Armada (Singapore) Pte to Reorganize and restructure to Protect Company AssetsWednesday, 07 January 2009 Armada (Singapore) Pte Ltd. yesterday announced it has been granted leave to convene a creditors’ meeting to vote on a proposed Scheme of Arrangement pursuant to Section 210 of the Companies...
Read More.. | 2009 tanker freight rates picture 'disturbing'Wednesday, 07 January 2009 Analysts at McQuilling Services have sounded a warning about tanker freight rates for the coming year. “Although the market seems relatively steady at the moment...some occurrences are taking...
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Baltic Dry Index Signaling a Market Bottom?Wednesday, 07 January 2009 The stock market is forward looking; hence we hit the 741 level on the S&P in late November, anticipating the dismal economic numbers ranging from retail sales, jobless claims, the ISM, and GDP...
Read More.. | Shipping industry in the doldrums: reportWednesday, 07 January 2009 Over 200 container ships are reported to be lying idle at the start of the new year on account of falling cargo demand, plummeting freight rates, and fewer vessel hires The US Journal of Commerce...
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Container shipping industry faces an abundance of questionsWednesday, 07 January 2009 What will the container shipping industry look like when it emerges from its current funk? When will global containerized trade resume its growth? Will the volume grow fast enough to absorb the...
Read More.. | American Club set for record surplusWednesday, 07 January 2009 US-based mutual liability insurer American P&I Club says it has set its sights on a projected surplus of more than $40m, the largest in its history, by year-end 2008. However, because it takes...
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Korea: No Relief in Sight for Shipbuilding & Shipping SectorsWednesday, 07 January 2009 Lim Dong-pyo, planning director at TPC Korea, one of the country’s top 10 shipping companies, recently visited the Korea Shipowners’ Association and financial institutions to ask for...
Read More.. | Precious fleet 61% covered for 2009Wednesday, 07 January 2009 Thai-based handy-size dry cargo specialist Precious Shipping says its fleet is 61% covered by time charters for this year. Managing director Khalid Hashim says: “As can be seen, our forward...
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Maritime City on trackWednesday, 07 January 2009 Dubai Maritime City, the purpose-built maritime centre, continues to achieve major development milestones and is progressing towards its 2012 completion date. Infrastructure for the Industrial...
Read More.. | Evergreen to order 100 boxships, to move up in global rankingWednesday, 07 January 2009 Evergreen Marine is to spend US$5.5 billion building 100 container ships before the anticipated recovery of the global economy in 2012, thereby becoming the world`s third largest container shipping...
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SCI, GE Shipping likely to take a hit as slump looms over tanker segmentWednesday, 07 January 2009 Shipping Corporation of India (SCI), GE Shipping and other energy carriers are expected to take a hit on their revenue as the key tanker segment is feeling the pinch of economic slowdown. The freight...
Read More.. | Korean Shipbuilders Aim to Keep Top Spot Wednesday, 07 January 2009 Daewoo Shipbuilding in southeastern Korea ranks among the country's top three vessel makers. Under construction are 30 ships ranging from 300-ton oil tankers to large cargo vessels that can carry...
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Great Offshore promoters pledge more shares to Bharati armWednesday, 07 January 2009 Promoters of Great Offshore have pledged another 800,000 shares, or 2.15 per cent, of the company to a subsidiary of shipbuilding firm Bharati Shipyard, taking the total shares pledged to 14.88 per...
Read More.. | ArcelorMittal Extends Port Agreement With AdrianaWednesday, 07 January 2009 Adriana Resources Inc. announces that further to the Company's news release dated August 20, 2008 the Company and ArcelorMittal have agreed to extend the time to complete the definitive agreement...
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Port of Hamburg Grows as Distribution Point to Eastern EuropeWednesday, 07 January 2009 Hamburg ranks among Europe’s historic ports, tracing its prominence to the Middle Ages-some 820 years ago-and the Hanseatic League alliance of North Sea cities. Back then it was agricultural...
Read More.. | JFE wants iron ore prices to fall to 07/08 levelsWednesday, 07 January 2009 JFE Steel Co wants prices of iron ore and coking coal for term supply in the 2009/10 business year to fall to at least 2007/08 levels due to a precipitous decline in steel demand, president Hajime...
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US weekly steel output ends 2008 near depression levelsWednesday, 07 January 2009 The early 1980s were not good years for the US steel sector, and most recently, raw steel production in the US in the final week of 2008 dropped to levels not seen in the past 26 years, according to...
Read More.. | OPEC Cuts Biting Into Oil Cos' Output Growth AreasWednesday, 07 January 2009 Oil majors that derive a large part of their income from production in member states of the Organization of the Petroleum Exporting Countries are finding the cartel's production cuts are hampering...
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China makes strategic use of commodity collapseWednesday, 07 January 2009 China's government is using the collapse in commodity prices to further its domestic agenda, with support for stricken sectors tailored to speed up reform plans rather than rescue ailing companies or...
Read More.. | Kuwait, Qatar to Reduce Crude Oil Shipments to AsiaWednesday, 07 January 2009 Kuwait and Qatar plan to cut crude oil shipments to Asia starting in January, in line with a 14 percent reduction that OPEC announced in December, said refinery officials in the region. Kuwait,...
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China plans to exploit weak energy marketsWednesday, 07 January 2009 China will take advantage of falling oil prices to boost imports and build up its fledgling oil reserves against supply shocks, a top official said in a rare disclosure of energy strategies in the...
Read More.. | Oil caught in tug-of-warWednesday, 07 January 2009 Oil prices fluctuated wildly Tuesday after a handful of dismal economic reports countered signs that OPEC nations were starting to comply with planned output cuts. Crude for February delivery rose 76...
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China to grow 8% in 2009Wednesday, 07 January 2009 Chinese economic growth, buoyed by the government's 4 trillion yuan (Dh2.15 trillion) stimulus package, will likely exceed eight per cent this year, Citigroup said. "The most important reason...
Read More.. | Vale Climbs to 12-Week High on Speculation of Iron-Ore GainsWednesday, 07 January 2009 Cia. Vale do Rio Doce, the world’s biggest iron ore producer, climbed to the highest in 12 weeks on speculation lower stockpiles of the metal in China will bolster prices as a U.S. stimulus...
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Global financial shock biggest threat to companies this yearWednesday, 07 January 2009 Global financial shocks will be the most challenging risk for companies in the Middle East this year, a researcher from Ernst & Young, a consultancy firm, told Gulf News. The impact of the...
Read More.. | Fearful banks refuse to lend cashWednesday, 07 January 2009 As the new owner of $172.5 billion (Dh633.04 billion) of preferred shares and warrants in 208 US financial institutions, the Treasury Department hasn't succeeded in thawing frozen credit markets,...
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