Shipping
Scrapping plummets, fleet supply soars
To resolve severe fleet oversupply situation waiting to happen, shipowners will have to think seriously about scrapping their older ships. According to figures from Drewry Shipping Insight, during the first half of the year, a total of 7.4 million...
2009-07-21 07:06:19
Delivery delays not reducing oversupply
Moves by containership owners to delay newbuilding deliveries would not radically change the oversupply situation in the sector. The tally of owners postponing ships continued to rise with another five post-panamaxes ordered by Danaos Corp being a...
2009-07-20 06:53:08
Handymax trouble ahead
Handymax bulker rates have picked up but tonnage supply factors are set to weigh heavily on earnings over the coming years, DVB Bank says. So far the market downturn has seen 40% of scheduled deliveries delayed or cancelled but there are still som...
2009-07-16 07:24:08
Boxship growth slower than expected
It is expected that containership fleet growth will be slower than originally thought as newbuildings are delayed or cancelled. According to findings by French maritime consultant AXS Alphaliner, the boxship fleet growth rate between 2010 and 201...
2009-07-16 07:17:47
Cosco axes $300m handymax orders
China Ocean Shipping Group Company (Cosco) has cancelled bulker newbuildings ordered at their own shipyards in China. Two subsidiaries of Cosco, Qingdao Ocean Shipping and Cosco Hong Kong Shipping, have axed eight 57,000-dwt supramax newbuildings...
2009-07-16 07:09:43
Danaos delays five more boxships
Danaos Corp has delayed delivery of five post-panamax containerships on order in South Korea, according to its annual report. The Greek boxship owner’s latest newbuilding delay involves a quintet of 6,500-teu ships at Sungdong Shipbuilding & Mar...
2009-07-15 07:23:04
Laid up boxships to reach 2m teu
Idle boxship capacity could hit 2m teu by the end of this year, or the start of 2010, Alphaliner forecasts. Alphaliner said the volume of idle containerships has fallen to 1.2m teu as of July 10th from a peak of 1.42m teu earlier in the year. How...
2009-07-15 07:17:56
Zim takes delivery of mega-ships
Israeli shipowner Zim said the delivery of the first of 12 new mega containerships will leave it better prepared for the market environment after the downturn. The 8,400-teu Zim Los Angeles vessel was delivered on July 13th and the 10,000-teu Zim ...
2009-07-14 16:07:44
Shippers beefing up their own fleet
Major steelmakers, electric utilities and mining firms are beefing up their own shipping division through procurement of vessels while arranging business tie-ups and establishing joint shipping ventures with operators. Such moves are prominent am...
2009-07-14 07:04:12
Floating storage of CPP jump in June
The volume of clean petroleum products (CPP) stored at sea has jumped nearly 50% in June and could continue to increase. Storage of CPP, predominantly diesel, on tankers has risen from 34m barrels to 50m barrels in the month, according to London b...
2009-07-14 06:56:49
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