A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily - and a $100,000 daily does not seem far off, it says. "Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market.
Sunday, May 31, 2009
Capesize market 'red hot': Baltic
London: The Baltic Exchange reports that the capesize market is "red-hot for now with no end in sight as more cargoes pile into the market and tonnage is 'incredibly tight' in the Atlantic."
A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily - and a $100,000 daily does not seem far off, it says. "Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market.Read More
A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily - and a $100,000 daily does not seem far off, it says. "Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market.
Damen Galati axes over 200 jobs
Damen Shipyards’ Galati facility in eastern Romania has sacked 211 employees
Damen Shipyards’ Galati facility in eastern Romania has sacked 211 employees after a 50 percent decline in demand compared with the same period one year ago. The yard workers will be dismissed from June onwards. Damen Galati has historically been one of the more important shipyards in Romania with about 3,000 workers currently employed.Read More
Damen Shipyards’ Galati facility in eastern Romania has sacked 211 employees after a 50 percent decline in demand compared with the same period one year ago. The yard workers will be dismissed from June onwards. Damen Galati has historically been one of the more important shipyards in Romania with about 3,000 workers currently employed.
German Ship Owners to Rescue CSAV
A group of German charter container ship-owners agreed to a $710 million rescue for CSAV, the financially troubled Chilean ocean carrier.
The 20-odd owners which have ships on charter to CSAV agreed to a phased capital injection for the world's 16th largest carrier after nearly two months of negotiations in Hamburg. CSAV said an initial $130 million cash infusion is already underway "and we expect to conclude this first capital increase in June."A second capital increase of $220 million will take place later, followed by a final installment of $360 million.The German ship-owners "have committed their participation to guarantee a 100 percent subscription of a third capital increase," CSAV chief executive Juan Antonio Alvarez said in a statement.Alvarez said he expects other ship owners to co-operate with CSAV's financial restructuring but this "will be dealt [with] separately."Vancouver-based Seaspan has ordered four 4,250 TEUs ships due to be chartered to CSAV for six years.CSAV embarked on an ambitious expansion program over recent years, including the acquisition of Norasia, a carrier on the Asia-Europe route. It also took over a contract from German owner Peter Dohle for four 12,600 TEUs vessels under construction in South Korea for a reported $640 million. It has agreed to charter four similar sized vessels.
The 20-odd owners which have ships on charter to CSAV agreed to a phased capital injection for the world's 16th largest carrier after nearly two months of negotiations in Hamburg. CSAV said an initial $130 million cash infusion is already underway "and we expect to conclude this first capital increase in June."A second capital increase of $220 million will take place later, followed by a final installment of $360 million.The German ship-owners "have committed their participation to guarantee a 100 percent subscription of a third capital increase," CSAV chief executive Juan Antonio Alvarez said in a statement.Alvarez said he expects other ship owners to co-operate with CSAV's financial restructuring but this "will be dealt [with] separately."Vancouver-based Seaspan has ordered four 4,250 TEUs ships due to be chartered to CSAV for six years.CSAV embarked on an ambitious expansion program over recent years, including the acquisition of Norasia, a carrier on the Asia-Europe route. It also took over a contract from German owner Peter Dohle for four 12,600 TEUs vessels under construction in South Korea for a reported $640 million. It has agreed to charter four similar sized vessels.
Frontline Cancels Tanker Orders
According to a May 28 Associated Press report, Frontline Ltd., which owns and operates one of the world's largest fleet of crude oil tankers, said Thursday it canceled contracts to construct six new tankers, representing a third of the company's tanker building program and a contractual cost of $556 million.
The company said it canceled contracts to build four Suezmaxes and two Very Large Crude Carriers (VLCC). Shares of Bermuda-based company climbed $1.06, or 4.7 percent, to $23.88 in morning trading. After the cancellations, the company's total new-tanker building program amounts to about $1.1 billion, including seven VLCCs and four Suezmax tankers.Read More
The company said it canceled contracts to build four Suezmaxes and two Very Large Crude Carriers (VLCC). Shares of Bermuda-based company climbed $1.06, or 4.7 percent, to $23.88 in morning trading. After the cancellations, the company's total new-tanker building program amounts to about $1.1 billion, including seven VLCCs and four Suezmax tankers.
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