DG Shipping News
Somali pirates, Saudi ship owner say ransom agreed
piracy
Somali pirates and the owners of a Saudi ship held since March with 14 crew said on Tuesday they had agreed to a ransom of around $2-3 million, and a newspaper withdrew a report that the ransom was $20 million “We (pirates) and the owners of the Saudi ship had agreed on $3 million not [...]
Europe’s shipbuilders may break out of the doldrums before Asia’s
Ship
FOR those who regard the smashing of a champagne bottle as a tragic waste, the problems facing the world’s shipbuilders are excellent news. It takes such a long time to construct huge ocean-going container ships, bulk carriers and oil tankers that the vast shipyards of South Korea, China and Japan will still be cracking bottles [...]
Container Ship Deliveries Set to Soar
Conteiner
Deliveries of new container ships are set to surge over the next three months, contributing to a near 10 percent growth in the global fleet in 2010. Shipyards will deliver vessels with a combined capacity of 430,000 20-foot equivalent units in the second quarter compared with 70 new ships of 307,000 TEUs in the opening [...]
U.S.-Bound Boxes Pile Up in Asia as Lines Avoid Adding Ships
Conteiner
South Korea’s biggest port, overwhelmed with empty containers a year ago, is now dealing with shipping lines that have more cargo than they can carry. Surging shipments of furniture, electronics and clothes to the U.S. and Europe, coupled with capacity cuts by shipping lines, has caused as much as 15 percent of containers to be [...]
S.Korea: Bleak Outlook for Domestic Shipbuilding Industry
ship
Domestic shipbuilding companies are forecasted to struggle in the next two to three years due to unfavorable business conditions. Some claim that large-sized shipyards must diversify their businesses to overcome the crisis. Hana Institute of Finance (Hanaif) said on Wednesday “Local shipbuilding industry will continue to face difficulties as the amount of new orders and [...]
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 [...]
