Shipping
Revival of Brazil iron ore cargoes lifts rates hopes
European steel mills are booking capesize vessels to ship iron ore from Brazil for the first time since October, brokers have reported, boosting hopes of a sustained recovery in bulk carrier freight rates. ArcelorMittal was among those mills that ...
2009-02-23 07:35:48
Cosco boss hails stimulus plans
Stimulus plans launched by the Chinese, US and European governments over the past few months are beginning to buoy demand and lift the troubled dry bulk market, the head of China’s largest shipping company said. But Wei Jiafu, China Ocean Shipping ...
2009-02-23 07:26:56
New Delhi snubs domestic owners
India's shipowners are on their own after the government ignored their pleas for a financial aid package to help them through these critical economic times. It is a disappointment for owners after their hopes were raised four years ago. The much-t...
2009-02-23 07:17:11
Tanker downturn could last until 2011
Concorida Maritime, the Swedish tanker operator, says the tanker markets could be facing a downwards spiral until 2011, but says the time is right for further consolidation as secondhand ship prices continue to drop. The company, part-owned by the Go...
2009-02-19 14:03:14
Vale hunting secondhand capesizes
Brazilian resources giant Vale is moving to acquire secondhand capesize bulkers. While the company has already decided to purchase one unit from Kawasaki Kisen Kaisha (K Line), it reportedly plans to continuously advance procurement of secondhand ves...
2009-02-19 07:52:28
Scrapping of PCTCs spreads out
In light of the sharp reduction in completed car marine transport, not only Japanese operators but their overseas peers have also begun to scrap their superannuated pure car/truck carriers (PCTC). Thus far, Wallenius Wilhelmsen Logistics (WWL) has di...
2009-02-19 07:47:30
Korean yards refuse Zim request
The timing of the Zim shipping company's orders of new volume may be unfortunate. That is, evidently, too bad. "South Korean shipyards are refusing to bow to pressure from big shipping companies to cancel or reduce prices," the British maritime trans...
2009-02-18 12:30:13
Idle boxship fleet approaches 400 mark
Containerships continue to flood into layup with nearly 400 box vessels now idle, new figures show. The data has sparked fears overcapacity will blight the sector for up to five years. AXS-Liner says 392 containerships, with a capacity of 1.1 m...
2009-02-18 08:27:51
BDI recedes for third straight day
The Baltic Dry Index posted a third consecutive drop on falling rates to haul coal and iron ore for making steel. The index fell 62 points, or 3.2 percent, to 1,846 points, according to the Baltic Exchange. "A painful downturn is expected for Chin...
2009-02-17 14:46:37
Goldenport buys boxship
Goldenport Holdings has agreed to purchase an unnamed containership for $10.5m, the London-listed owner said Monday. The ship is being acquired from Panama registered Cosmo Shipholding and is expected to be delivered within March 2009. The acquisi...
2009-02-17 08:00:18
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