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Ship owners could soon have to rush to scrapyards across the Indian subcontinent or other countries, in order to achieve better prices for the sale of their older vessels for scrap. In what could trigger more sales of ships for demolition and in that way,
Traders and investors who bet on the cost of shipping oil may decide next week to move pricing of derivatives away from a method dating back half a century in an effort to spur use of the contracts.About 50 users of the tanker derivatives will meet
Container ship operators are ordering ever larger vessels even in the face of a weak freight and time charter environment during 2011, says Braemar Seascope. This may appear to be counter-intuitive. In fact, it reinforces a trend that is at least five years old.
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the third quarter and nine months ended
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which have seen the market’s benchmark, the Baltic Dry Index (BDI) reaching a seven-week low.
Aegean Marine Petroleum Network Inc. yesterday announced financial and operating results for the third quarter ended September 30, 2011.The Company recorded net income for the three months ended September 30, 2011 of $5.3 million,
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced yesterday its results for the three and nine month periods ended September 30, 2011.
Tonnage oversupply issues has been the biggest problem hindering freight rates across most shipping markets since last year. Despite record breaking scrapping of older vessels, things haven’t improved much. Still, in its latest weekly report,
U.S. imports on the world’s biggest trading route are dropping for the first time in almost two years as consumer confidence weakens to the lowest level since the recession that ended in 2009.Container volumes on the Asia-to-U.S. route fell 3.8 percent
Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced yesterday that it has entered into fixed rate time charter agreements for two of its Panamax Vessels, M/V Kind Seas, and M/V Golden Seas with
The latest rally of the dry bulk market proved to be shortlived as analysts had indicated. The industry’s benchmark has been on a free fall once more for the past couple of weeks, swiftly erasing the gains of the past couple of months, which saw the market
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the period ended September 30, 2011.Danaos' CEO Dr. John Coustas commented: This quarter we experienced one of the most sudden
DryShips Inc. or the Company, a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore deepwater drilling services, yesterday announced
So far this year, demolition of older vessels has been feverish, in an attempt by ship owners to help alleviate the tonnage oversupply pressures that the global shipping market has been dealing with, in almost every shipping trade, from dry bulk to tanker.
While a clear-cut decision on which laws should apply to ships bound for the breaker’s yard failed to materialise last month, the tide appears to be turning against the backers of a regime that would snarl shipbreaking in red tape.A meeting in Cartagena,
Containership timecharter rates generally respond strongly to movements in the balance of global containership supply and demand. However, with perfect trade volume data lacking, containership demand is notoriously hard to measure accurately.
With more and more vessels sailing through the so called Arctic route, it’s worth to take a look in what this could mean for the tanker markets. According to a recent report from London-based shipbroker Gibson, back in 2009, the shipping industry industry
Around 120 members of the Greek shipping community attended a seminar on cargo liquefaction this week (1 November 2011) hosted by the Piraeus office of the 150 million GT ‘A’ rated North P&I club.According to associate director and head of the Greek
New container ships’ value dropped as much as 31 percent since April because of falling hire costs and cooling economies, according to Seasure Shipping Ltd.Post-panamax vessels that are too large to navigate the Panama Canal are worth $73.2 million,
With the vast majority of tanker markets in the red, it’s difficult to discern a silver lighting. One of those is the medium-range product tanker market, with MRs hanging in there. According to a recent report from CR Weber, “since the start of 2011, tanker time charter