INTERNATIONAL NEWS

Enormous challenges from a huge misfortune

Growing marine hull capacity is predicted to offset pressure on rates, writes Jerry Frank

Plotting future course into choppier seas

MARINE insurers are navigating difficult waters in 2009 with the downturn in the shipping and financial markets posing significant challenges for the industry.

Global insurers to act on climate

MORE than 50 international insurers, including top providers for the marine market, have signed a “Kyoto statement” recognising climate change and pledging industry action.

More box lines set to fail

CORPORATE casualties among containership owners and operators now look a racing certainty, with Drewry Shipping Consultants anticipating more failures before the end of the year after Eastwind Maritime’s recent collapse.

Hapag-Lloyd’s owners are considering state bail-out

GERMAN container line Hapag-Lloyd is considering applying for government aid to ensure its survival. Hapag-Lloyd’s owners, Tui and the Albert Ballin consortium, are in talks about which would give the line fresh capital.

Buyout firm eyes PD Ports

REPORTS suggest that Terra Firma, the buyout firm controlled by Guy Hands, is set to bid for the UK’s PD Ports, currently owned by Australia’s Babcock & Brown Infrastructure.

Pacific box rates plumb new lows

TRANSPACIFIC freight rates continue to weaken, with the spot market hitting new lows at a time of year when lines should be preparing for the peak season.

Hapag-Lloyd calls in cost-cut consultant

GERMAN container line Hapag-Lloyd has hired international consultancy Roland Berger to find further cost reductions.

Asia puts premium on US recovery

Nervous underwriters in Asia look set to hike insurance prices, reports JERRY FRANK

Baltic Exchange moves to overhaul dry index

THE Baltic Exchange has made the first significant structural changes to the Baltic Dry Index (BDI) calculations since January 2007, in a bid to open up freight derivatives trading to banks and other financial institutions.

Owners face huge funding shortfall as banks retreat

SHIPOWNERS face an annual US$80bn funding gap for newbuildings and secondhand ship purchases as traditional lending banks cut their exposure to the volatile maritime sector.

Scrapping set to hit record

CONTAINERSHIP demolition activity is set to reach new heights this year, making a modest dent in fleet expansion.

Survey records new confidence in the market

CONFIDENCE levels in shipping have risen for the first time in almost 18 months, according to the latest survey by shipping accountant and consultancy firm Moore Stephens.

Shanghai unveils hub ambitions

SHANGHAI authorities are working on slew of measures to promote the city as maritime hub, including tax concessions for shipping and logistics operators.

Fears for lay-ups in the Philippines

TYPHOON fears for ships laid up in the Philippines depend on the locations of anchorages, writes Marcus Hand in Singapore. Insurers have raised the alarm over the concentration of idle or laid up ships in locations at risk from tropical storms, including parts of the Philippines, which has become a popular location for owners to lay up vessels. GAC Solutions vice-president Christer Sjodoff said typhoons were a concern in areas such as Manila Bay and Subic Bay.