Tanker market warning
Prospects for operators of oil, chemical, LPG and LNG tankers in 2009 looks increasingly bleak, as newly built ships continue to be delivered from shipyards at a time when market demand is diminishing and freight rates are tumbling, according to the ...
Bulker values rise as rates strengthen
Strengthening bulker freight rates continue to have a positive knock-on effect on secondhand vessel values. Prices for a five-year-old capesize have risen by $4.3m to $48.5m in the past week, according to the latest Baltic Sale & Purchase Assessme...
Laid-up capesizes diminish to 60
The number of capesize bulkers that had to be laid up due to the sudden reduction in transport demand is now on a downward trend. This is largely attributable to the recovery in transport demand for China-bound cargoes from Brazil. According to J...
INSA asks New Delhi for emergency funding
The Indian National Shipowners' Association (INSA) has sought government help to set up a 100-billion-rupee fund to help finance new vessel buys, an official from the industry body said Tuesday. Finance streams have been drying up due to the globa...
China’s appetite for dry bulk is picking up
Chinese shipping behemoth Cosco has set pulses racing in the dry-bulk sector as it splashed out a relatively enormous $59,000 per day for a capesize spot trip. The deal is just the latest sign that Chinese steel mills are well and truly whirring w...
Capesize charter rates recover to $30,000 level
Continued growth in the Capesize market has driven the charterage level to recover, significantly pushing past the break-even charter rates of Japan's Big Three operators. Fixtures being closed at present, however, are for cargo loadings in late-...
Prolonged downturn will ‘jeopardise ship safety’
The economic downturn will lead to an increase in ship incidents and pollution, the new chairman of the European Maritime Safety Agency (EMSA) has predicted. Maritime companies are now more likely to postpone maintenance and the installation of new e...
NOL saves $250m by newbuildings delay
Neptune Orient Lines has delayed the delivery of all eight of its 10,000 teu newbuildings, and some chartered-in tonnage, as part of plans to save at least $250m in 2009 as it sinks into the red. NOL said that it had delayed the delivery of both ...
GdF Suez LNG’s fleet strategy
GdF Suez LNG vice-president Jacques Blanchard explains the strategy behind the company's soon-to-be 20-strong fleet. When French utility giant Gaz de France (GdF) and energy group Suez merged last year, LNG was named as one of the new group's key ...
K Line adds to specialised coal carrier fleet
Japanese shipping giant Kawasaki Kisen Kaisha this week launched its newest 88,000 dwt-type special coal carrier, the “Tohoku Maru” (pictured), at Imabari Shipbuilding’s Marugame Shipyard. The 88,159dwt Tohoku Maru is same type as “K” Line...
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