Shipping
MSC No. 1 in scrapping
An aggressive scrapping campaign by Mediterranean Shipping Co has left none of its fleet of over 400 vessels idle. Liner shipping consultancy Alphaliner contrasted MSC’s position with that of Malaysian carrier MISC, which has the highest percen...
2009-08-19 07:00:22
Marco Polo Q3 profit down
Marco Polo Marine has said it is cautiously optimistic about the economic recovery despite reporting a slide in third quarter profits. The tug and barge owner said net income for the three months was down 21% on a year ago at SGD3.7m ($2.6m). Howe...
2009-08-18 06:58:47
SAL orders heavylift duo
Schiffahrtskontor Altes Land (SAL) is returning for more orders at Germany's Sietas shipyard less than a year after cancelling a deal at the same facility. SAL has ordered about 50 ships from Sietas since the early 1980s and the yard suffered a bl...
2009-08-17 09:17:48
DVB warns over H2
More shipping companies will run into liquidity problems as conditions in shipping markets continue to be depressed, says Dagfinn Lunde, head of shipping finance and managing director at DVB Bank. Responding to the bank’s interim management report ...
2009-08-17 07:21:04
Dynacom mulling bulker-to-tanker switch
George Procopiou of Dynacom says he is considering switching five capesize bulkers ordered in China into tankers. Market players say the Greek owner has managed to change the five 176,000-dwt newbuildings contracted at New Times Shipbuilding into ...
2009-08-17 07:09:52
Lay-up spreads to tankers
The lay-up of tankers has begun to surface. According to overseas media reports, an executive of major Singaporean tanker operator Tanker Pacific has acknowledged that it had laid up five of its tankers. Of the five, three are reportedly 41,400-d...
2009-08-14 07:46:23
Boxships passed the worst?
Euroseas boss Aristides Pittas says the containership sector may have finally seen the worst, particularly the smaller end of the market. “We have started seeing some signs that the container market as well may have passed its trough, especially...
2009-08-13 07:42:25
Sinotrans set to double fleet
China's Sinotrans Shipping is set to almost double the size of its fleet from 1.7m dwt to 3.1m dwt by 2011. Chairman Zhao Huxiang said ship prices have dropped by up to 60% compared with the peak last year, which provided a good opportunity for f...
2009-08-13 07:31:16
Pacific Basin delays delivery of ro-ros
Pacific Basin Shipping said in its first half performance report on August 11th that it has achieved profit of $75m in the first six months of the year, down more than 70% compared to $338m a year ago. But the company said it has ample cash now an...
2009-08-13 06:57:16
Tanker Pacific lays up tankers
Singapore's Tanker Pacific has become the first tanker operator to confirm that it has laid up vessels in response to dismal spot market rates for suezmaxes and product tankers. The move comes as operators are seeking to reduce fleet operating co...
2009-08-12 06:54:52
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