Tue, 12 May 2009 13:10:00 BST
Hong Kong owners back Danish emissions compensation fund
HONG Kong shipowners have thrown their weight behind a Danish proposal to set up a compensation fund to help reduce greenhouse gas emissions.

 Tue, 12 May 2009 12:16:00 BST
DSME operating profits decline
DAEWOO Shipbuilding and Marine Engineering, the world?s third largest shipbuilder, released worse than expected first quarter results.

 Tue, 12 May 2009 12:06:00 BST
Cosco forms China aluminium alliance
CHINA Ocean Shipping (Group) has formed a strategic alliance with the Aluminium Corporation of China to handle freight for the company.

 Tue, 12 May 2009 12:04:00 BST
Domestic trade lifts Tianjin volumes
DOMESTIC trade has buoyed cargo volumes through northern China?s Tianjin port over the past two months.

 Tue, 12 May 2009 12:00:00 BST
Pusan New Port berths sale delayed
A BID by Busan Port Authority to buy three berths at Pusan New Port from Pusan New Port Co (PNC) has become bogged down by tough protracted negotiations.

 Tue, 12 May 2009 11:33:00 BST
''Things are going to be less pretty in the second half of 2009''
SHIPPING companies might be engaged in something of a phoney war as they attempt to stave off the worst effects of the downturn but the market is more than capable of delivering some ?nasty surprises?.

 Tue, 12 May 2009 11:17:00 BST
PGS earnings hit by slump in seismic survey tendering
DECLINING offshore exploration activities led to a slump in seismic survey tendering and drove down pre-tax earnings at Norwegian ship owner Petroleum Geo-Services.

 Tue, 12 May 2009 10:50:00 BST
Box sector woes drag AP Moller-Maersk into loss
DANISH shipping and energy group reports first quarter loss of $373m.

 Tue, 12 May 2009 10:34:00 BST
NOL slides into red
NEPTUNE Orient Lines posts first quarter loss of $245m, compared to net profit of $121m in the same period of 2008.

 Tue, 12 May 2009 10:21:00 BST
Braemar bullish as it posts record results
BRAEMAR Shipping Services net income rose to £11.5m ($17.3m), the best results in its history.

 Tue, 12 May 2009 09:51:00 BST
Russian reefer leaking fuel oil in Barents Sea
THE Russian reefer vessel which ran aground in the Barents Sea yesterday morning is being smashed against rocks and is leaking fuel oil.

 Tue, 12 May 2009 07:26:00 BST
Thai cargoship Sea Utility probed in alleged hit-and-run
OFFICIALS in Shanghai are probing an alleged hit-and-run collision between the 10,016 dwt general cargo ship Sea Utility and a Chinese fishing vessel in which one of the trawler?s crew died and eight are still missing.

 Mon, 11 May 2009 17:20:00 BST
IMO calls for prudence over recycling initiative
MITROPOULOS says issues need to be settled before final version of convention is signed.

 Mon, 11 May 2009 16:55:00 BST
Canopius delivers record profits despite tough conditions
CANOPIUS has emerged from Hurricane Ike and turmoil in the financial markets with 2008 profits up by almost a third.

 Mon, 11 May 2009 16:49:00 BST
Kidnap and ransom helps boost Hiscox written premiums
AN UPSURGE in demand for kidnap and ransom cover has helped global insurer Hiscox notch a first quarter 51% increase in sterling-measured gross written business.

 Mon, 11 May 2009 16:32:00 BST
Ship suppliers take action over non-payment
SUPPLIERS of ship equipment and services are arresting ships whose owners refuse to pay up on time.

 Mon, 11 May 2009 16:26:00 BST
Hapag-Lloyd suffers E222m loss as rates and volumes plunge
GERMANY?s largest container carrier posts first quarter loss compared to ?18.5m profit in 2008.

 Mon, 11 May 2009 16:13:00 BST
Rina warns over single-hull phase out move
RINA chief Ugo Salerno says open registries' plan to call for deadline extension would be hugely counter-productive.

 Mon, 11 May 2009 15:56:00 BST
Consolidate to attract new capital, says Slater
SHIPPING needs wholesale restructuring if it is to secure new equity capital and debt financing, says First International chairman.

 Mon, 11 May 2009 15:42:00 BST
CBO orders Rolls-Royce designs and equipment
BRAZILIAN shipowner Companhia Brasileira de Offshore has ordered two offshore support vessel designs and equipment from Rolls-Royce.

 Mon, 11 May 2009 15:38:00 BST
Santos and LNG seek $2.3bn from share issues
TWO Australian energy companies, Santos and LNG Ltd, are raising more than A$3bn ($2.3bn) through share issues.

 Mon, 11 May 2009 15:35:00 BST
Los Angeles set aside $44m for clean truck programme
LOS Angeles has earmarked $44.2m to subsidise 1,000 trucks powered by alternate fuels through the rest of this year.

 Mon, 11 May 2009 15:24:00 BST
CMA CGM and Maersk launch Black Sea service
BOX line giants to launch a joint service between northern Asia and the Black Sea, the New Bosphorus Express.

 Mon, 11 May 2009 15:11:00 BST
IMO member states urged to back beaching ban
ADOPTING ship recycling convention without banning beaching of ships would be nothing more than ?green gloss?.

 Mon, 11 May 2009 14:59:00 BST
BDI ''no longer indicator of real economy'', says Unctad
INDEX reflects tonnage over-supply as much as demand for raw materials.

 Mon, 11 May 2009 14:18:00 BST
MISC profits dragged down by liner business
MISC has reported a 40% fall in full-year profits, which were dragged down largely by its unprofitable liner shipping business.

 Mon, 11 May 2009 14:16:00 BST
China eases seafarers' path to Hong Kong jobs
HONG Kong-based shipmanagers could find it easier to recruit Chinese seafarers under new amendments to the closer economic partnership arrangement.

 Mon, 11 May 2009 14:00:00 BST
Somali pirates free Nipayia
SOMALI pirates have released a Greek-owned chemtanker captured in late March.

 Mon, 11 May 2009 13:43:00 BST
VLGC earnings hit rock bottom as bunker prices soar
OWNERS scrap older tonnage as a $40 jump in bunker prices has pushed earnings down close to zero.

 Mon, 11 May 2009 13:12:00 BST
Zenith refloated after grounding at Oresund
SPANISH operator Pullmantur?s 47,255 gt cruiseship Zenith has returned to Copenhagen for a hull survey.

 Mon, 11 May 2009 13:04:00 BST
China resisting calls to open up its cabotage markets
CHINA is resisting European Union calls to open up its cabotage markets to non-Chinese ships, according to the European Commission.

 Mon, 11 May 2009 12:47:00 BST
China Shipping urges Shanghai to extend sea-rail network
CHINA Shipping (Group) is calling on Shanghai port to build a comprehensive railway system and increase its exposure to domestic transhipment to maintain its competitiveness.

 Mon, 11 May 2009 12:01:00 BST
Samsung earnings drop in first quarter
SAMSUNG Heavy Industries, the world?s second largest shipbuilder, revealed lower than expected earnings on the announcement of its first quarter 2009 results.

 Mon, 11 May 2009 11:53:00 BST
SeaFrance set to modify recovery plan
STRUGGLING Dover Strait ferry operator SeaFrance is set to modify its plan for stemming loss-making at the company.

 Mon, 11 May 2009 11:44:00 BST
Premuda counts on long term charters to navigate storm
ANNOUNCING first quarter earnings in line with the same 2008 period, Genoa-based Premuda cautiously anticipated positive results for the year ahead.

 Mon, 11 May 2009 11:18:00 BST
Chinese yards brace for more newbuilding cancellations
INDUSTRY "not reached rock bottom yet", with more private yards expected to go to the wall.

 Mon, 11 May 2009 10:38:00 BST
Coastguard vessels and tug to assist Petrozavodsk salvage
THREE vessels sent to assist a Russian reefer that has grounded in the Barents Sea in the Arctic are due to arrive at the scene shortly.

 Mon, 11 May 2009 09:52:00 BST
Indian seafarer dies in Somali pirate attack
PIRATES reportedly kill Indian seafarer and injured one of his colleagues, in what is thought to be the second deliberate fatality inflicted by pirates during the current spate of attacks.

 Mon, 11 May 2009 08:12:00 BST
Grand Esmeralda crew protest over unpaid wages claim
THE crew of a bulk carrier anchored off Geraldton is refusing to leave until a dispute over more than $140,000 of unpaid wages is resolved.

 Mon, 11 May 2009 07:43:00 BST
Hosco chief urges united action to scrap old ships
ONLY collective action to scrap older vessels can revive troubled shipping markets, says Gao Yanming.

 Mon, 11 May 2009 07:21:00 BST
DP World in talks to sell minority stake
TERMINAL operator says proposed stake sale to private equity firm to comprise mainly free-float shares.

 Fri, 8 May 2009 17:53:00 BST
VLCC owners take gamble in bid to boost returns
SHIPOWNERS taking trips from Middle East to US for rates as low as -$6,000 a day to pick up cargo with more attractive returns.

 Fri, 8 May 2009 17:13:00 BST
Ship scrap prices could plummet to $100 per ldt
PRICES set to plunge as demand for ship demolition continues to grow.

 Fri, 8 May 2009 16:45:00 BST
Conventional KG funding scheme 'dead for next 24 months'
FOR new projects, equity has to be available first,? said König & Cie founder Tobias König.

 Fri, 8 May 2009 16:40:00 BST
Deutsche Schiffsbank braces for difficult year
BANK expects increasing number of value adjustments, especially when it comes to containerships and bulk carriers.

 Fri, 8 May 2009 15:52:00 BST
DryShips boosts balance with $475m share offering
SECOND offering could bring the fresh equity raised by the company in 2009 to about $950m.

 Fri, 8 May 2009 15:46:00 BST
Italian box ports call for state aid
THE country?s private terminal operators are furiously cutting costs and calling on the government for help in staunching the flow of blood.

 Fri, 8 May 2009 15:44:00 BST
Petronet signs 20-year Gorgon deal with ExxonMobil
INDIA?s Petronet LNG has become the latest customer for liquefied natural gas from the proposed Gorgon project in Australia.

 Fri, 8 May 2009 15:41:00 BST
Cruise sector facing 'very challenging times', says Royal Caribbean boss
THE cruise industry is in the middle of ?very challenging times,? according to Royal Caribbean International president and chief executive Adam Goldstein.

 Fri, 8 May 2009 15:35:00 BST
Global Industries exits Africa as projects diminish
US SUBSEA vessel owner Global Industries is pulling out of the African market after failing to secure new projects for its vessels.

 Fri, 8 May 2009 15:23:00 BST
Venezuela government seizes key oil assets
MOVE forms part of the nationalisation of service providers to the oil industry.

 Fri, 8 May 2009 14:20:00 BST
Catlin warns rate increases will continue in 2009
PRESSURE in the financial markets will translate into further increases in premium rates.

 Fri, 8 May 2009 14:08:00 BST
Armada businesses sale 'fair'
SALE of company's handysize and handymax disivions before seeking bankruptcy protection was fair.

 Fri, 8 May 2009 13:03:00 BST
Shipping must pay up for piracy protection
NIPPON Foundation boss says maritime industry must make financial contribution for additional security.

 Fri, 8 May 2009 11:58:00 BST
Downturn forces Modern Terminals to delay Zhoushan project
PORT operator signals plan to develop $1bn container terminal could be put on hold.

 Fri, 8 May 2009 11:47:00 BST
SembCorp Marine bullish as profits rise 32%
SHIPYARD group still confident despite the possibilities of delays and cancellations.

 Fri, 8 May 2009 11:05:00 BST
Panama sets up registry for laid-up ships
ONE-YEAR deal will give owners substantially lower fees and other regulatory advantages.

 Fri, 8 May 2009 10:46:00 BST
Inmarsat earnings rise 13% with growth across sectors
SATELLITE communications group Inmarsat has reported increased pre-tax earnings of $117.3m, up 13.2% compared to the first quarter last year.

 Fri, 8 May 2009 09:00:00 BST
Armada cuts payout offer ahead of creditor vote
COMPANY cuts its planned payout to creditors to 31.2% over five years in a revision of its scheme of arrangement to save it from bankruptcy.

 Fri, 8 May 2009 08:14:00 BST
Hanjin sinks into the red with $191m loss
COMPANY says it is trying to defer deliveries on its 31-ship orderbook to mitigate recessionary pressures.

 Fri, 8 May 2009 07:19:00 BST
A third of global bulker deliveries in doubt
EAGLE Bulk chief estimates this could hit 60%, as shipowners struggle with financing troubles and lack of cargoes.