Financial News

 

VLCC Owners Avoid Scrapping ... For Now

Aug 10, 2021

During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition yards…

ZIM Announces Record Financial Year in 2021

Mar 09, 2022

Net Income of $4.65 Billion, Adjusted EBITDA  of $6.60 billion, and Adjusted EBIT of $5.82 billionAs the containershipping industry enjoys its greatest boom of a generation, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated…

Hempel Records Solid 2021, 10th Consecutive Quarter of Organic Growth

Mar 02, 2022

Hempel continued its growth trajectory in 2021, ending the year with 5.9 percent organic growth, following 10 consecutive quarters of organic growth. Total growth was 15.1 percent, despite supply chain challenges across the coatings industry…

New Daily Container Freight Index Launched

Dec 09, 2021

Xeneta Shipping Index by Compass (XSI-C), EU Benchmark Regulation (EU BMR) compliant is ready for index-based contracting and derivatives  Xeneta and Compass Financial Technologies announced the launch of the Xeneta Shipping Index by Compass…

Wärtsilä CEO: Order intake 'Stable', but COVID Impact still a 'Burden'

Apr 22, 2021

In announcing its 2021 Q1 interim financials, Wärtsilä  said that while order intake is stable, COVID-19 continues to burden net sales and profitability. Looking ahead, while it sees near-term demand as 'somewhat better', it noted that visibility…

One-third of Hin Leong Founder's Ships Sold to Pay Down Debt

Mar 01, 2021

About one third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.Accounting firm Grant Thornton…

Logistics News

Port of Los Angeles Issues Draft RFP for New Cruise Terminal

Port of Los Angeles Issues Draft RFP for New Cruise Terminal

Port of Corpus Christi Awarded Grants to Study Carbon Storage

Port of Corpus Christi Awarded Grants to Study Carbon Storage

Analysis: Container Shipping and Falling U.S. Retail Sales

Analysis: Container Shipping and Falling U.S. Retail Sales

Western Tankers Ramp Up Russian Oil Shipments

Western Tankers Ramp Up Russian Oil Shipments

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