New Times grants Cargill’s Suezmax request （2015-04-09）
China’s New Times shipbuilding yard has agreed to Cargill’s request to convert the second vessel of a two-vessel Capesize bulker order to a Suezmax tanker. Cargill originally ordered the 180,000 dwt pair in mid-2014, with deliveries scheduled from early to mid-2016. Since the collapse of the dry bul... |
Precious Shipping: BDI does not tell our pain （2015-04-09）
The Baltic Dry Index (BDI) may have reached an all-time low this year. Even so, taking into account the inflation since the previous historic low in 1986, the index does not give the whole picture of the pain of bulker owners, said Precious Shipping managing director Khalid Hashim. The BDI reached 5... |
Over-tonnage suppresses dry bulk chartering （2015-04-09）
Despite a healthy number of bulkers being fixed prior to the Easter holiday, rates are still depressed as oversupply of tonnage remains severe. Last week saw 92 bulkers being chartered prior to 3 April, almost on a par with the 86 ships being fixed the previous week. Rio Tinto alone fixed 10 Capesiz... |
Triyards profit drops 34% （2015-04-07）
Singapore-listed offshore services provider Triyards Holdings recorded a drop in profit to USD5.1 million or 34% year on year (y/y) for the second quarter ended 28 February 2015 due to lower revenue. The company’s earnings suffered a decrease of 18% y/y to USD61.1 million from USD74.5 million. Triya... |
AVIC Maritime takes majority stake in AZM （2015-04-07）
Singapore-listed state-owned Chinese shipbuilding group, AVIC International Maritime, has taken a 60% stake in affiliated AVIC Zhenjiang Shipyard Marine (AZM). AVIC International Maritime, led by executive chairman Diao Weicheng, will acquire 3 million shares representing the 60% stake from affiliat... |
Pacific Basin downsizes chartered-in fleet （2015-04-07）
Hong Kong-listed Pacific Basin Shipping has trimmed its chartered-in fleet by nine to 129 vessels amid the persistent weak bulk shipping market. The company’s bulk carrier fleet comprises 209 bulkers, of which 80 are self-owned, 40 on long-term charterparty, and 89 on index-linked or short-term char... |
HHIC secures new ULCS orders （2015-04-07）
South Korean shipbuilder Hanjin HI (HHIC) has confirmed that French liner operator CMA CGM has ordered three new ultra large containerships (ULCS's). The 20,600teu vessels are due to be delivered in 4Q17 and 1Q18 and are understood to have been priced at USD155 million/ship. All three vessels will b... |
MT Maritime continues to expand its fleet （2015-04-07）
US chemical tanker operator MT Maritime Management has ordered four new vessels in order to expand its fleet. According to the company's website, it has two 21,000 dwt chemical tankers on order at Kitanihon Shipbuilding, which are scheduled for delivery in January and March 2018. MT Maritime also ha... |
China vessel exports up 38.5% y/y （2015-04-07）
China's vessel exports rose 38.5% year on year (y/y) to USD6.1 billion in the first two months of 2015, according to customs statistics. The exports are likely to decrease later this year as new orders placed at Chinese shipyards have been tumbling since late 2014, China National Association of Ship... |
MOL set on container business return to profit （2015-04-02）
As the container business has been dragging down Mitsui OSK Lines' (MOL's) profits in recent years, its president, Koichi Muto, has expressed a determination to restore profitability to the sector in the coming financial year (FY). Speaking on the 131st anniversary of the establishment of Japan’s bi... |
No let-up seen for Panamax bulkers （2015-04-02）
The market environment for Panamax and post-Panamax bulk carriers remains challenging, and has been particularly affected over the past year by the slowdown in coal trades, said Italian broker Banchero Costa. Panamax bulkers are also increasingly challenged by large geared Supramaxes on some coal an... |
Chinese shipbuilders' market share weakens （2015-04-02）
Although Chinese shipbuilders have been winning fewer orders since the start of the year, this would not mean more business for South Korean shipbuilders, said an analyst. Samsung Securities analyst Han Young-soo said that China's market share in the global shipbuilding market fell from 42% in 2013 ... |
OOIL orders six 21,100 teu box ships （2015-04-02）
Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), has placed a new order for six 21,100 teu container ships at Samsung Heavy Industries for USD951.6 million. OOIL is currently arranging a bank loan to fund 70% of the costs of the newbuildings, with ... |
JES International still in red for 2014 （2015-04-02）
Singapore-listed Chinese shipbuilding group JES International has announced another loss for 2014. In a Singapore Exchange filing, JES International said it had a loss of CNY290.466 million (USD46.83 million), which was lower than the CNY552.191 million loss for 2013. However, its fourth-quarter 201... |
Jurong secures Heerema crane vessel LOI （2015-04-02）
Singaporean shipbuilder Jurong Shipyard, a subsidiary of Sembcorp Marine, has secured a letter of intent (LOI) for a semi-submersible crane vessel (NSCV) from Dutch owner Heerema Offshore Services, a subsidiary of Heerema Marine Contractors (HMC). The shipowner claims it is to be the world’s largest... |
Hamburg Bulk Carriers adds 11 vessels （2015-04-02）
German Handysize operator Hamburg Bulk Carriers (HBC) is expanding into the Supramax and Panamax segments with the award of third party management contracts for 11 ships of 53,000 to 82,000 dwt. The company said today that it was put in charge of the new tonnage by institutional investors and lender... |
CMA CGM profits up 43% （2015-04-02）
French container line operator CMA CGM has announced that its 2014 net consolidated profits rose by 43% over the previous year to USD584 million thanks to a growth in volume and significantly reduced costs. Volumes carried rose by 8.1% year on year (y/y) to 12.2 million teu and revenues increased 5.... |
China Shipping Development back to profit （2015-04-02）
Shanghai- and Hong Kong-listed China Shipping Development announced on 26 March that the company has recorded profit of CNY309 million (USD49.6 million) for 2014, returning to black from the loss of CNY2.23 billion in 2013. The company’s revenue stood at CNY12.27 billion, representing an increase of... |
Epic Gas sells two ships （2015-04-02）
Singapore-based pressurised gas carrier owner Epic Gas has sold two of its older ships. The company said 1997-built Epic Cebu and 1996-built Cefalu have been sold to buyers engaged in Southeast Asian cabotage trades. Epic Gas said, “The transaction demonstrates Epic’s commitment to proactively manag... |
Rickmers confirms 9,300 teu swoop （2015-04-02）
Hamburg shipowner Rickmers Group today confirmed the takeover of three 9,300 teu newbuildings that are under construction at Korean builder STX. It said the ships have been acquired jointly with a financial investor whose identity the company refused to disclose. The transaction had been rumoured fo... |