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Dry bulk spot rates to improve slightly: 1st Half
The US investment bank, Oppenheimer & Company said that weak demand will see dry bulk spot rates rise slightly above break even levels in the first half of 2009, which has downgraded forecasts for the troubled sector. Oppenheimer in a report on the s...
2009-01-12 07:40:05
K Line to purchase VLCC newbuild
Kawasaki Kisen Kaisha (K Line) is said to be buying a newbuilding VLCC due in June from Imabari Shipbuilding. Brokers report Friday that the Japanese owner and operator is paying $110m for the vessel, which is under construction at Imabari's yard...
2009-01-12 06:31:50
Oil traders seek another 10 supertankers for storage
Oil traders are seeking as many as 10 supertankers to store crude, potentially taking the amount hoarded at sea to almost five days of European Union demand, according to Frontline Ltd., the largest owner of the vessels. About 25 of the carriers, eac...
2009-01-09 09:34:47
DSME delivers Q-Max
Qatari operator Qatar Gas Transport Co. (QGTC) announced recently that it has taken delivery of the Lijmiliya, the world's largest LNG carrier built by Daewoo Shipbuilding & Marine Engineering (DSME). The newbuilding is a 263,000-cbm mega-ship ca...
2009-01-08 14:18:38
Bulker view cut: 22%
Oppenheimer analyst Scott Burk slashed his rate expectations for the dry-bulk sector Wednesday, leading him to give earnings forecasts a similar cut. Scott Burk, who covers marine transportation for the New York investment bank, cut his rate expe...
2009-01-08 08:45:33
Maersk axes 100
Another 100 jobs are being slashed at AP Moller-Maersk which is reorganising its headquarters as business units come under pressure. The cuts come almost a year to the day since the Danish liner giant announced it was axing 12% of its workforce. ...
2009-01-08 08:37:22
210 boxships on standby: worst levels
The number of containerships on standby at sea has reached 210 vessels as of Jan. 5, 2009. According to findings by French maritime consultant AXS-Alphaliner, 4.5% of the world's containership fleet, or 430,000 TEUs in terms of capacity, is curre...
2009-01-07 09:39:17
Timah eyes $20m ships purchase
Indonesian state mining company PT Timah could soon embark on a $20m ship purchase splurge. The Jakarta- and London-listed tin exporter is mulling the acquisition of four units to support planned offshore expansion, compatriot newspaper The Jakart...
2009-01-07 08:00:54
Ray of light: Dry bulk
A massive jump in vessel scrapping during the fourth quarter of 2008 is providing a ray of light for the beleaguered dry-bulk sector. Nearly 50 bulkers were consigned to the torch as scrapping reached its highest level in seven and a half years, Par...
2009-01-07 07:53:21
Cape sold for $27m
A 12-year-old capesize bulker is said to have been sold for $27m, a price that observers say is low given the latest value assessments. Market sources say the vessel involved is the 170,000-dwt Golden Wing (built 1997), controlled by Hong Kong-bas...
2009-01-07 07:26:29
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