Sovcomflot newbuilding programme, ‘intact’
Sovcomflot has shrugged off talk of global financial turmoil as it bullishly commits to its extensive newbuilding programme. The Russian tanker giant has also hinted at possible acquisitions as a decline in asset values may offer “more attractiv...
NYK scales back fleet investment
NYK is cutting back on its JPY 1 trillion fleet expansion plans as Japan starts to feel the pain of the world economic crisis. Under management plan New Horizon, ending 2011, NYK had budgeted to spend JPY 740bn ($8.3bn) on 132 bulk and LNG carrier...
ExxonMobil overcomes world's largest LNG carrier
Exxon Mobil Corporation’s technology leadership in liquefied natural gas or LNG has resulted in an industry breakthrough in carrier design and size, enabling the more efficient transport of natural gas to markets throughout the world. The recent co...
Tanker owners hit by Opec output cut
Tanker owners have been dealt two body blows with Opec agreeing a higher than expected production cut and the US issuing a long-term forecast which shows shrinking oil imports. Opec oil ministers agreed their deepest production cut ever, slashing 2.2...
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...
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