INTERNATIONAL NEWS

Bearing a heavy burden

After years of rapid expansion and with a sizeable newbuilding program, Chilean carrier CSAV is looking increasingly vulnerable. Is the box shipping slump about to claim its first major corporate casualty?

Shipping is in the grip of ‘gigantism’

MERCHANT vessels will continue to grow in size and offer ever-larger economies of scale, irrespective of the global trade crash, according to French research.

Shipping must face new future – Slater

THE SHIPPING industry must undertake a wholesale restructuring if it is to attract new equity capital and debt financing, First International chairman Paul Slater told the Mare Forum Italian shipping conference in Sorrento this week

UN says Baltic Dry Index has lost its magic touch

THE Baltic Dry Index (BDI) is no longer a bellwether of the world’s economy, according to new research.

MISC profit on the line

MISC has reported a 40% fall in full-year profits, which were dragged down largely by its unprofitable liner shipping business and it expects a tough year ahead.

Hapag-Lloyd announces losses

GERMANY’s largest container carrier, Hapag-Lloyd, suffered operating losses of €222m (US$302.5m) during the first three months of the year, compared with an operating profit of €18.5m in the previous year.

Ship scrap prices may plummet

PRICES for ships sold for recycling could fall as low as US$100 per ldt in the coming months, as demand for ship demolition continues to grow.

More LNG ships on the spot

SEVENTY seven liquefied natural gas carriers remained idle in early May and 25 have not moved since the start of April, according to Lloyd’s Marine Intelligence Unit (LMIU) analysts.

Third of dry bulk orders are poised for the chop

AN ESTIMATED 30% of the world’s dry bulk orderbook risks not being delivered at all, as shipowners in the sector struggle with financing troubles and a lack of cargoes, according to Eagle Bulk chief executive Sophocles Zoullas.

Philippines upholds decision on seafarer disability

THE Philippines court of appeals is upholding decisions that a seafarer is permanently disabled after 240 days of continuous treatment, rather than 120 days.

Korean yards suffer most cancellations

SOUTH KOREAN shipyards topped a list of newbuilding cancellations, at 194 ships.

Dubai hit by economic sea change

Global downturn has seen Dubai’s growth come to abrupt end with shipping feeling the pinch

Storms, crisis lift reinsurance

REINSURERS remain upbeat for 2009, but marine buyers can expect costs to mount in the wake of the financial crisis and the US storms.

Bulker newbuilding cancellations hit 10% of orderbook

THE GLOBAL financial crisis has seen nearly 500 vessels on order at the world’s shipyards cancelled, including about 325 bulk carriers, 9.6% of bulk tonnage on order.

Wilhelmsen off road in slowdown

OSLO-listed owner and operator Wilh. Wilhelmsen remained downbeat about the rest of 2009 as it reported weakened profits for the first quarter.

Threats to kill captives will backfire on pirates

FRENCH and American seafarers are now at greater risk of assault and even murder when captured by Somali pirates.

Russia calls for a piracy court

SOMALI piracy appears to be rising up the international agenda after Russia’s head of state, the Nippon Foundation and top naval officers in the US all offered separate suggestions for tackling the growing scourge.

Brussels claims success

JUST one vessel registered with the European Union’s anti-piracy operation was successfully hijacked in the first three months of the operation, according to the latest Brussels figures.

Maersk ups freight rates in move to stem downturn

MARKET leader Maersk Line is accelerating its campaign to increase freight rates in key containership trades in the face of the dire outlook for the box market.

Now the biggest US fleet lays up third of product carriers

 

Hong Kong’s swine flu precautions

HONG Kong terminal operators have stopped all unnecessary visits to their ports as a precaution against the spread of the H1N1 swine flu virus.

Idle box ships are a better option than cold lay-up

CONTAINERSHIP charter rates need to fall even further before owners are likely to consider putting ships into long-term lay-up, rather than merely keeping them idle, according to Howe Robinson Shipbrokers director of research Paul Dowell.