Shipping
First priority is government policy at CSDC
A manager at a state-owned Chinese company says government-backed companies have little room to manoeuvre in a market of falling rates and cancelled newbuildings. Gong Xin, vetting co-ordination manager at China Shipping Development Co (CSDC), sa...
2009-05-18 15:50:55
Bulker fleet to grow 6.5% this year
A Lazard Capital Markets analyst cut his estimate on 2009 bulker fleet growth by 1.6 percentage points last Friday, in what he said is a positive development for the dry-bulk market. Analyst Urs Dur reduced his estimate for net growth in tonnage f...
2009-05-18 15:44:15
Byzantine buys supramax newbuilding
Byzantine Maritime has emerged as the reported buyer of a newbuilding hull at Japan's IHI Marine. Brokerage sources now say that the Greek bulker owner has snapped up the 56,300-dwt bulker unit for $30m. Istanbul-based Mardeniz was reported to hav...
2009-05-18 15:32:21
Bergen sales rise 62%
A stronger showing from its shipbuilding and technology units jacked up first quarter profit at Norway’s Bergen Group. And it is standing by its full-year guidance despite a challenging business environment. Bergen says its bottom line came in a...
2009-05-18 07:49:13
NITC VLCC order faces rough going
Financial and political obstacles are blocking an Iranian player from ordering a dozen tankers. The credit crisis together with US efforts to tighten sanctions are hampering efforts by National Iranian Tanker Co (NITC) to order 12 VLCCs. Industry ...
2009-05-15 13:14:03
KDB sets up fund to help shipowners
State-owned Korea Development Bank has set up a fund of up to Won2trn ($1.6bn) to buy and lease back ships from distressed local owners. The fund intends to begin operations in June. KDB head of corporate value enhancement Steve Kwong said: “We...
2009-05-15 07:32:41
K Line delays 10% of 155 newbuilding orders
K Line has delayed the delivery of around 10% of its 155 newbuilding orders as it seeks to reduce supply in the container and car carrier businesses. K Line president and chief executive Hiroyuki Maekawa said at a conference in Tokyo that the com...
2009-05-15 07:12:04
Capesize rates to tumble due to newbuilding input
Surging capesize rates are set to drop sharply in the coming months, with London-based shipping advisory service MSI forecasting the spot market to average $16,700 per day by July. MSI said average rates would fall further by October, to $15,400 p...
2009-05-15 07:07:01
Capesize rates to hit $35,000
Firming steel prices in China will have a beneficial effect on dry bulk freight rates in the near term with capesize ships projected to earn $35,000 a day, Dahlman Rose equity analyst Omar Nokta said. This would represent a 25% improvement from t...
2009-05-14 07:26:15
Courage for younger fleet despite Q1 loss
Dry bulk shipowner Courage Marine sank into the red in the first quarter of the year, but remains on the lookout for replacement tonnage. Singapore-listed Courage reported a first quarter loss of $600,000, compared to a profit of $12.6m in the sa...
2009-05-14 07:23:15
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