Falling shipping costs a mixed blessing: UN This year's sharp fall in sea freight costs is a mixed blessing for developing countries, making it cheaper to ship their exports but signalling waning demand for their goods, a United Nations agency said on Tuesday.
Shipping derivatives traders pool US$398m Traders of shipping derivatives linked to the cost of shipping coal and ore paid US$398 million into a pool to guarantee contract settlements after a record collapse in freight rates, according to Freight Investor Services Ltd.
Export credit agencies set for bigger role in ship finance INDUSTRY meet told agencies will become an increasing feature as bank lending tightens.
Nationalisation of banks could hit ship finance
Svitzer picks Cape of Good Hope over Suez SVITZER confirms it is rerouting all vessels around the Cape of Good Hope at all times to avoid risk of pirate attacks.
Italy seeks extension over Tirrenia privatisation GOVERNMENT to ask Brussels for an additional year to organise the privatisation of state-owned ferry company Tirrenia.
EC orders Polish yards sold THE EC today ordered Poland's Gdynia and Szczecin yards to be sold, as part of a compromise with Warsaw
Greek GDP could 'evaporate' GREECE'S GDP is under siege because the global economic pinch has rocked shipping, Chris Pryce, head of the Fitch Ratings Greece desk, has warned
Napoli report vindicates salvor THE REPORT into the beaching of the box ship Napoli off the UK's south coast has found that the best option had been taken to avoid polluting the Channel
USS axed from NYSE TRADING in US Shipping Partners has been suspended by the New York Stock Exchange today
'Gangster act' condemned by ITF THE INTERNATIONAL Transport Workers' Federation has branded the kidnapping of 10 oil workers off the coast of Cameroon as "a gangster act"
Florida files Imperial lawsuit FLORIDA has filed a suit against Imperial Majesty Cruise Line, accusing it of "failing to adequately disclose fuel surcharge fees"
Excel hails post-merger results DRY BULK operator Excel Maritime Carriers reported much higher net income of $119.2M in the third quarter, versus $18.5M in 3Q07
TBS cautious Joseph Royce-led owner doubles quarterly profits and beats Wall Street forecasts, but the company cools to expansion plays amid economic worries.
OSG in $2bn deal? Morten Arntzen led tanker owner set for huge product carrier gamble as more than 50 Cido Shipping vessels go up for sale.
Bunker up Ian Adams of the International Bunkers Association says owners should start planning for cheaper options.
Excess payback Barack Obama's election offers no silver lining for shipowners with listed companies living to regret massive dividend payouts, Paul Slater says.
Stocks drubbed US shipping stocks spiral downward as gloomy data hits Wall Street and even a major shipowner shows signs of trouble.
Financing possible Equities analyst says there are banks that can make a massive rumoured OSG purchase possible, but it won't be easy.
Dry owners cut Cantor Fitzgerald analyst downgrades ratings on two bulker players as she worries about DryShips debt covenants.
Rieber 'on par' As it reports 2.6% rise in profits, the Norwegian offshore shipmanager says it is well-prepared for financial turmoil.
Time to fight Losing money every day is scary but downturn will sort the men from the boys, Konstantinos Halkias says.
Stand by me StealthGas chief Harry Vafias warns dumb bankers they could lose billions.
Dream over? Petrofin's Ted Petropoulos predicts shipping's perfect storm may be beneficial.
Zoullas optimistic Eagle Bulk chief executive thinks planned Chinese infrastructure programmes can bolster bulker market.
Trailer revved up Revenues climb at Trailer Bridge as the container barge player barely ekes out a profit, but the fourth quarter is looking strong.
Good Knight US-listed Knightsbridge Tankers' four VLCCs making more money so far this year as costs are chopped.
Ladies fixed Two Omega Navigation products tankers find three-year employment with ST Shipping.
Hostage shot dead A crew member held onboard a Bourbon Offshore vessel has been killed during a rescue attempt, rebel leaders claim.
Eagle rises Profit reaches quarterly record at Eagle Bulk despite "challenging global environment" but shares fall.
Mirror image Mons Aase-led Dof Subsea follows parent Dof into the red in the third quarter thanks to currency reversals.
Volstad back Norwegian owner returns to domestic shipbuilder Bergen Group for new seismic survey vessel.
DryShips to offer George Economou ropes in Cantor Fitzgerald to sell 25 million shares as buffer against ailing bulker market.
Three more years South American oil company extends time-charter on a Tsakos Energy Navigation products tanker.
TTB sale axed US shipowner Hornbeck will maintain the status quo after abandoning plans to sell its tug and tank barge operation.
Brostrom dives Rising costs drag down Swedish chemical tanker owner's nine-month result despite higher revenues.
Yards face end It's official: Poland agrees to sell off Gdynia's and Szczecin's assets and liquidate companies to pay back illegal state aid.
Record returns Hornbeck sees third quarter profit stack up thanks to the best ever showing from its offshore operation.
AHTS hold-up Delivery of Deep Sea Supply newbuilding from India's ABG Shipyard set back until first quarter of 2009.
Texas reprieve? Casino cruiseship may not be scrapped in India, as Gujarat authorities consider buying the vessel.
NOK so good Heavy unrealised currency losses plunge Helge Mogster's Dof into the red for the third quarter, despite a strong operating performance.
Chemical cash Odfjell sells tanker for $32m profit as it seeks to strengthen equity after Norway's retroactive tax shock last year.
Kinkai cautious K Line bulker and ro-ro unit ups interim earnings, but second half will be harder.
Grain gain Ukraine's Azov Shipyard opens 10,000-tonnes-per-day dry cargo terminal on Sea of Azov.
Bye for now STX Europe in talks over 80 temporary lay-offs at its Rauma yard in Finland.
Costs cut Bonheur Negative financial items eat into improved sales to leave Fred Olsen company with smaller profit.
Trico ahead Addition of DeepOcean and CTC helps US offshore giant to beat market forecasts in the third quarter.
Lloyd Fonds falls German ship fund manager posts tiny profit in face of 'the worst crisis in decades' as sales dry up.
ACL ups profit Jones Act barge operator posts revenue and profit increases despite numerous hurricanes.
Deep Sea dips Odd Brevik-led offshore owner sees profit hit by higher costs and currency reversals.
Building profit Japanese shipyard Naikai Zosen has enjoyed a strong first half, with profit and revenues both up significantly.
China crisis AP Moller-Maersk to lay off 700 workers at global services centre in Guangzhou as cost-cutting continues.
New seismic order to Bergen Group Bergen Group has, through its subsidiaries Bergen Group Fosen and Bergen Group Landskrona, been awarded a contract with Volstad Maritime AS for building and outfitting of a seismic vessel. The contract is worth NOK 689 million. ' We will build the ...
Ulstein starts new operation company The Ulstein Group starts a new company providing services to the aftermarket, technical operation of vessels in service, and services for personnel/manning. The company is named Ulstein Marine Services, UMS, and Jens Lassen is appointed as CEO. The headquarters ...
Iraq to build a shipyard The government of Iraq plans to build a USD 850 million shipbuilding and repair yard in the port of Khor al-Zubeir in the Persian Gulf, writes Seatrade Asia. The shipyard is to build specialized small ships, supply vessels, naval ...
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