Lay-up could result in 40% savings
Tanker owners are expected to seriously consider hot lay-up of their ships in the near future as the market deteriorates further. According to New York-based consultancy group McQuilling Services, which estimates that there are around 50 large tan...
Korea stars shipfunding
Korea Asset Management Corporation (KAMCO) buys ships owned by shipping companies which are suffering from liquidity problems. KAMKO on May 24th said it will hold a presentation meeting on May 25th for shipping firms on the employment of ship fund...
Dry cargo market to suffer 3 to 5 more years
A bulging newbuilding orderbook will keep the dry-cargo market depressed for the next three to five years, Drewry says. Order cancellations have not gone far enough, while suggestions a recent rally in the market is the beginning of a wide scale r...
Hoegh Autoliners cancels two PCTCs
It seems that Hoegh Autoliners, the pure car/truck carrier (PCTC) operator under the wing of Leif Hoegh of Norway, has cancelled the construction of two 4,900-unit PCTCs which were ordered from a Chinese yard, according to overseas newspaper reports....
Shipping slump to last two more years
Friedman Billings Ramsey — a US investment bank specialising in the middle market — has initiated coverage of the shipping industry and is predicting two years’ worth of pain ahead, prior to a recovery in 2011. In his first research...
Half of shipping may go bust
More than half of the shipping companies with stock exchange listings could slide into bankruptcy or administration proceedings in the next year as their cash drains away, a senior industry figure has warned. The grim assessment was issued by Pau...
Zodiac Maritime lays up 12 boxships
Zodiac Maritime Services has left a dozen containerships at anchor in Singapore as charter rates continue to drift lower. The London-headquartered owner controls a fleet of 62 boxships, including five 13,092 teu newbuildings to be delivered in 20...
Boxship lay-ups go on
Loch Striven in Scotland is the latest destination for idle boxships, with the 4,200 teu UK-flagged Maersk Bentonville reported to be on its way there as lines continue to remove surplus tonnage from service. Latest figures from Lloyd’s MIU’s...
Newbuilding resale prices plummet
The prices of resold newbuildings continue to crash. According to informed sources, a Capesize bulker due for completion in the second half of this year by a state-run Chinese yard appears to have been sold for $58 million behind closed doors. With t...
Single-hull tankers may exit in 2010
London broker Gibson said it was unlikely that large numbers of owners would opt to trade their single-hull tankers beyond 2010. Under international regulations, single-hull tankers are banned from trading after 2010, but can continue until 2015 i...
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