Shipping
Formosa beefs up fleet
Taiwan’s Formosa Plastic Corp is looking to expand its fleet from 45 to 76 vessels within three years in order to stabilise its transportation cost. Formosa Petrochemical Corp chairman Wilfred Wang told local press that it was important to cont...
2010-05-14 07:30:23
Vale fleet building to cost $9.3bn
Brazilian miner Vale has committed an estimated $9.3bn to developing its own shipping fleet, as the world’s largest iron ore producer continues groundbreaking plans to take control of its entire freight logistics needs within the next three years. ...
2010-05-14 07:22:29
Hapag Lloyd back in profit
German container line Hapag-Lloyd returned to profit in the first three months of the year after five loss-making quarters in a row, major shareholder Tui said. The carrier saw an operating profit (earnings before interests, tax and amortisation)...
2010-05-13 08:25:31
Maersk beats Q1 forecasts
AP Moller-Maersk returned to profit in the first three months of 2010 after five successive quarters in the red. Positive numbers from its container line coupled with a resurgence in the price of oil led to the rebound. Nils Andersen, CEO of ...
2010-05-13 08:23:29
Sinotrans and Valin cooperate
Two Chinese national tycoons, namely Sinotrans and Valin Group have signed strategic frame agreement. Both giant will deeply carry out cooperation in shipping, port construction, steel procurement and logistics. Valin is among top 10 steel supplie...
2010-05-12 09:53:39
Greek fund eyes bulkers
A new Greek private equity fund fronted by a relatively new shipowner is looking to go on a $150m bulker splurge. Achilles Vardakis and Danad Shipping are the known names behind the new fund being launched by Prudent Asset Management which was on...
2010-05-12 08:23:21
Greeks order tankers in China
Two Greek owners are reportedly in talks to stack up orders for up to nine large tankers. Greek owners are said to be lining up at Chinese yards to build tankers. George Economou’s privately owned Cardiff Marine is said to be in the middle of n...
2010-05-11 08:18:21
Hanjin back in black
Hanjin Shipping announced 2010 1Q business results with total sales of US$1.638bn and operating profit of US$2.2m. Hanjin explained, “Even though the first quarter is traditionally a slack season, the cargo volume jumped by 30.1% YoY with 32.9%...
2010-05-11 07:24:28
Delivery delays up confidence
Delivery delays make confidence for dry bulk market. Us-listed bulk carrier owners Excel Maritime Carriers and Paragon have made positive forecasts for the dry bulk market going forward, expecting strong rates achieved during the first quarter to...
2010-05-11 07:10:50
Spar Shipping catches resales
Spar Shipping of Bergen has secured another two resale contracts for supramax bulkers at Yangzhou Dayang Shipbuilding in China. The 58,000-dwt ships are slated for delivery in the second half of 2011 and have, according to Norwegian daily Dagens ...
2010-05-10 07:29:27
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