Archive for December, 2008
Box trailer operators call off strike
The indefinite strike by container trailer operators has been called off following an assurance from officials of various organisations, including the Chennai Port Trust and National Highways Authority of India, and the Tamil Nadu Government, to expedite the Ennore-Manali road project. The 10-day strike crippled movement of containers in and out of the Chennai container [...]
Investing in ships doesn’t guarantee good returns
Not all maritime nations, Kenya included, may invest in ships because of economic reasons. They may not see shipping in the context of business and may decide to invest in shipping and own a national fleet as an arm of nationalistic and expansionistic regime. Others may even do so for prestigious purposes. Whether this is [...]
2008 the ‘best year ever’ for tanker owners
2008 has been “the best year ever” for tanker owners, according to leading broker RS Platou. According to its tanker index, which is derived from six different sizes of crude and product carriers, average daily earnings for owners were $64,000. This figure is marginally higher than 2004 levels which previously held the record, stated an [...]
Euroseas Ltd. Announces Agreement to Sell Panamax Drybulk Vessel
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Euroseas Ltd., an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced yesterday that it has signed a Memorandum of Agreement to sell M/V Ioanna P, a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The M/V Ioanna P [...]
Global container liners’ India operations in choppy waters
Global container liners like Hapag Lloyd, Maersk Line, P&O Nedlloyd and Mediterranean Shipping Company are not having it easy when
it comes to running their businesses out of India. Every container liner is losing in excess of Rs 50 crore each month, as the number of unclaimed containers have increased in various ports in the [...]
LNG CARRIER BREAKS DOWN OFF BOSTON
THE laden 126,538 cu m LNG carrier Suez Matthew broke down off Boston just before midnight on Saturday. It lost main engine power for about only an hour but reports says its was nine hours before the ship had tested its propulsion system and started to proceed to an anchorage in Broad Sound, accompanied by [...]
GERMAN WARSHIP STOPS PIRATES
THE German frigate Karlsruhe was in action on Christmas Day in the Gulf of Aden, stopping a pirate attack on an Egyptian bulk carrier according to the London-based International Maritime Bureau (IMB). Noel Choong, chief of the IMB’s Kuala Lumpur-based Piracy Reporting Centre is reported as saying: “The pirates were randomly firing at the ship, [...]
Container ship lines struggle to survive what could be an extended bust
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What will the container shipping industry look like when it emerges from its current funk? When will global containerized trade resume its growth? Will the volume grow fast enough to absorb the surplus of vessel capacity that is hanging over the market? How long will that overcapacity keep rates at rock-bottom levels? Will carriers ever [...]
When the Storm Borns Opportunities
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At the beginning of 2008 even the more satanic brain could not predict the condition of the world economy and especially the rapid and extensive slowdown of the shipping industry only eleven months later.
Today’s compicated world economic system proved vurnerable and unprotected to face the crisis that eroded from a massive violation of basic market [...]
Nigeria: Nimasa, Isan On Collision Course Over Single Hull Ship Deadline
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Uncertainty surrounds the fate of ship owners, who still use single hull ships on Nigerian waters, as the meeting between the Indigenous Ship Owners Association (ISAN) and Nigerian Maritime Administration and Safety Agency (NIMASA) held on Monday could not resolve the disagreement over the implementation date.
At the meeting, which was held at the NIMASA boardroom [...]
