Archive for September, 2009
Shipping supply/demand imbalance to persist-Maersk
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The supply and demand imbalance in shipping will persist for several years, weighing on earnings, the head of Danish shipping and oil group A.P. Moller-Maersk said. “This, combined with lower oil prices, will put pressure on our earnings in the short term,” Chief Executive Nils Smedegaard Andersen said in an edition of “Maersk Post” personnel [...]
Confidence growing as opportunity arises
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A continuing rise in confidence levels across the shipping industry is being met by a growing awareness over new opportunities, according to the latest Shipping Confidence Survey from accountant and shipping consultant Moore Stephens. With average confidence levels expressed by respondents, on a scale of 1 to 10, recorded at 5.7 compared to 5.5 in [...]
Bulk has not bottomed out yet: Keith Denholm
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Two of Asia’s best known bulk operators and commentators have poured cold water on any immediate prospect for a recovery in the sector, while speaking at Marine Money’s Singapore conference this week. Huxley, chief executive of Wah Kwong Maritime Transport Holdings, said the supply side looked “pretty grim”.
“This onslaught of tonnage coming on the market [...]
Navios Maritime Partners L.P. Announces Pricing of Follow-On Offering
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Navios Maritime Partners L.P. announced Friday that it has priced its follow-on public offering of 2,800,000 common units, which represent limited partnership interests, at $12.21 per unit. Navios Partners has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units to cover over-allotments, if any. Navios Partners expects to use [...]
U.S. 2009 imports lowest since 2003: report
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Import cargo at major U.S. retail ports is expected to hit 12.5 million containers in 2009, sharply below last year’s total but it was an improved outlook compared with just a month ago, the National Retail Federation and IHS Global Insight said on Thursday. The expected import volume for 2009 would be down nearly 18 [...]
UNIONS TARGET DOWA
INTERNATIONAL Transport Workers’ Federation (ITF) -affiliated unions targetting Japanese bulk carrier owner Dowa Line for its refusal to sign ITF crew agreements.
An ITF statement describes the campaign as being for “improved working conditions on board vessels operated by an anti-union shipping company”.
The All-Japan Seamen’s Union (JSU) and the National Council of Dockworkers’ Unions of Japan [...]
IUMI speaker predicts rise in piracy near Somalia
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Pirate attacks are on the rise this year and, after a lull, are expected to intensify as bad weather begins to calm off the coast of Somalia, a tanker company executive predicts. There were 114 pirate attacks worldwide in the first five months of this year, compared with 111 in all of 2008, said Mohammad [...]
India: Shipowners to seek interest subsidy for fleet renewal
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The Indian National Shipowners’ Association, a body that represents 36 Indian shipping companies, has estimated that as much as Rs 55,000 crore will be needed to replace aging ships in India. The association will approach the Government with a proposal that the industry be given an interest subvention facility, on the lines of the ‘Textile [...]
Piracy, seafarer shortage and climate change top the agenda as IMO Secretary-General visits Syria and Iran
Piracy, seafarer shortage and climate change were the main issues IMO Secretary-General Efthimios E. Mitropoulos discussed with Government Ministers he met in the Syrian Arab Republic and the Islamic Republic of Iran, during a recent four-day visit.
In Damascus and Lattakia (Syrian Arab Republic), he met the Minister of Transport, Dr. Eng. Yarob S. Badr, and [...]
US: “SEAFARERS SHOULD DEFEND THEMSELVES”
THE US Maritime Administration has issued an advisory to mariners and ship operators that piracy is likely to increase off the Horn of Africa and in the Indian Ocean now that monsoon season has ended. The advisory says crews should be prepared to defend themselves. “We must apply the lessons learned from the crew of [...]
