Shipping
Shipowners cut losses by scrapping orders
Shipowners are forfeiting tens of millions of dollars to cancel contracts to buy vessels rendered uneconomic by one of the industry’s sharpest downturns. Last week, New York-listed Genco Shipping announced it was forfeiting $53m in deposits it h...
2008-11-11 11:06:18
Emergency bulk talks to be held in London
THE world’s leading owners, traders and charterers will gather in London for an urgent meeting on November 19 to discuss the financial crisis enveloping the dry bulk shipping industry. The Baltic Exchange has stepped up to host the event, first pro...
2008-11-11 10:59:52
A.P. Moller - Maersk axes 700 jobs in China
A.P. Moller - Maersk has revealed plans for a phased shut down of a global service centre at China’s Guangzhou, which will result in the elimination of about 700 jobs. The company has attributed the move to the global economic slowdown, which it st...
2008-11-11 03:20:58
Question mark over Vale's $1.6bn VLOC deal
Asian iron ore demand has deteriorated. DOUBT has been cast over the future of one of the industry’s largest and most significant bulk carrier newbuilding orders — Vale’s $1.6bn deal for 12 very large ore carriers. In May, the Brazilian i...
2008-11-10 11:04:03
Tanker freight market set to follow dry bulk's slump
Despite their great run during the past few months, tanker freight rates are headed for a fall, as the global financial crisis deepens and affects real economy. Experts are expecting a fall in oil demand by industries, which coupled with OPEC’s rec...
2008-11-10 10:09:16
Spanish yard win five vessels
Economy Top executives of the Spanish shipyards Freire and Vulcano and state-run oil company Petróleos de Venezuela (Pdvsa) finalized on Tuesday a contract to build five vessels for Venezuela. The agreement, amounting to Euro 400 million (USD ...
2008-11-06 11:53:16
BDI rose for the first time
Yesterday (Wednesday) marked the first time from September that the suffering Baltic Dry Index (BDI), an index that tracks commodity freights for the shipping industry managed to scrape a narrow rise by 11 points at 826, with the Panamax index leadin...
2008-11-06 11:37:30
Genco cancels six-ship newbuild acquisition
Peter Georgiopoulos-led Genco Shipping & Trading Limited (NYSE: GNK) is forfeiting $53 million in deposits and canceling a previously announced $530 million acquisition of six drybulk newbuildings (three Capesize and three Handysize) from Lambert Nav...
2008-11-05 11:03:10
Greece owners keep on ordering new buildings
A pleasant surprise caught everybody monitoring the course of new building orders at shipyards across the world, as Hellenic ship owners appear to have kept their faith in the dry bulk market, as shown by September’s figures, compiled by shipbroker...
2008-11-05 10:52:36
Shipping industry will ride the storm of financial crisis
As the turbulence of recent weeks has rocked the previous complacency that had become embedded in the fabric of a western society that the righteous have already dubbed as irresponsible, the marine industry has begun to batten down in preparation for...
2008-11-04 11:18:07
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