Shipping
ECSA chief calls for ship scrapping plan
European Community Shipowners’ Association chairman Philippe Louis-Dreyfus is to seek the organisation’s backing for a plan to scrap ageing ships as a means of restoring supply-and-demand balance on the shipping market. Mr Louis-Dreyfus decli...
2008-12-03 06:58:27
Baltic capesize and panamax indices hit rock bottom
Capesize and panamax indices are at the lowest-ever levels recorded in the Baltic Exchange’s history. The capesize index on December 2 fell to 830 points and the average time charter rate to $2,316 per day, less than 1% of the record high of $2...
2008-12-03 06:47:49
ST Marine secures seismic vessel
Singapore Technologies Marine Ltd (ST Marine), has secured a S$30 million (US$19.8 million) contract to provide detailed design, construction and outfitting of a 68 m x 15 m seismic survey vessel for Swire Pacific Offshore Operations (Pte) Ltd (SPO),...
2008-12-02 16:40:29
Secondhand Cape bulker prices falling
The sale and purchase market of secondhand Capesize bulkers is gradually moving downward. According to market report, Greek owner Cardiff Marine sold a 1989-built 207,000-dwt bulker, the Corossol, to a Chinese owner for about $25 million. It seems th...
2008-12-02 10:53:32
Golden Ocean in at Navios
Golden Ocean has splashed out $48.1m to build up a holding in Angeliki Frangou's Navios Maritime. Consolidation was the initial driver of the move but John Fredriksen’s Golden Ocean says further purchasing of Navios shares is now on ice. Herm...
2008-12-02 10:39:07
20% of world capesize fleet idle
Golden Ocean Group Ltd., the shipping line chaired by Norwegian billionaire John Fredriksen, said more than a fifth of the world’s fleet of capesize vessels for hauling coal and iron ore has been idled after fees collapsed. Shipping rates slump...
2008-12-02 10:10:57
Marine Capital pays up not to take Zodiac newbuilding
London-based Marine Capital has cut a deal with Ofer Group to avoid taking delivery of the second of two newbuildings. The two 2,500-teu boxships were purchased from Ofer company Zodiac Maritime Agencies last December for around $50m each. Since ...
2008-12-02 08:56:06
Cardiff capesize sale signals 70% drop in values
George Economou's Cardiff Marine has finally sold one of its capesize bulkers after months of renegotiations at a large discount. The sale is also the first time a capesize has been sold for further trading since the summer. Sources close to the ...
2008-12-02 08:51:51
Cido cranking up tanker disposals
A Far East player has sold another aframax with more to follow. Cido Shipping could be set for a further reduction in its tanker fleet. The Hong Kong-headquartered owner is said to have sold one aframax and appears keen to dispose of another seve...
2008-12-02 08:46:54
Golden Ocean to keep six bulkers
An Oslo-listed player has six unsold ships on its hands and a sizeable deposit after the collapse of Britannia Bulk. The collapse of Britannia Bulk has left Oslo-listed Golden Ocean Group holding on to six newbuildings it had agreed to sell to the An...
2008-12-02 08:41:03
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