Question mark over Vale's $1.6bn VLOC deal
Asian iron ore demand has deteriorated. DOUBT has been cast over the future of one of the industry’s largest and most significant bulk carrier newbuilding orders — Vale’s $1.6bn deal for 12 very large ore carriers. In May, the Brazilian i...
Tanker freight market set to follow dry bulk's slump
Despite their great run during the past few months, tanker freight rates are headed for a fall, as the global financial crisis deepens and affects real economy. Experts are expecting a fall in oil demand by industries, which coupled with OPEC’s rec...
Spanish yard win five vessels
Economy Top executives of the Spanish shipyards Freire and Vulcano and state-run oil company Petróleos de Venezuela (Pdvsa) finalized on Tuesday a contract to build five vessels for Venezuela. The agreement, amounting to Euro 400 million (USD ...
BDI rose for the first time
Yesterday (Wednesday) marked the first time from September that the suffering Baltic Dry Index (BDI), an index that tracks commodity freights for the shipping industry managed to scrape a narrow rise by 11 points at 826, with the Panamax index leadin...
Genco cancels six-ship newbuild acquisition
Peter Georgiopoulos-led Genco Shipping & Trading Limited (NYSE: GNK) is forfeiting $53 million in deposits and canceling a previously announced $530 million acquisition of six drybulk newbuildings (three Capesize and three Handysize) from Lambert Nav...
Greece owners keep on ordering new buildings
A pleasant surprise caught everybody monitoring the course of new building orders at shipyards across the world, as Hellenic ship owners appear to have kept their faith in the dry bulk market, as shown by September’s figures, compiled by shipbroker...
Shipping industry will ride the storm of financial crisis
As the turbulence of recent weeks has rocked the previous complacency that had become embedded in the fabric of a western society that the righteous have already dubbed as irresponsible, the marine industry has begun to batten down in preparation for...
Morgan Stanley predicts $30,000 of capesize charterage in 20
Morgan Stanley’s report on dry-bulk market, released on October 28 predicts Baltic Dry Index (BDI) would be around 2500 and short-term time-chartering of capesize bulkers would cost $30,000 per day in 2009. For 2010, it predicted BDI at 2200 and...
Seaspan predicts cancellations as Evergreen slumps
ORDERS for big containerships will be cancelled, delayed, or converted to other ship types if the industry downturn is prolonged, Seaspan chief executive Gerry Wang predicted as the box trades took another pummelling and Evergreen joined the casualty...
Petrobras Won't Delay 49-Tanker Newbuilding Plan
The transport unit of Petroleo Brasileiro SA will be able to maintain a 49-ship fleet expansion program because it has sufficient financing from a government fund and can ignore the world credit crunch, the unit's president said. Brazil's Merchant Ma...
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