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Shipping
Indian maritime infrastructure investment must be quadrupled
India’s Minister of State for Industry Ashwani Kumar has said that investment in ports, shipping and logistics sector must be quadrupled to bring the sectors up to international standards, reports PTI. "Our shipping and logistics infrastructure is ...
2009-02-02 07:04:26
MOL to scrap 17 ships
Japan's second-biggest shipping firm, MOL, will scrap 17 aging ships – 15 automobile carriers and two Cape-size bulkers – by the end of March, a company spokesman said. The scrapping comes in response to a sharp slump in demand for sea tr...
2009-01-29 13:46:44
IUMI paints bleak future for shipping and insurers
Marine insurance industry leaders have warned underwriters that the knock-on effect from the “devastating” global economic and seatrade downturn could last into 2011. The International Union of Marine Insurance said underwriters will have to “r...
2009-01-29 13:19:08
Petrobras makes first LNG delivery using FSRU
Petrobras earlier this month made the first delivery of liquefied natural gas (LNG) to generate electricity in Brazil. The delivery took place between Jan. 18 and Jan. 26. The plants that received the natural gas were Termoceará, a Petrobra...
2009-01-29 07:53:09
NYK Line eyes Malaysian owner
Japan’s NYK Line could use the current global economic slump as a springboard to expanding in Malaysia. The liner giant and diversified shipowner is eyeing a larger slice of the market in the Southeast Asian country, a Malaysian newspaper report...
2009-01-29 07:26:11
Singapore up: Shipping Industry
Singapore’s maritime authorities have said 2008 was a good year for the country’s shipping industry, despite the year-end downturn. The Maritime and Port Authority (MPA) said the sector “defied economic gravity” to hit new highs in vessel ar...
2009-01-29 07:02:57
Reliance rethinks capesize strategy
Falling rates and bulker values have forced an Indian player to consider other options. India's Reliance Power is considering shelving plans to order six capesizes in favour of secondhand bulkers and chartering tonnage. Sources say the Mumbai-based c...
2009-01-28 08:33:14
DryShips ditches 12 capes
DryShips has dumped its 12-ship capesize expansion plans in a bid to slash capital expenditure and strengthen its financial position. The moves include non-cash cancellation of the acquisition of nine capsizes from boss George Economou’s privat...
2009-01-23 07:20:04
CSCL forecasts 50% profit plunge
China Shipping Container Lines (CSCL) warned of more than a 50% drop in profit in 2008. The company issued a profit warning last night that its net profit for last year could fall to Yuan1.66bn ($243m) or lower. CSCL, the country’s second lar...
2009-01-22 15:49:39
Arbitration claims up 25% amid market slump
Arbitrators have been reporting a huge increase in appointments since last summer with some estimates that they are up by as much as 25% as a result of the market downturn. According to London Maritime Arbitrators Association committee member Mark...
2009-01-22 12:06:53
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