INTERNATIONAL NEWS

A new age approach to debt collection

Few banks have pulled the plug on struggling clients so far, although there are signs that this may change. But is the traditional ship arrest and auction the best solution? JULIAN MACQUEEN reports

London arbitrators see sharp rise in case levels

SEVERAL of London’s maritime arbitrators have closed their appointment books, as others conduct hearings at weekends to cope with what industry leaders said would be a “substantial increase” in business for 2009.

Dubai bailout boosts global markets

ABU DHABI’S US$10bn bailout to cover the immediate debts of state-owned Dubai World led to stock market rises in London, Berlin and Paris on Monday.

Seaspan decides to subsidise super-slow steaming program

SEASPAN chief executive Gerry Wang has announced a Christmas present for all his charterers: the company is ready to spend up to US$2m in 2010 to cover part of the costs incurred by super-slow steaming of its larger containerships.

Maersk throttles speed on more routes

MAERSK Line is reducing ship speeds on more trade lanes following ample evidence that shippers recognise the benefits of slow steaming and have suffered very little disruption to their supply chains.

Narayan remains at DP World

DP World, the Dubai-based global port terminal operator, has confirmed that its chief financial officer will not be switching to its debt-laden parent, Dubai World, as previously announced.

Evergreen cuts hit revenue

EVERGREEN Marine, Taiwan’s largest container shipping company, said capacity cutbacks introduced to mitigate the slump in freight rates were partly responsible for a 29.6% drop in revenue in November.

Oversupply fear for smaller capes

MASSIVE oversupply looms for the smaller capesize bulk carrier sector by 2011, with the global fleet facing a surplus of up to 241 vessels.

One in six newbuildings delayed, says BIMCO

DELIVERY of one in six newbuildings has been delayed during the last three months, research by BIMCO found. An analysis of the 5,705 ships on order that could be identified by hull number showed that out of around 800 containerships, delivery of 20% had been deferred.

Seeking solutions for the beleaguered box sector

As owners struggle to solve overcapacity issues, 2010 looks like another hard year, reports STEVE MATTHEWS

No status quo as capesize market heads ‘deeper and down’

CHARTERERS have emerged victorious in the run-up to the approaching holidays as capesize rates on all major trades slumped last week.

Box carriers go online to raise public profile

GLOBAL containership operators have revamped their public awareness campaign launched two years ago with a new website that will be managed by the Washington-based World Shipping Council (WSC).

DP World denies Sokhna sale

DUBAI Ports World has refuted suggestions that its controlling interest in the Egyptian port of Sokhna is up for sale and that its planned US$1.3bn expansion of the port has been frozen.

Chinese shipyards’ output predicted to soar in 2010

JIANGSU Rongsheng Heavy Industries, China’s largest privately-owned shipbuilder, said the number of vessels it will deliver will increase from 16 this year to 30 ships in 2010.

Boskalis raises funds for Smit merger

ROYAL Boskalis Westminster has raised €230m (US$339.2m) through a €25.50 per share placing to help finance its €1.4bn merger with Smit Internationale, the fellow Dutch maritime services provider.The payment for and issue and delivery of the shares was set to take place on December 15, Boskalis said.

China urged to expand shipyards

CHINA is well positioned to step up production and overtake South Korea as the world’s largest shipbuilding nation at a time when its closest competitor is struggling to fend off demands for order cancellations.

France goes green with new maritime policy

THE FRENCH Government has initiated a research and development program entitled Ship of the Future as part of a series of measures to mark its adoption of an integrated maritime policy covering all maritime and marine activities for the first time.

Indonesian firm in new bid for Norway target

INDONESIAN shipowner Berlian Laju Tankers will launch a revised takeover offer for Norwegian shipping group Camillo Eitzen early next year, after failing to secure approval from Indonesian market regulators for its initial plan.

All-time high of 2008 gives way to uncertain times for ocean trade

SEABORNE trade reached an all-time high last year as activity in the sector seemingly shrugged off the credit crunch and the banking crisis, according to an annual survey from the United Nations Conference on Trade and Development.

Number of idled boxships hits new high in low season

A RECORD was reached last week when the size of the idle containership fleet reached 11.7% as lines continued to withdraw services in anticipation of lower demand over the course of the northern winter.