INTERNATIONAL NEWS

Banks shunning smaller Chinese shipbuilders

CHINESE banks remain cautious of financing the country’s small to medium-sized shipbuilders over fears of high default risks.

Cosco Corp counting cost of downturn

SINGAPORE-listed Cosco Corp’s first-half net profits fell 67% on higher costs and a difficult business environment for its Chinese shipyard business.

China yard moves into ship scrapping

GIVEN the dearth of newbuilding orders Chinese shipbuilder Jiangsu Yangzijiang Shipbuilding has set its sights on the booming demolition business.

Box terminal operators may find bargains in the slump

GLOBAL container terminal operators have reined back on port expansion plans due to the recession, but may gain from opportunistic purchases as cash strapped container lines sell port assets to keep afloat.

Index shows greater forwarder optimism

EUROPE’S freight forwarders have recorded a sharp decline in seasonal cargo volumes but, surprisingly, are optimistic about future growth for the rest of the year.

CSCL looks to locals

CHINA Shipping Container Lines (CSCL) is expanding its domestic box business in an effort to mitigate the decline of its international business.

Chinese ship prices to fall despite steel costs

ANALYSTS believe the price of Chinese newbuildings will continue to soften in the second half of the year, despite a 33% surge in the country’s steel price between April and June.

China Cosco is braced for loss

CHINA Cosco Holdings, the Hong Kong-listed liner and dry bulk shipping subsidiary of China’s largest shipping company, warned it is likely to plunge into the red when it reports its first half results for this year in the next few weeks.

Royal Caribbean shrugs off big loss

SWINE flu, dollar fluctuations and Spanish economic conditions have taken their toll on second-quarter figures at Royal Caribbean Cruise Lines (RCCL).

Box lines may sell port assets to raise cash

CASH-strapped container lines may be forced to sell off their box terminal assets, fuelling keen interest from existing operators and non-industry investors attracted to one sector of the maritime world still making profits.

Did thinking big almost bring down Hapag-Lloyd?

Over ambitious CP Ships deal may have threatened German line, reports Janet Porter

Danaos is seeing box recovery

GREEK containership owner Danaos Corp has renewed a message of hope for revival this year in the hard-hit boxship sector.

Valencia port extension wins funding

VALENCIA will receive €74m (US$104.9m) from the European Union Cohesion Fund towards its €900m North Extension project, a port expansion plan that allows for a doubling of container capacity at Spain’s number one box hub.

Suez Canal offers 30% discount

THE SUEZ Canal is offering shipowners discounts of up to 30% in order to drive more traffic through the canal.

Breakeven near for Asia box trades

CONTAINER freight rates are reported to be nearing breakeven on intra-Asia trades as volumes pick up.

Singapore owners fear pay change

SINGAPORE shipowners and seafarers’ unions are united in opposition to a plan by the International Transport Workers Federation (ITF) to impose its benchmark pay rates for foreign nationals serving on Singapore-flagged vessels.

Korean shipbuilders stung by rising costs

TWO of South Korea’s largest shipbuilders – Samsung Heavy Industries and Hyundai Mipo Dockyard – saw their second quarter results badly hit by higher steel costs and a decline in orders in the second quarter of this year.