Shipping
Capesize rally likely to be short-lived
The recent rally in capesize bulk carriers is likely to be short-lived, as China’s iron ore imports decline from a record level, a leading London-based shipbroking house predicts. Galbraith’s analyst Maria Bitri said China’s first quarter i...
2009-05-28 07:34:55
CSAV rescue deal to be signed
German containership owners were heading for an agreement to save Chilean line Compañía Sud Americana de Vapores from collapse. However, it is understood that some companies do not want to participate in the rescue of CSAV under the...
2009-05-28 07:29:42
Vale ups investment in shipping
Brazilian resource giant Vale will increase its investments in shuttle services by a wide margin in a bid to slash costs in the transport of iron ores between Brazil and Asia. According to information received from abroad, the company will make a...
2009-05-27 07:55:30
Box lines to lose $10bn in 2009
The world’s container lines could be heading for collective losses of $10bn this year, according to Mitsui OSK Lines president Akimitsu Ashida. He said first quarter results from the world’s biggest carriers showed they made total losses of a...
2009-05-27 07:38:09
Optimism returns in dry bulk sector
After several months of dim prospects, which of course haven’t faded (rather the opposite), at least the recent and continuous rally of the Baltic Dry Index has been enough to allow room for more optimism in the market. With the capesize sector ...
2009-05-27 07:25:26
Japan's chip carrier fleet stands at record high
The number of chip carriers operated for Japanese paper mills stood at a record 92 (including those under short-term charter contracts) at the end of 2008, according to the Japan Paper Association. Paper mills built up their fleet as they continue...
2009-05-26 08:04:00
NYK teams up with NileDutch
Nippon Yusen Kaisha has teamed up with West African niche carrier NileDutch to start a new direct service between Asia and Africa, as trade between the two continents grows. Scheduled to start June 17, the service marks NYK’s return to West Africa....
2009-05-26 07:56:54
VLCCs used for floating storage offload crude
At least three of the 30 very large crude carriers chartered to store oil have sold or discharged their cargoes this week, as higher oil prices undermine the economics driving global floating storage. Cuts in tankers storing crude could further dr...
2009-05-26 07:53:46
Product tanker rates, ‘loss-making’
Spot rates for long range one tankers transporting 55,000 tonnes of naphtha from the Middle East to Asia have risen to about $7,500 per day but are barely covering operating costs. Although earnings are up from the 10-year lows of recent months, m...
2009-05-26 07:48:56
Tanker owners positive for the future
After a more than difficult first quarter of the year, tanker owners appear today more optimistic on the future of the market, with the sector still facing serious challenges steaming from a plunge in oil production and demand, together with a potent...
2009-05-26 07:44:16
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