Company News
Supertanker Returns Slump 24% to Nine-Month Low on Excess Supply of Ships
tanker
Per Mansson, managing director of Nor Ocean Stockholm AB, comments on supply and demand for supertankers hauling 2 million-barrel cargoes of Middle East crude this year. Rental income after fuel costs from shipping Saudi Arabian crude oil to Japan on the industry’s benchmark route fell 24 percent yesterday to $11,585 a day, according to the [...]
A smooth sail in choppy waters
index
The last one month has been turbulent for dry bulk shippers with the Baltic Dry Index (BDI) falling by more than 56%. The decline in Chinese demand for iron ore and coal and easing port congestion have caused spot freight rates to fall. In addition , increase in supply, on account of delivery of new [...]
Analyst thinks drybulk shipping market bottomed
deuse_bank
A Deutsche Bank analyst says he thinks the drybulk shipping market may have bottomed, a sign that global trade might soon improve. THE OPINION: The Baltic Dry Index, which measures activity on major shipping lanes throughout the world, posted its first gain Friday in nearly two months. The index is a key measure of global [...]
Commercial shipping development basic priority of Cyprus
The government of Cyprus has set the development of commercial shipping as one of its basic priorities, Minister of Communication and Works Erato Kozakou - Markoullis has stressed. Addressing a luncheon on the sidelines of the maritime exhibition “Posidonia 2010″, in Athens, Markoullis said that the Ministry will always support those involved in the maritime [...]
Conversion of large crude carrier tankers to FPSO vessels
The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that its subsidiary, COSCO (Dalian) Shipyard Co., Ltd. (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co Ltd) has secured two contracts totaling over US$100 million to convert two Large Crude Carrier tankers, MT [...]
Korea Regains No.1 Ranking in Global Shipbuilding
Ship
The world’s number one shipbuilder, Hyundai Heavy Industries, failed to receive any new orders in 2009. And this applies to most of Korea’s large shipbuilding companies as well. Back in 2007, new orders for domestic shipbuilders added up to 32 million tons.
But, the amount was nearly cut in half in 2008 and plunged to one-tenth [...]
Shipping confidence hits 15-month high as freight market optimism rises
cargo
Overall confidence levels in the shipping industry have risen to their highest levels for fifteen months, according to the latest Shipping Confidence survey by Moore Stephens. The survey revealed that owners, managers and charterers were all more confident of making a major investment over the next 12 months, while there was a noticeable rise in [...]
Industry sees recovery in container shipping
conteiner
Leaders of the container shipping industry in Asia and the Pacific predicted Thursday a gradual recovery of their sector following the recent surge in raw material imports by the US and the European Union. Container shipping is still reeling under an overall industry loss of US$15 billion in 2009.
Hennie van Shoor, Director of Business Performance [...]
Shipping sector likely to stay volatile this year: report
cargo
As profits continue to fall in major US and European shipping companies, the industry is being warned that volatility is set to continue in 2010. According to a report published by Charles Stanley Securities, the results season for many shipping companies has been characterised by difficult market conditions in 2009. Regarding the dry bulk sector, [...]
Payment of Ransom to Pirates Held Not to Be Contrary to Public Policy
pircay
The UK High Court of Justice, Queen’s Bench Division, Commercial Court ruled that it is wrong to categorize the payment of ransom to Somali pirates for return of a hijacked vessel, its crew, and its cargo as contrary to public policy. In the instant case, plaintiff owned cargo on a vessel that was hijacked on [...]
