Over 500 Pax. to be in surplus
More than 500 Panamax bulkers may be in surplus on the global market by 2011, according to a new projection by major German ship financing firm DVB. A foreign newspaper quoted DVB as saying that the supply-demand gap will widen as the global flee...
Yujin sticks to promise with tanker orders
Newly London-listed Asian owner Yujin International has made good on its promise to order new vessels despite the downturn. The Singapore-based company says it has signed contracts for two 5,500-dwt IMO II tankers plus two options at an unnamed Ch...
'Drastic' cut in Clipper Group bulker orders
Denmark's Clipper Group has drastically reduced its exposure to bulker newbuildings. The Copenhagen-based owner says its bulker orderbook is expected to fall from almost 60 to around 15 or 16 vessels. President and chief executive Frank Jensen say...
Chowgule denies plan to delay deliveries of Saiki bulkers
Chowgule Steamships is denying reports that it is looking to push back the delivery of at least two of its bulkers on order at a Japanese yard. Sources say the Indian owner plans to postpone the delivery of a 37,000-dwt handymax and 29,000-dwt han...
Polsteam gives orders full gas
A confident Polish operator is persevering with its orders for handysize and kamsarmax bulkers. Polish Steamship Co (Polsteam) says it is pressing ahead with the remainder of its massive newbuilding programme. Polsteam, which claims to have avo...
Oslo Marine delays orders and payment dates
Russian shipping entrepreneur Vitaly Arkhangelsky has negotiated delayed delivery and payment dates for Oslo Marine Group (OMG) newbuildings in The Netherlands and Croatia. Dutch shipbuilder Damen says it still hopes that the OMG orders at the yard f...
Thai player cancels quartet
Thoresen Thai has abandoned its handymax orders at an Indonesian yard because of heavy delays. Thai dry-bulk operator Thoresen Thai has walked away from a quartet of handymax bulkers it ordered at PT Pal Shipyard in Indonesia. Well-placed sources ...
SCI plans adding 40 more ships
Shipping Corporation of India (SCI) today said it plans to buy 40 more ships and double its shipping tonnage to 10 million tonnes by 2012. The company is also in talks with several Korean companies for setting up world-class shipbuilding yards. "O...
Oil tanker rates gaps widening
Amid plummeting freight rates for oil, petroleum product and LPG tankers, a gap of rates for crude oil tankers has become increasingly apparent depending on ship types and regions. Many of VLCC rates are falling below break-even points with VLCC rate...
GAC launches ship lay-up service
GAC (Gulf Agency Company) has launched GAC Ship Lay-up Solutions, a new service package to help owners/operators avoid non-profitable journeys, and reduce wear and tear, fuel consumption and insurance premiums during periods of low demand. The servic...
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