC sector. The New York-listed company has snapped up seven VLs from Fred Cheng only weeks after wrapping up a $460m tanker swoop. Navios Acquisition will tap a $453m loan to cove...
2010-07-20 07:27:15
Bulker scrapping rises
Falling dry freight rates have prompted more bulker tonnage to make its way onto the demolition market. Cyprus Maritime is said to have sold its 139,469-dwt Cape Athens (built 1981) for an undisclosed fee. US cash buyer GMS said the Greek-own...
2010-07-20 07:23:17
COSCON takes No.1 in Asia?
As a state-owned group, is COSCON able to pass financial crisis without government’s fiscal support? ‘We depend on ourselves. Our funds came from the accumulated profits and IPO listing during pre-crisis period. We never asked for a penny from...
2010-07-19 10:06:37
BDI losing streak ends
The Baltic Dry Index gained 1.2% in London Friday, breaking a losing streak which stretches back 35 consecutive trading days to May. Still, with capesize vessels earning less than $13,000 daily, the fall has hit shipowners hard in the pocket and d...
2010-07-19 07:13:59
Vinalines not buying Vinashin ships
State-controlled Vietnam National Shipping Lines (Vinalines) is still actively absorbing assets tied to Vinashin but ships might not be on the menu. Vinalines has rejected claims that it is buying over three-dozen vessels from the troubled state ...
2010-07-19 07:10:44
CMES takes 11th VLCC
China Merchants Energy Shipping (CMES), a subsidiary company of China Merchant Group (CMG), announced on July 14th that the company’s shipping capacity had broken 4.0m dwt for the first time with its 11th VLCC delivered. On July 13th, CMES’ 11...
2010-07-16 09:40:09
Halter Marine order canceled
US shipyard VT Halter Marine is fighting to win back a ship order cancelled by the National Oceanic and Atmospheric Administration (NOAA). The 110-foot ocean mapping vessel SWATH Ferdinand R. Hassler is 98% complete and has undergone sea trials i...
2010-07-16 07:39:28
Shipping slump to affect orders
Both bulker and tanker markets are showing a downward trend recently and the continued recovery in new ship orders is expected to take a hit, accordingly. Despite tight ship financing environment, rise in ship prices and massive orderbook, newbuil...
2010-07-16 06:49:37
Grindrod grabs SLS ship
Unicorn Shipping has forked over $34m to snatch a products tanker resale from a South Korean shipyard, sources say. Unicorn, the London-based shipping arm of South African transport titan Grindrod Ltd, is believed to be the buyer of a 40,000-dwt ...
2010-07-15 08:21:35
Nigeria to buy six ships
Bulkers and a tanker appear to be on the menu as Nigeria looks to revive its defunct national shipping line, a report claims. Up to six ships are being targeted as part of plans to shake up much of the West African country’s maritime infrastruc...
2010-07-15 08:14:05
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