Shipping
Cosco issued Notes
China Cosco is lining up a CNY 10bn ($1.46bn) notes issue for domestic investors. The Chinese giant says cash raised from the move will be used to aid its capital expenditure and repay bank loans. Hong Kong-listed Cosco says the medium term notes ...
2008-12-23 09:34:51
DryShips may cancel purchase of $1.2bn capesizes
Shipowner George Economou has confirmed that his Nasdaq-listed dry bulk giant DryShips is likely to cancel a controversial purchase of nine capesize bulkers from his private fleet. “I am not saying it depends only on one person,” Mr Economou said...
2008-12-23 06:57:32
Q-max LNG carriers idling
The world’s biggest liquefied natural gas tankers are idling because delays at projects in Qatar, including that of Exxon Mobil Corp, have pushed down freight rates. South Korean shipyards led by Samsung Heavy Industries Co have delivered to Qatar ...
2008-12-22 17:30:56
Low-Price/Cut-Product: Shipping to stay afloat
Last week's gains in the indices were mostly maintained. Although the week ended in the negative for the Supramax and the Handysize indices (BSI & BHSI) the rest ended the week higher and in the case of the Panamax index (BPI) significantly higher en...
2008-12-22 06:51:43
Capesize bulker rates begin rallying
Charter rates on Capesize bulkers have begun rallying after a prolonged slump. On the time-charter market, Morgan Stanley concluded a one-year contract on Dec. 17 for a Capesize at $21,750 per day. The rate, higher than the cost of the ship built whe...
2008-12-22 06:45:31
Indians seek help
Indian shipowners are seeking financial help from New Delhi amid warnings that shipping will be hard hit next year The Indian National Shipowners’ Association (Insa) wants the shipping ministry to create “soft loan fund assistance” after it...
2008-12-22 06:24:10
Japan stop bulker order
The dry bulk divisions of Japanese major shipping companies will freeze the placing of newbuilding orders for the time being, and at the same time will undertake a pruning of their existing fleets in response to the ongoing steep dry market crash. In...
2008-12-19 09:29:40
Sovcomflot newbuilding programme, ‘intact’
Sovcomflot has shrugged off talk of global financial turmoil as it bullishly commits to its extensive newbuilding programme. The Russian tanker giant has also hinted at possible acquisitions as a decline in asset values may offer “more attractiv...
2008-12-19 08:40:23
NYK scales back fleet investment
NYK is cutting back on its JPY 1 trillion fleet expansion plans as Japan starts to feel the pain of the world economic crisis. Under management plan New Horizon, ending 2011, NYK had budgeted to spend JPY 740bn ($8.3bn) on 132 bulk and LNG carrier...
2008-12-19 08:35:06
ExxonMobil overcomes world's largest LNG carrier
Exxon Mobil Corporation’s technology leadership in liquefied natural gas or LNG has resulted in an industry breakthrough in carrier design and size, enabling the more efficient transport of natural gas to markets throughout the world. The recent co...
2008-12-19 06:48:56
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