Shipping
Tanker market collapses
Tanker owners may have been putting on a brave face recently, but the reality of the global economic crisis appears to have finally caught up with them. Spot charter rates plummeted last week to levels not seen this decade as a result of a slump in o...
2009-03-25 07:44:06
Crisis talks over scrapping
European Union shipowners are divided over calls to scrap older vessels to alleviate massive overcapacity and put a floor under rates. Representatives from the 27 EU member states will meet in Brussels on Thursday to discuss the crisis and an obl...
2009-03-25 07:25:40
Zim lays up ten boxships
Israeli carrier Zim Integrated Shipping Services has laid up ten boxships in the 4,000 teu bracket in the Philippines, the Israeli Sea Officers’ Union has confirmed. Union chairman Avi Levy added that 70 shore-based jobs were to go and an early...
2009-03-25 07:17:04
Golden Ocean making good progress
John Fredriksen’s Golden Ocean is making “good progress” on a financial rescue package that the dry bulk shipping company says should involve an injection of less than $100m in fresh equity. Oslo-listed Golden Ocean said its short-term liquidit...
2009-03-25 07:14:48
“Perfect storm” in boxship sector
The rapid decline in cargo volumes on the world’s two most important liner trades, combined with record deliveries have created the “perfect storm” for the container sector. In its latest weekly report, Clarkson says the three-month moving ...
2009-03-24 07:19:02
MOL's LNG ship looks set to ,,,
Mitsui OSK Lines may not need its new ship for another year. Mystery surrounds the near-term future of an LNG newbuilding controlled by Japanese shipowner Mitsui OSK Lines (MOL). Market talk suggests the 177,000-cbm Abdelkader is going to remain b...
2009-03-23 07:23:56
Greeks fret over shipyard clashes
While some shipbuilders are struggling, others are playing hardball with Greek owners over contract renegotiations. Greek shipowners who have booked vessels at some Chinese and South Korean shipyards are feeling like the chips are stacked against ...
2009-03-23 07:09:21
Oslo Marine puts fleet plans on ice
Russia's Oslo Marine Group has been forced to put its European expansion on hold. The plans of Russia's Oslo Marine Group (OMG) to build up its European fleet to 30 ships have been paralysed by the credit crunch. Orders for four multipurpose (MPP)...
2009-03-23 07:01:40
Arpeni cancels fleet-expansion plans
The global financial crisis has caught up with Indonesia's Arpeni Pratama Ocean Lines, which has cancelled its much-touted fleet-expansion plan for 2009. The company is instead looking to raise cash to support its existing fleet. Well-placed Indonesi...
2009-03-23 06:57:29
Newbuilds going from yard to layup
An increasing number of containership newbuildings are going straight from the yard into layup rather than trade at dire market rates. German owner Foroohari Schiffahrt has emerged as the latest owner to follow the growing trend, putting the 1,795...
2009-03-23 06:36:49
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