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China Shipping Development Co., the oil-tanker and dry-bulk arm of China's second-biggest shipping group, will reduce average freight rates for some domestic shipments by about 39 percent from a year earlier. The company signed agreements, known as contracts of affreightment, to cut fees on 58.65 million tons of freight volume, Shanghai-based China Ship...
GM Daewoo Auto & Technology and Daewoo Shipbuilding & Marine Engineering run the risk of being restructured by their creditors, as their debt ratios are too high. The Financial Supervisory Service (FSS) said Monday that Korean chaebol with debt-to-equity ratio higher than 500 percent would fail the ongoing viability test. The country's seven ba...
Chemical tanker specialist Stolt Tankers reported an operating loss of $2.5 million (Dh9m) for the first quarter this year versus operating profit of $27.5m for the previous quarter. Its Oslo-listed parent Stolt Nielsen attributed the loss to "lower volumes and a decline in spot market rates. Stolt Nielsen CEO Niels G Stolt-Nielsen said results ...
On April 4, 2009, Volgograd Shipyard (MNP Group) launched a dry cargo carrier project 007RSD07 with two full-revolving screw rudders, the company’s press center reports. This dry cargo carrier is one of the largest sea-and-river going vessels built in Russia for transportation of general, loose, timber and large-size cargo as well as international-t...
Hyundai Heavy Industries (HHI) completed its 10th drydock, ‘H-dock’. It is the world’s first drydock specializing in FPSO (Floating, Production, Storage and Offloading unit). The drydock, which cost 140 billion won, measures 490m in length, 114m in width, and 13.5m in depth with a capacity of 1 million dwt. The dock covers the same area ...
Evergreen Line has announced that it will be adjusting its weekly transit times on its Far East - Panama service (FPS), to improve the service it offers to its customers in Central America, the Caribbean and the West Coast of South America. The company has cut the transit time from its Taiwanese hub, Kaohsiung to the Mexican port of Lazaro Cardenas from 2...
Renewed activity in the commodity markets following the revival of the financial sector may lead to a positive impact on the freight market in six months, Mr S. Hajara, Chairman and Managing Director of Shipping Corporation of India (SCI), opined. A modest recovery, he believed, had already begun. The Baltic Dry Index, which had fallen from 11,700 in May 2...
Nibulon Ltd. (Ukraine) has signed a contract with Wadan Yards Оkean for construction of 24 sea-and-river going barges, press center of Nibulon Ltd. reports. In 2009, Nibulon Ltd. started implementation of an investment project on construction of 7 elevators with total capacity exceeding 250,000 tonnes, creation of its own fleet with total deadweight of 10...
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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