Shipping
Nanjing Tanker invests $600m for fleet expansion
Nanjing Tanker Corp plans to spend Yuan4.1bn ($599m) to double its fleet capacity after posting a 61% increases in net profit last year. The Shanghai-listed tanker and specialist vessel operator wants to ship nearly 20% more cargo and achieve 15% ...
2009-03-05 12:08:41
Tankers valued at a discount
Although an accurate approach to current tanker values is a difficult task amid today’s challenging economic environment, some conclusions can be derived based on recent deals. According to US marine consultants Macquilling Services, recent deals f...
2009-03-05 10:57:23
MOL idles 5,500-teu ships: Cold lay-up
Mitsui OSK Lines (MOL) has decided to lay up two 5,500-TEU containerships on a long term basis. The company will apply the so-called cold lay-up method which calls for the disembarkation of all crewmembers on the ships and stopping of the engines dur...
2009-03-05 07:43:11
Capesize fleet to return to full operation
The number of laid-up Capesize bulkers is rapidly decreasing. The primary cause is the recovery of transport demand from Brazil to China, and overseas media sources report that the number of bulkers laid up has fallen to around 30 units. The majority...
2009-03-05 07:38:21
MOL not cancelling newbuildings
Mitsui OSK Lines (MOL), the world’s largest bulker operator, denies that it is cancelling ore carrier newbuildings, but is putting plans for further orders on hold. “We have not cancelled any new orders including those for VLOCs and capesizes...
2009-03-05 07:14:12
Cancellations and scrapping: Catalyst to recovery
An unprecedented contraction in the global fleet of dry bulk ships due to cancellations at shipyards and increased scrapping could be the leading edge of a sustained recovery in the sector, Eagle Bulk Shipping chairman Sophocles Zoullas has said. Mr ...
2009-03-05 07:06:37
Excessive orderbook: Real serious
The world’s bloated bulk carrier orderbook “spells disaster” for shipping markets and could produce “a wave of destruction for banks to rival the sub-prime crisis”, one of London’s most respected shipbrokers forecast on Wednesday. Howe Ro...
2009-03-05 06:59:50
Slew of new tankers will push rates down
Freight rates for oil tankers are expected to come under significant pressure this year as nearly 300 new oil tankers, or 47 million deadweight tons of shipping capacity, are due for delivery globally, DVB Bank S.E. said Monday. Very Large Crude Carr...
2009-03-04 07:16:45
MOL puts the breaks on fleet expansion
Mitsui O.S.K. Lines, the world’s largest operator of iron-ore vessels, halted new orders for the ships as demand for steel drops. The company is scrapping up to seven iron-ore carriers and may not renew long-term charter contracts, Masafumi Yasuoka...
2009-03-04 07:12:59
Liners lay-ups 25% in 2011
One quarter of the world’s containership fleet will be in lay-up by 2011 and freight rates will not pick up significantly until 2014, Claus-Peter Offen, one of Germany’s largest shipowners, has forecast. “About 1m teu is already idle. This nu...
2009-03-03 14:55:34
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