HK January volume rises four percent to 2.06 million TEU

Figures from the Hong Kong Marine Department show the container port handled 2.06 million TEU in January, an increase of 4.1 percent over the 1.9 million throughput in January last year.

But it is down 2.7 percent in a month to month comparison against the 2.12 million TEU moved in December. The Port of Singapore Authority (PSA) reported a 13 percent year-on-year increase in January to 2.45 million TEU against January 2007's throughput of 2.1 million TEU. In January, Singapore suffered a 1.07 percent month-to-month drop from December's volume of 2.48 million TEU.

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Canadian rigs drop sharply

Drilling rig use fell in North America by 123 units this week to 2302, according to oil services firm Baker Hughes.

Canada led the driling drop with a loss 113 rigs, leaving 510 still drilling in the country. In the US, rigs were down by 10 to stand at 1792. The Gulf of Mexico lost one rig, leaving 59 still drilling. Texas lost three rigs to stand at 881 and Louisiana lost 12 rigs, leaving 143 still drilling.

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Bill Introduced to Evaluate Vessel Discharges

Representative Young (R-AK) introduced the Vessel Discharge Evaluation and Review Act (H.R. 5594) to require the Commandant of the Coast Guard to conduct an evaluation and review of certain vessel discharges.

This bill, if enacted into law, would provide for establishment of uniform, environmentally sound standards for discharges incidental to the normal operation of vessels. It would also prohibit states from adopting their own standards for discharges regulated under the Act.

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Credit crunch hurting global shipyard orders

There are growing signs the credit crunch that began with the U.S. housing market is spreading to the world's shipyards.

A roaring global economy saw shipbuilders inundated in recent years by orders for container ships, oil tankers and bulk carriers to satisfy American and European demand for consumer goods, a global thirst for oil and a Chinese hunger for commodities. Order books swelled to a three-year backlog, but the credit crunch is making it harder for some shippers to raise money to pay for the ships they ordered. Shares of shipyards have suffered. Hong Kong-based Guangzhou Shipyard has fallen 38 percent in the last three months, while Yangzijiang Shipbuilding is down about 55 percent over the same period. JES International , which debuted on the Singapore Exchange in December, is down 64 percent since the beginning of the year. Among recent ship order cancellations, Hong Kong-based shipper Jinhui said in January it was calling off construction of two giant ore carriers, citing global credit conditions. "The risk-return profile of completing (the vessels) has changed drastically due to persistent negative sentiment clouding the global financial markets," the company said. According to some shippers, any deal over $500 million that requires a syndicated loan is more likely to run aground.

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