Shipping
VLCCs face lay-up as rates plummet
VLCCs face being laid up after the market plunged to its lowest levels in 10 years. Rates have fallen to under $10,000 per day with some observers saying they expect owners to cease trading their ships in two weeks time, unless a recovery happens....
2009-04-20 07:23:18
Seoul to buy ships from ailing owners
Seoul is set to launch a KRW four trillion ($3bn) fund to buy tonnage from struggling shipping companies. But its plan is not being well received by the shipping community, who would prefer loans rather than having to sell their vessels. According to...
2009-04-20 07:19:19
China Steel Express cuts fleet
China Steel Express is selling off five ships to prepare for winter. One of Asia's leading bulker operators is shedding tonnage as it prepares for miserable times in the dry-bulk market. China Steel Express (CSE) will offload four of its older cap...
2009-04-20 07:15:20
Boxship rates has yet to hit rock bottom?
Containership earnings are now down to operating cost levels, raising the question as to whether the charter market has fallen as far as it will go. Rather than accept employment at rates that leave them out of pocket, will owners park even more o...
2009-04-17 11:00:00
VLCC rates at 11-year lows
With VLCC rates at their lowest in at least 11 years owners will scrap ships and cancel orders for new ones, according to Frontline Ltd., the world’s largest VLCC operator. VLCCs are making $4,335 a day after fuel costs for delivering Middle Ea...
2009-04-17 07:33:06
Box lines must cut fleet to survive
Failure to take the bold steps required to eliminate unwanted containerships will drive some lines out of business. That is the verdict of Drewry Shipping Consultants in a report that urges ocean carriers to “act now” in order to survive the c...
2009-04-17 07:17:10
NYK cuts fleet expansion plans
Nippon Yusen K.K., Japan’s largest shipping line, will slash fleet expansion plans by 10 percent as it scraps some ships and returns others to owners amid slumping demand for transporting cars and containers. Nippon Yusen will expand its fleet to a...
2009-04-16 07:55:50
Laid-up boxships shrink
Since containerships began being placed on hold at sea in September 2008, the total capacity of such vessels has dropped for the first time. According to findings by French maritime consultant AXS-Alphaliner, the number of ships put on standby at...
2009-04-16 07:42:38
Tanker sector faces worse slump than expected
The tanker market is set to face a “much more prolonged downturn” than previously thought, according to New York investment bank Dahlman Rose. The outlook for tanker rates this year is worse than previously expected, after a larger-than-antici...
2009-04-16 07:15:40
Dry bulk shows signs of life
After 22 straight falling sessions for dry bulk freight rates, the Baltic Dry Index (BDI) finally headed back up, during the last couple of days. The BDI rose a further 14 points yesterday at 1,492, coupled with another 15 point gain of 1% last T...
2009-04-16 06:54:11
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