Shipping
Cosco rises on hopes of new orders
Shares of Singapore-listed Chinese shipping firm Cosco Corp rose as much as 3.4 per cent to $1.50 (US$1.08) last week, on anticipation the firm may receive more orders, traders said. 'Investors are turning more positive on the prospects of Cosco i...
2010-07-12 07:09:16
Chinese to face loss
CNY devaluation is good news for airlines but it is a different story for Chinese shipping tycoons such as COSCO and China Shipping whose revenue mostly came from oversea market. It is known that USD settlement is international convention in globa...
2010-07-09 10:05:00
TEN wins fixture for newbuild
Greece's Tsakos Energy Navigation has secured a fresh fixture for the last of eight tankers ordered at Sumitomo Heavy Industries, the company revealed Thursday. NYSE-listed TEN says that the 105,000-dwt Uraga Princess (built 2010) was fixed on a ...
2010-07-09 08:23:51
PST buys cape resale for $62m
Singapore's Pacific Shipping Trust (PST) said it has bought two 180,000-dwt bulk carriers in a newbuilding resale deal with Japan's Mitsubishi Corporation. The capesize pair are now under construction at South Korea's Hyundai Heavy Industries for ...
2010-07-09 07:12:44
Where is boxship?
Having been hit by financial crisis, container lines had to cut down shipping routes. As a result, the idled boxship group came out. On the other hand, the old ships entered demolition yards in advance. According to statistics, about 370,000TEU c...
2010-07-08 10:11:30
China needs 100 VLCC's
A conservative estimation showed that China’s annual demand for crude oil import would reach 400m tons during 2015 to 2020 in case of 6% GDP growth on average per year. As a result, about 320m tons of crude oil will need to be transported by Chi...
2010-07-08 10:09:52
Nigerian $100m ship fund
Nigerian shipowners have begun their fight for a slice of a new cabotage ship fund. The country's government is making $100m available to boost the domestic industry through the Cabotage Vessel Financing Fund (CVFF). The four banks running the sch...
2010-07-08 08:22:06
BDI on worst run
The Baltic Exchange's main sea freight index fell to its lowest level in more than a year on Tuesday, hit by a slowdown in freight activity. The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fert...
2010-07-08 08:19:17
COSCO announces no acquisition plan
General Zhang Liang of COSCO expressed the group owned the largest dry/bulk cargo ship fleet in the world. So, it’s no sense to launch any acquisition plan while the toughest time has passed. He said the financial crisis that broke out in 2008 d...
2010-07-07 10:09:45
Idle boxships keep shrinking
Another 18 vessels have been removed from the idle containership tally as rising demand continues to soak up both laid-up ships and a rush of newbuildings. At present 174 boxships are sitting, down from 192 a couple of weeks ago, Alphaliner says....
2010-07-07 07:21:30
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