Shipping
DryShips cancels ships purchase
Athens-based DryShips has axed its proposed $400m acquisition of four panamaxes from companies beneficially owned by DryShips chief executive George Economou in order to preserve cash. The company blamed a “significant deterioration in the dry b...
2008-12-11 08:09:55
Yangfan bags post-panamax
A German owner is said to have spent $232m on four panamaxes at Yangfan Group. German containership owner Herm Dauelsberg is making a debut in the dry-bulk sector with a reported newbuilding order for four post-panamax bulkers in China. New...
2008-12-10 12:19:13
Shipping’s struggle to stay afloat
The economic crisis has resulted in a fall in demand for freight transport, threatening the survival of many ship owners and operators, says Axel Pierron of Celent, the research consultancy. Mr Pierron says a “huge financing requirement for shipbui...
2008-12-10 10:37:21
Aker Philadelphia keel laying for 8th product tanker
Aker Philadelphia Shipyard, a leading U.S. commercial shipyard, held a traditional keel laying ceremony today for the eighth MT-46 Veteran Class product tanker being constructed at the yard. When completed, the vessel will join its seven other sister...
2008-12-10 10:09:56
COSCO cancels 2009 ship order
China Ocean Shipping Group (COSCO), China’s largest shipping company, cancelled the plan to purchase some 120 vessels in 2009, a source from the company told Caijing. According to the original plan, three-quarters were dry bulk cargo ships and the ...
2008-12-10 10:05:10
NYK cuts fleet expansion plan
Nippon Yusen Kaisha, Japan’s largest shipping line by sales, cut its fleet expansion plan by up to 60 ships as slowing growth decreases demand for shipping. Nippon Yusen will boost its fleet to 940 vessels at the end of March 2011, compared with ea...
2008-12-09 14:49:53
SCI delays signing for capes quartet
Shipping Corp of India (SCI) has delayed the contract signing of four capesizes bulkers at STX Shipbuilding amid indications it is looking to renegotiate the price and delivery terms. An STX official confirms the signing ceremony for the 175,000-...
2008-12-09 08:36:43
Austal delivers first Catamaran to Saudi Arabia
The Kingdom of Saudi Arabia has taken delivery of two Austal-built 88 metre high speed vehicle-passenger catamarans, “Riyadh” and “Cairo” during a handover ceremony in Jeddah attended by King Abdullah bin Abdulaziz Al Saud and the Egyptian P...
2008-12-09 08:15:29
Hellenic shipping hit by global financial crisis
In the sparkling blue waters off Greece's bustling port of Piraeus, dozens of hulking carrier ships loom out of the haze of a retreating thunderstorm. After spending several boom years racing across the world's oceans, they swing idly on their anchor...
2008-12-08 17:01:31
Tankers keep on newbuild orderbook
Most of the tankers currently on order will be built and delivered, according to New York broker Poten & Partners. This is in marked contrast to the dry bulk market where analysts believe large numbers of bulk carriers will be seriously delayed or...
2008-12-08 16:58:15
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