DG Shipping News
Korea’s Shipbuilding Industry See Signs of Recovery
ship
After struggling from declining orders during the global recession some signs of recovery are being seen in Korea’s shipbuilding industry. Samsung Heavy Industries announced on Tuesday that it won deals worth 750 million US dollars with four European shipmaking firms to build nine oil tankers and it will build a marine facility in Southeast Asia.
It [...]
Hedging on Rate Futures
cargo
Bulk shippers and carriers routinely buy and sell futures contracts called freight forward agreements based on the Baltic Dry Index of bulk rates, to hedge against the risk that a rise or fall in the spot rate might cut into the profit they expect from the voyage. But ocean container shippers and carriers have had [...]
India: Government nixes plans of global shipowners on single-hull tankers
tanker
Foreign shipowners looking to register single-hull tankers in India may have to rethink plans after the maritime regulator last week scrapped an exemption that would have allowed them to operate these ships along the country’s coast. Single-hull tankers have to be phased out by December 2010 as per a global regulation, but some nations such [...]
Somalia-based piracy remains an intractable problem
piracy
It’s impossible to consider Somalia’s pirates in a vacuum. The evolution of piracy in Somalia is inextricably linked to the collapse of Somalia as a nation state, ravaged by conflict between rebels and government troops. The key pirate enclave is in northeastern Somalia, in a region known as Puntland where the pirates live as an [...]
Tankers to face pressure despite rise in oil demand
chemical-tanker
The current tanker market appears to be ending the year in a much better state than many protagonists anticipated, especially in the crude sector. However, 2010 will be a challenging year even with the anticipated revival in oil demand, according to a report. “The tonnage supply situation will continue to be a major headache in [...]
Copenhagen: support for a global tax on shipping and aviation grows
cargo
If agreed at the tense Copenhagen summit, the money is likely to go towards a £100bn “climate aid” fund to help poorer states deal with global warming. Either a tax or emissions trading system specifically for these industries could provide up to a quarter of this amount. The UK Government prefers the concept of global [...]
Several tankers sold for scrap last week
tanker
Several tankers were sold for scrap last week, including an old LPG carrier, along with other old dry bulk carriers. Indian breakers continued their recent competitive streak, securing last week two 1985-built chemical tankers - the 17,654 dwt Galaxy and the 50,600 dwt Ocean Grace. Though details on deal price for the Ocean Grace are [...]
DGS to flag off India’s first FDI in shipping industry
cargo
Indian shipping is all set to get its first foreign direct investment (FDI) with the shipping directorate expected to give its green signal this week to flag in a ship belonging to the Indian subsidiary of Malaysian company AET Tanker Holdings Sdn Bhd. According to sources close to the shipping administration, the directorate general of [...]
Experts Suggest Modernization of Shipping Law
vlcc
German shipping law has taken a step towards extensive reform after a group of experts - following five years of deliberation - produced a draft for new legislation, including a detailed statement on the reasons for each modification. The minister of justice established the group of experts in order to modify a law which came [...]
Shipping lines raise levy to offset piracy losses
piracy
Global shippers have raised the piracy levy due to an increase in pirate attacks off the Coast of Somali. The move is aimed at offsetting potential losses, however it is expected to push up the cost of shipping into the East African region. This means that shippers in the region, already overburdened by the piracy [...]
