Shipping
Tanker cancellations to speed up
Tanker newbuilding order cancellations will accelerate in the second half of this year as owners grapple with financing difficulties according to Frontline. It also sees bright spots on the demand side amid suggestions the world economic slump has...
2009-08-31 07:09:04
Greek resume ship purchases
US-listed Greek shipowners have resumed buying newbuildings and secondhand ships on the resale market. At one stage in the past, those owners laden with abundant cash from their IPO, were predominant on the global market. They had played a key ro...
2009-08-31 07:03:21
Arpeni to order newbuilds
Indonesian bulker and tanker owner Arpeni Pratama Ocean Line is about to order seven newbuildings at Chinese shipyards. The vessels will include tankers, tugs and barges and will cost around IDR 2.8 trillion ($278m), corporate secretary Ronald Nan...
2009-08-28 07:41:42
China Cosco turns into red
China Cosco Holdings, the Hong Kong-listed liner and dry bulk shipping subsidiary of China’s largest shipping company, has reported a steep first half loss of Yuan4.6bn ($673m). That compares with a Yuan15bn profit a year earlier. China Cos...
2009-08-28 07:30:07
China shipping firms boost shipbuilding
A. P. Moller-Maersk Group recently announced it will give up shipbuilding business at its subsidiary Odense Steel Shipyard in Denmark when its order backlog of 14 vessels is completed as losses continue in the sector. The news is not quite surpris...
2009-08-28 06:51:33
Hanjin inks $1.1bn CVC with Posco
South Korea’s Hanjin Shipping has strengthened its long-term charter business after signing a 20-year consecutive voyage contract (CVC) involving two very large ore carriers with South Korean steel giant POSCO in Seoul this morning. The deal will g...
2009-08-26 07:37:26
Tanker market faces huge newbuild deliveries
Accelerated newbuilding deliveries in the second half of this year will hinder a recovery in the tanker market even if oil demand improves, a leading analyst warns. But further hurt can be avoided in 2010 as increased scrapping, rising Asian impor...
2009-08-25 11:09:47
Chem tanker to be fragile until 2011
Odfjell, one of Bergen’s leading industrial chemical tanker owners, does not expect to see its market pick up until 2011. Although chemical shipments are likely to improve, Odfjell interim chief executive Jan Hammer fears that the surge of newbu...
2009-08-25 09:19:27
Mid-term tanker demand to rise
Tanker owners are obviously contemplating their future strategies as they are faced with serious challenges, with the winter season closing in and demand for oil expected to go upwards. Brokers like UK’s Gibson highlighted that tanker demand wil...
2009-08-25 09:00:01
D'Amico cancels 2nd newbuild
D’amico Shipping and Glencore have cancelled a second product tanker newbuilding at SLS Shipbuilding of South Korea. The d’Amico and Glencore joint venture Glenda International Shipping has cancelled a 51,000-dwt product tanker being built at ...
2009-08-25 08:44:44
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