Shipping
Vale grabs capes in S&P market
Brazilian miner Vale is being identified as the buyer of three large bulkers in transactions totalling $55m. Sale-and-purchase brokers report Friday that the vessels snapped up by the company include two units that are more than 20 years old. Amon...
2009-03-03 13:36:44
Tankers are increasingly being used for oil storage
Moves to use tankers, centering on VLCCs, for crude oil storage are expanding. According to foreign media reports, at least 80 million barrels of crude oil are now stored in tankers, and as many as 45 VLCCs are used for that purpose. The number accou...
2009-03-02 07:26:42
Capesize reaches highest level since September 2008
Spot charter fees on Capesize bulkers continue to rise, and Atlantic-Pacific cross-trade contracts have reached the $60,000/day-level. This is the first time since September 2008 that a contract in excess of $60,000 was fixed on the Capesize spot...
2009-02-26 08:45:42
Idle capesize numbers fall dramatically
The number of capesizes without employment has dropped by more than two thirds in the last three months, with 30 of the vessels now idling at ports around the world. But a different story has emerged for older and smaller bulk carriers, or those ...
2009-02-26 08:01:25
Almost quarter of reefer fleet idle
Almost 25% of the global reefer fleet is inactive, according to data from Lloyd’s Maritime Intelligence Unit. Some 342 ships, with a combined dwt of 684,373 tonnes, of a total fleet of 1,407 vessels are inactive or have not reported movement fo...
2009-02-26 07:49:21
Restructuring first: Shipping, South Korea
South Korea plans to give aid to its ailing shipping industry after restructuring it first. The government is now devising a scheme to get domestic financial institutions or enterprises to be able to legally purchase the ships which would be put o...
2009-02-26 06:58:11
New standard for ship prices
Hamburg shipbrokers want to establish a new standard for the determination of ship prices to prevent a downward spiral of containership prices caused by distressed sales. In a virtually illiquid market punctuated by just a handful of forced dispo...
2009-02-25 10:05:41
Capesize rate hits new high
A Capesize bulker was chartered on the spot market at $58,750/day for a Brazil-China voyage, the highest so far this year. On the London market on Feb. 19, the average Capesize charter rate on the world's four key lanes climbed to $38,741/day, co...
2009-02-24 07:48:35
VLCC market will suffer next
DVB Bank says the “vulnerable” very large crude carrier sector will be the next experience a significant downturn, as tonne-mile demand drops and a “deluge” of 70 new tankers enter trades in 2009. Instead the global fleet of 520 VLCCs will be...
2009-02-24 07:44:23
Bailout plan for shipping: Korean
In emergency economy meeting presided over by President Lee Myung-bak last week, the shipping industry emerged as the next target after the construction and shipbuilding industries, where government-supervised and creditor-led restructuring efforts h...
2009-02-24 07:22:51
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