Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S. stock exchanges sank on Monday. Greeks have said No to austerity terms imposed by international creditors…
The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters. The growing vessel glut is battering sentiment…
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve…
After signing an order for the construction of five new ships two weeks ago, the Italian shipowner Grimaldi Group has signed another contract for the construction of three new PCTC-type ships (Pure Car and Truck Carriers) at the Chinese Jinling shipyard…
According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV. NITC has recently announced that after buying 20 oil tanker from China during the last two and half years…
Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged, reports Cyprus News Agency. The director general of the Cypriot Shipping Chamber, Thomas Kazakos, said that a small…
Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership. Fortuna Containership…
Athens-based Box Ships has announced that it has secured a two year extension on a loan facility with ABN Amro, which was scheduled to mature next month. Following this extension, the balloon amount of $10 million is repayable in 8 equal quarterly installments of $250…
China Huarong Energy Co, formerly known as China Rongsheng Heavy Industries, said in a regulatory filing that a memorandum of understanding on the disposal of assets to an unnamed buyer has expired. Huarong announced in March a potential sale of its core shipbuilding and engineering business…
Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National Shipping Company of Saudi Arabia (Bahri) signed a contract with Hyundai Samho Heavy Industries to build additional five VLCCs…
Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds…
Industrial cooperation is high on the agenda during Premier Li Keqiang's stay in France. China's deals with the world's third largest container shipping group - CMA CGM was highlight. 'July 1st will be a milestone in our Group’s history…
South Korean shipbuilder Samsung Heavy Industries Co. as won a 5.2 trillion won (US$4.7 billion) order to build three floating liquefied natural gas (FLNG) facilities, reports Yonhap. Under the deal with the Netherlands-based Shell Gas & Power Developments B…
The Singapore Shipping Association (SSA) has named Asian shipping veteran Esben Poulsson as its new president, succeeding Evergreen’s Patrick Phoon. “I am honored and humbled to be appointed president of this active and vibrant organization…
Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders. The extension is to between November 26…
