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Great Eastern (GE) Shipping, India’s largest private sector shipping company, once again plans to acquire ships. This, after selling no less than 15 ships, as well as cancelling orders for three new ships in the last 18 months. Prices for very large crude carriers (VLCCs) and capesize bulk carriers have already dropped by 30 per cent to $100 million...
Indonesia's state oil and gas firm Pertamina plans to soon launch a tender to buy a new Very Large Crude Carrier (VLCC) to strengthen its fleet, a senior company official said on Tuesday. "We will make a survey to several international shipyards and then launch a tender to buy a VLCC," Suhartoko, senior vice president of shipping at Pertamina, told repor...
CMA CGM lost nearly $1 billion in ill-timed derivatives investments in 2008, largely in oil prices, leaving the world’s third largest container ship carrier financially crippled heading into the shipping downturn last year, according to a newspaper report in France. The report in the Liberation newspaper said the huge losses came after relatively tr...
Stena Bulk has confirmed an order for two in-house designed Suezmax tankers from Samsung, South Korea for delivery in 2011. The 158,700 dwt vessels, with a length of 274 metres and a beam of 48 metres, will be when delivered the largest tankers in Stena Bulk’s fleet. Also included are two optional sister vessels, declarable spring 2010. Nearly MUS...
Drewry Shipping Consultants has reported that the worst of the recession was over and projected global container traffic to increase by 3.4 per cent in 2010. "Carriers have to substantially improve revenues in 2010 and this means that the transpacific rate negotiations with shippers this year are the most crucial ever," said Mr Neil Dekker, Editor of the ...
ZIM Integrated Shipping Services has completed the conditions precedent required for the new bond terms to come into effect. Consequently, Standard & Poor (S&P) Maalot has announced it will raise ZIM’s bond rating by six grades, to “B” Stable. The move by S&P Maalot was made based on ZIM’s improved cash flow, a necessary...
TAIWAN'S Evergreen Marine has announced that it will increase rates from the US west coast to Asia, Australia and the Mideast starting February 15 for all dry cargo, including exempted commodities. The rate restoration from Los Angeles will bring an extra charge of US$80 per TEU, $100 per FEU and for 45 high cube containers. For US west coast cargo ori...
FRENCH dockers staged 24 hour strikes at Le Havre and Marseilles this week, and more work stoppages are expected as the protest over waterfront privatisation continues. The dispute now centres on the transfer of 2,000 gantry crane operators and maintenance staff from government port authority to private stevedoring companies. Operations at the top Frenc...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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