A year of feast and famine A YEAR of feast and famine is how most in the industry would describe the shipping sector's fortunes for 2008. The year began on a high with the global economy seemingly powering ahead despite some clouds gathering as a result of the then nascent sub-prime crisis. Container rates recovered to a decent level although the lines' fortunes were overshadowed by the spectre of record high oil prices. The dry bulk segment saw an unprecedented run of phenomenal rates driven by strong commodities demand from China. The benchmark Baltic Dry Index (BDI) began the year just coming off a record high of around 11,000 points towards the end of 2007 but still at 9,000 points, more than twice the previous year's level.
Luxury yachtmaker Riva banks on Asian growth LUXURY yachtmaker Riva expects to grow its sales in Asia from 10 per cent of total volume currently to 25 per cent by 2012.
MPA postpones extra port dues for bunker tankers THE Maritime and Port Authority (MPA) is pushing back by a year its original schedule to introduce additional annual port dues for bunker tankers that are 16 years old and above that it had planned to introduce on Jan 1.
Rally against Samsung over oil spill
Bunkering sector senses tough times but will stay ahead
Singapore COE premiums may not remain low for long
Mass transit takes back seat as US states focus on roads
Strait Talk
Adieu to an awful 2008 LOOKING back over a year is always a bit tricky. You tend to forget what happened early on while still current events crowd in. And this year, perhaps more than most, a depressing series of news stories has crossed my desk as the year draws to a close. Company failures, service cuts, vessel lay-ups, rock-bottom freight rates - all the signs of a deepening downturn.
A year of feast and famine A YEAR of feast and famine is how most in the industry would describe the shipping sector's fortunes for 2008. The year began on a high with the global economy seemingly powering ahead despite some clouds gathering as a result of the then nascent sub-prime crisis. Container rates recovered to a decent level although the lines' fortunes were overshadowed by the spectre of record high oil prices. The dry bulk segment saw an unprecedented run of phenomenal rates driven by strong commodities demand from China. The benchmark Baltic Dry Index (BDI) began the year just coming off a record high of around 11,000 points towards the end of 2007 but still at 9,000 points, more than twice the previous year's level.
Luxury yachtmaker Riva banks on Asian growth LUXURY yachtmaker Riva expects to grow its sales in Asia from 10 per cent of total volume currently to 25 per cent by 2012.
MPA postpones extra port dues for bunker tankers THE Maritime and Port Authority (MPA) is pushing back by a year its original schedule to introduce additional annual port dues for bunker tankers that are 16 years old and above that it had planned to introduce on Jan 1.
Rally against Samsung over oil spill
Bunkering sector senses tough times but will stay ahead
Singapore COE premiums may not remain low for long
Mass transit takes back seat as US states focus on roads
Strait Talk
Adieu to an awful 2008 LOOKING back over a year is always a bit tricky. You tend to forget what happened early on while still current events crowd in. And this year, perhaps more than most, a depressing series of news stories has crossed my desk as the year draws to a close. Company failures, service cuts, vessel lay-ups, rock-bottom freight rates - all the signs of a deepening downturn.
Evergreen slashes US agencies Container line Evergreen will cut staff and consolidate its US-based agency offices in response to the financial crisis and its own capacity reductions
New cruise 'media circus' YET another 'passenger overboard' incident has engulfed the cruise sector, following a Christmas night disappearance from NCL's Norwegian Pearl
Hostage supplies running short PIRACY hostages are facing imminent shortages of fuel, food and water, according to Andrew Mwangura of the Kenya Seafarer's Assistance Programme
Pirate attacks thwarted THE German Navy disrupted a pirate attack on the Egyptian bulker Wadi Al Arab on 25 December, a week after an armed yacht deterred a separate attack in the Gulf of Aden
Hanwha gets funding extension THE Korean Development Bank (KDB) has given Hanwha another month to raise urgently needed funds to secure its majority stake in Daewoo
Rogue wave batters tanker THREE Indian crew members aboard the chemical tanker Bum Chin were injured by a rogue wave off Adak Island, Alaska on 27 December
China coal trade plummets CHINESE coal exports and imports are both falling, according to new figures released by the Chinese Bureau of Customs
Evergreen restructuring US operations U.S. agents for Evergreen Marine will consolidate some North America offices and reduce staff amid shipping downturn
Marine Highways delayed
Vancouver work stoppage averted, new talks scheduled
No settlement in union turf war at Port of Oakland
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