Capesizes return to five-digit territory
A strong surge of iron ore and coal imports to China has seen capesizes break through the $10,000 mark, lending credence to the feeling that the dramatic slump on the Baltic Dry Index has bottomed out. Iron ore stocks in China had sunk low last w...
Regional shipping growth expected
While the Gulf region is not immune to the effects of the global financial meltdown, the regional shipping sector would continue its upward growth and development trajectory, said executive vice chairman of DP World Jamal Majid Bin Thaniah as he spok...
Shipping market steady rebound
The dry bulk market’s steady rebound has prompted even more deals, cash-stripped ship owners are looking to boost their liquidity, while cash-rich ones are on the hunt for bargains. According to Clarksons latest market report, there has been a ...
Shell books 4th VLCC for storage
Oil major Royal Dutch Shell has a booked a fourth supertanker to store crude oil in the U.S. Gulf, ship brokers said on Monday. Brokers said Shell had booked the Leo Glory from West Africa to the U.S. Gulf loading on Jan. 12-13, with an option to sto...
Transpetro starts second phase of tanker expansion
Four Brazilian yards have submitted proposals to build 15 tankers for Transpetro's second phase of expansion. The yards have taken aim at the crude and products tankers sought by the Rio de Janeiro-based owner, the transport arm of oil and gas com...
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...
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