Industry cancels orders worth Rs 3,750 crore for new ship
NEW DELHI: India’s shipbuilding industry may suffer cancellations of about 15% of their total orders, worth at least Rs 3,750 crore, as a slump
in international trade in the wake of the global economic crisis has taken a toll on the sector, industry experts say. Orders for about 35 ships that were to be built [...]
Shipping firms face unhappy new year
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As 2008 draws to a sorry close, the boom momentum that the shipping industry was enjoying at the start of the year is now a distant memory with demand falling in direct proportion to the economic slowdown.
Charter rates continue to plummet with the scenario of idle tonnage becoming a certainty for the near future, especially [...]
India: Dry bulk cargo shipowners lay up vessels, sell older ships
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Bangalore: Indian shipping firms engaged in carrying dry bulk cargo such as coal or steel have started laying up vessels and even selling older ones as freight rates plunge to record lows amid the global economic downturn and credit crunch. A lay-up happens when a ship is withdrawn from trading operations.
“The market for dry bulk [...]
Shipping slowdown expected to cut deployment of seafarers
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“For seafarers, they [IMO] can see a little bit [of a downturn] in the first quarter, but they would recover in the third quarter,” Labor Secretary Marianito D. Roque told reporters at the sidelines of the department’s 75th year anniversary exhibit opening, without giving estimates. United Filipino Seafarers president Nelson P. Ramirez said in a [...]
Regional shipping industry jobs still safe
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Despite the current slowdown in the global shipping industry, which has impacted operations, regional shipping companies will continue to retain their staff, said senior industry players.
Major international shipping companies have already announced more than 3,000 job cuts in an effort to reduce costs in the wake of the increasing financial crisis that continues to adversely [...]
Legal Hurdles in West Slow Pursuit of Pirates
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Somali pirates firing automatic weapons and rocket-propelled grenades hijacked yet another ship in the Gulf of Aden on Friday, this time seizing a chemical tanker. A German military helicopter from a nearby warship arrived in time to pull three security guards out of the water, but not soon enough to prevent the hijacking of the [...]
Shipping industry calls for blockade of Somalian coast
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A shipping body and tanker owners from around the world on Monday called for a military blockade along the coast of Somalia to intercept pirate vessels heading out to sea. Peter Swift, managing director of the International Association of Independent Tanker Owners, said stronger naval action - including aerial and aviation support - is necessary [...]
BIMCO urgent piracy advisory
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While there have been clear statements made by the shipping industry lobby to the international community and the volume of reporting on events and various recent statements made by shipping stakeholders - BIMCO would suggest that there are two urgent matters that need to be addressed by the industry and the international community respectively. BIMCO’s [...]
Shipping industry urges EU governments to take up arms against Somali pirates
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Abdul Hassan, chief of the pirate group called the ‘Central Regional Coastguard’, carries a rocket-propelled grenade on to a boat with some of his crew. Photograph: Veronique de Viguerie/Getty Images
European shipowners are urging their governments to wage war on Somali pirates and seize vessels by force, the Guardian has learned, amid growing fear that shippers [...]
Shipper calls for military force on Somali pirates
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The world’s militaries must work together to battle pirates off the Somali coast or ships will have to be diverted and the cost of moving goods will skyrocket, one of the world’s largest oil tanker companies said Friday. Frontline Ltd., which sails five to 10 tankers of crude a month through the treacherous Gulf of [...]
