Cosco, benefiting from China stimulus
As global shipping companies struggle amid slumping international trade, China Ocean Shipping Co. is flush with cash, and one of its top leaders says it stands poised to announce record revenue for 2008. But Cosco Vice President Zhang Fusheng (pic...
Danaos reveals delay of five newbuildings
Danaos Corp suspended its dividend Wednesday, as the boxship owner reported a drop in quarterly earnings and revealed the delay of five newbuildings. The New York-listed boxship owner also said it has secured waivers for loan covenants after falli...
Bulker operators foraying into new areas
Shipping companies around the world that specialize in drybulk cargo are becoming more active in their movement toward new areas. In stark contrast with the record-high drybulk market before the financial crisis, the market has now reached an all-tim...
Slump could last 3-5 years: DNV
As many as 300 of DNV's 1,500 new ship contracts, many of them in Asia, could be cancelled, according to class executives. And the figure could yet go higher. The latest estimates from DNV come as February figures show Chinese exports plunged by arou...
Brazilian grain boosts Atlantic panamaxes
Panamax rates on the fronthaul route have reached $30,000 per day as the start of the Brazilian grain season takes available tonnage out of an already tight market. “The grain season has taken off, so tonnage in the Atlantic is tight for early p...
Dry bulk orderbook poses major challenges
As the global dry bulk orderbook stands at massive heights, more and more ship owners are actively looking to either delaying scheduled deliveries or cancelling orders, especially for ships with expected delivery at the second half of 2010 and 2011. ...
No pullback in orderbook: Sinotrans
Sinotrans says it has no plans to scale back its orderbook as the gloom is beginning to lift in the dry-cargo sector. The shipowner, which yesterday unveiled a 146% rise in full-year profit, will still splash out $388m on new vessels over the next...
LNG carriers on standby reach all-time high
The number of LNG carriers on standby worldwide due to cargo shortage has reached a record-high of above 50 units. About 20% of the LNG carrier fleet has now become surplus and operators are struggling to cope with the situation. But, it is projected...
Grain demand sends panamaxes soaring
Panamaxes have led a strong revival in bulk fortunes over the past few days. The Baltic Dry Index yesterday rose to the highest since October 9 on demand to ship South American grains. The index advanced 37 points, or 1.7 percent, to 2,262 points...
Cido seeks to sell newbuildings at discount
CIDO Shipping is offering up to 40% discount to Taiwan’s Wan Hai Lines for two 1,800 teu containership newbuildings built by Taiwan’s CSBC Corporation. Wan Hai Lines said in a regulatory filing that it will decide whether to purchase the two boxs...
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