Boxship lay-up slows
The flood of containerships pouring into lay-up is beginning to slow, new figures show. Seasonal changes in the market meant only 31 box vessels were tied up over the past two weeks, down from 61 during the previous fortnight. In its latest report...
Pacific Basin comitted to newbuildings
Pacific Basin Shipping is on course to take delivery of the first of six ro-ro vessels in August as the Hong Kong-listed bulker operator remains committed to its newbuilding programme. Chief executive Richard Hext said the vessel had already been fix...
Aframax rates at lowest in 10 years
Aframax rates in the Mediterranean have fallen to their lowest levels in 10 years as tonnage supply grossly exceeds available cargoes. “Rates aren’t inspiring. It’s hard to remain optimistic,” said a London broker. The Baltic Exchange’s ...
WWL to lay-up car carriers
Wallenius Wilhelmsen Logistics (WWL) says it may lay-up as much as 20% of its fleet due to the global recession. Arild IversenThe 54,680-gt vehicle carriers Toba (built 1979) and Tapiola (built 1978) have already been laid up in Lyngdal, Norway. ...
Dropping of two NB contracts looks crucial for Seven Seas
The cancellation of two newbuilding contracts could be vital for the fortunes of Bergen-based bulker owner Seven Seas Carriers after being hit by non-performing charters. The owner bought contracts last summer for two 58,000-dwt bulker newbuildings f...
Smaller owners see an upside
Lower ship values present a 'golden opportunity' for China's less visible players. Life is beginning to return to the Chinese sale-and-purchase (S&P) market as smaller shipowners move to take advantage of lower prices, according to industry source...
Greeks expand fleet but home flag suffers
Greek shipowners increased the tonnage under their control during the last 12 months, but the Greek flag appears to be suffering under the impact of the financial and freights crisis. According to an annual survey conducted for the Greek Shipping Co-...
Containerlines move as one to raise rates
Having slashed capacity by laying up ships, cutting out chartered tonnage and rationalizing routes the world’s leading containerlines are now all seeking rate rises maintaining the current rates are simply unacceptable. Korea’s Hanjin Shipping an...
Doomsday scenario for shipping
An apocalyptic vision of a future in which dysfunctional shipping markets trigger an outbreak of protectionism in trade and the creation of national fleets is outlined in a review of the current crisis by Consultants on Maritime Transport, an indepen...
Cosco, benefiting from China stimulus
As global shipping companies struggle amid slumping international trade, China Ocean Shipping Co. is flush with cash, and one of its top leaders says it stands poised to announce record revenue for 2008. But Cosco Vice President Zhang Fusheng (pic...
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