Archive for October, 2009
Asian shipping lines suffer further losses
cargo
Two of Asia’s biggest shipping lines this week announced major losses for the June-September quarter in a further sign of the unprecedented severity of the crisis battering the industry. Singapore’s Neptune Orient Lines, which operates the world’s fifth-largest container ship fleet, said that it would lose money at least for the first half of 2010 [...]
New orders received by Chinese shipbuilders slump 70 pct in Jan.-Sept.
shipbuilding
Chinese shipyards received 16.92 million deadweight tons (DWT) of new orders in January to September, down 70 percent from the same period last year, according to statistics released by the Chinese Association of National Shipbuilding Industry (CANSI) this week.
They achieved 20.63 billion yuan of profits from January to August, down 6 percent on year.
The [...]
New shipping partners for Ince & Co in Dubai and Piraeus
Ince & Co’s teams in Dubai and Piraeus have each been supplemented with the arrival of a senior shipping partner from London. Graham Crane has transferred from London to Dubai, whilst Nick Shepherd has moved from London to Piraeus. Graham joined the firm as a partner in 2001, bringing over 20 years’ experience as a [...]
Ship destined for illegal breaking in India found a new career
tanker
A gas tanker that was detained under suspicion it would be dismantled illegally has today (Thursday 29 October) been released by the UK Environment Agency. The Margaret Hill, a 50,700 tonne liquid natural gas tanker, was stopped from leaving Southampton docks in August this year. The Environment Agency took swift action after it received intelligence [...]
GE Shipping July-Sept net seen plunging
Great Eastern Shipping Co Ltd is seen posting over 88 percent fall in July-September net profit as freight rates slumped during the quarter, putting pressure on margins. Analysts also expect revenue days to drop as the company sold several vessels in the year, while brokerage KR Choksey sees operating margin nearly halving sequentially to 34 [...]
International shipping industry launches Guidelines on selling ships for recycling
cargo
The Industry Working Group on Ship Recycling (which comprises ICS, BIMCO, INTERCARGO, INTERTANKO, IPTA, OCIMF, IACS and ITF) has published new ‘Guidelines on Transitional Measures for Shipowners Selling Ships for Recycling’. The Guidelines are intended to help improve safety and environmental conditions in recycling yards in advance of the entry into force of the new [...]
Three Japanese Carriers Post Losses
nyk-lines
Japan’s three largest shipping lines, NYK Line, MOL and “K” Line, on Tuesday reported losses for the first half of their fiscal years ended Sept. 30 as the global recession cut shipping volumes and rates in all sectors of their business. NYK and “K” Line forecast continuing losses for the full year while MOL is [...]
Bail-out request highlights shipping crisis
container
Fresh evidence has emerged of the extent of the crisis facing Germany’s container ship owners after at least one sought state aid to overcome the downturn. Peter Döhle Schiffahrts, the world’s fifth-largest specialist container shipowner, said it was applying for money from Berlin’s competitiveness fund for companies hit by the economic crisis.
Meanwhile, Jan Hendrik Offen, [...]
Maritime industry may need new mode of payment security
cargo
AUS rule used by shipowners to enforce payments by errant customers has ended after an appeals court ordered on 16 October that electronic fund transfers (EFTs) passing through banks in New York cannot be attached. An EFT is an instruction to transfer funds from one bank account to another.
The landmark ruling was given on a [...]
Shipping firms to sell more bonds
cargo
Ship companies are likely to sell more bonds as they continue to struggle to get financing from banks, according to Perry van Echtelt, executive director at Fortis Bank Nederland NV. Credit has been harder to get since Lehman Brothers Holdings Inc.’s bankruptcy in September 2008 sparked a financial crisis. Dry-bulk shipping markets collapsed last year, [...]
