Shipping
Lloyds Register to release guide for ship layups
The recent decision by key players such as Maersk, APL and Zodiac Maritime to layup vessels in order to save money has spurred classification society Lloyds Register to put together a guide to the process. “The sudden and dramatic fall in freight r...
2008-11-26 06:57:08
Greek slashes exposure
Greece’s Vafias shipping group has again slashed its exposure to both wet and dry markets, as pundits continue to puzzle over the real extent of the hole that has so far been punched in the world order book, particularly in bulk carrier newbuilding...
2008-11-26 06:41:16
Ocean Tankers on track for 12 VLCC
Plans for 12 VLCC newbuildings by Singaporean oil trader Hin Leong Trading Pte. Ltd. and its tanker unit Ocean Tankers (Pte) Ltd. are going ahead despite a global economic slowdown. Hin Leong director Evan Lim told Tankerworld that the company “...
2008-11-25 10:55:06
Greek hit by financial crisis
GREECE, which controls nearly 20% of the world’s merchant fleet, is feeling the pinch of the global financial crisis. “The shipping industry is at the forefront of the free economy, and we’re the first ones to feel the recession as well as t...
2008-11-25 10:02:09
Norway to boost shipbuilding guarantee $1.1billion
The Norwegian Government unveiled a package of measures on Sunday intended to boost export-created jobs by boosting Guarantee Institute for Export Credit (GEIK) by up to NOK 50 billion (about $7 billion) to NOK 110 billion (about $15.3 billion). The ...
2008-11-24 15:29:12
Dry bulk market looking for lifeline
Just when some market observers started looking for signs of a modest recovery of the dry bulk freight rates, the cruel reality set them back to reality. The Baltic Dry Index (BDI) didn’t manage to sustain the growth marked for five-six straigh...
2008-11-24 10:26:17
Crisis talks begin amid fears of more bankruptcies
Around 400 of the global shipping industry’s heavyweights are locked in talks at a London conference centre, amid concern the continuing market meltdown will trigger further insolvencies and chartering defaults. The crisis meeting is hosted by t...
2008-11-20 11:53:25
Hellenic banks have low exposure in shipping
Despite the rapid pace of involvement of the banking sector of Hellas with the country’s dynamic shipping industry, the banks’ exposure remains at low levels, according to a report by Merrill Lynch. The investment bank said that the shipping sect...
2008-11-20 11:40:26
Maersk likely to lay up containerships
Maersk Line has indicated it will "very likely" lay up containerships in 2009 to counter the deepest market downturn in three decades. The vessels likely would be withdrawn from the market in the first half of 2009. Maersk Line Chief Executive Ei...
2008-11-20 10:33:36
Navios axes newbuilding orders
NAVIOS Maritime Holdings has become the latest publicly-listed dry bulk shipping company to batten down the hatches in the face of market turmoil by canceling newbuilding orders. The New York-listed bulker and logistics company has dumped no less ...
2008-11-19 08:56:05
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