Capesize market ‘red hot’: Baltic

May 31, 2009

London: The Baltic Exchange reports that the capesize market is “red-hot for now with no end in sight as more cargoes pile into the market and tonnage is ‘incredibly tight’ in the Atlantic.”

A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily – and a $100,000 daily does not seem far off, it says. “Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market.

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Damen Galati axes over 200 jobs

May 31, 2009

Damen Shipyards’ Galati facility in eastern Romania has sacked 211 employees

Damen Shipyards’ Galati facility in eastern Romania has sacked 211 employees after a 50 percent decline in demand compared with the same period one year ago. The yard workers will be dismissed from June onwards. Damen Galati has historically been one of the more important shipyards in Romania with about 3,000 workers currently employed.

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German Ship Owners to Rescue CSAV

May 31, 2009

A group of German charter container ship-owners agreed to a $710 million rescue for CSAV, the financially troubled Chilean ocean carrier.

The 20-odd owners which have ships on charter to CSAV agreed to a phased capital injection for the world’s 16th largest carrier after nearly two months of negotiations in Hamburg. CSAV said an initial $130 million cash infusion is already underway “and we expect to conclude this first capital increase in June.”A second capital increase of $220 million will take place later, followed by a final installment of $360 million.The German ship-owners “have committed their participation to guarantee a 100 percent subscription of a third capital increase,” CSAV chief executive Juan Antonio Alvarez said in a statement.Alvarez said he expects other ship owners to co-operate with CSAV’s financial restructuring but this “will be dealt [with] separately.”Vancouver-based Seaspan has ordered four 4,250 TEUs ships due to be chartered to CSAV for six years.CSAV embarked on an ambitious expansion program over recent years, including the acquisition of Norasia, a carrier on the Asia-Europe route. It also took over a contract from German owner Peter Dohle for four 12,600 TEUs vessels under construction in South Korea for a reported $640 million. It has agreed to charter four similar sized vessels.

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Frontline Cancels Tanker Orders

May 31, 2009

According to a May 28 Associated Press report, Frontline Ltd., which owns and operates one of the world’s largest fleet of crude oil tankers, said Thursday it canceled contracts to construct six new tankers, representing a third of the company’s tanker building program and a contractual cost of $556 million.

The company said it canceled contracts to build four Suezmaxes and two Very Large Crude Carriers (VLCC). Shares of Bermuda-based company climbed $1.06, or 4.7 percent, to $23.88 in morning trading. After the cancellations, the company’s total new-tanker building program amounts to about $1.1 billion, including seven VLCCs and four Suezmax tankers.

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Rolls-Royce Marine Tech Off Brazil’s Coast

May 30, 2009

Rolls-Royce has secured a $61.3b contract to supply a newly-developed anchor handling system that will enable floating oil platforms to be secured to the seabed in the extreme depths off the coast of Brazil.

The system has been developed in response to the increase in deep water oil exploration and will be fitted to two vessels serving platforms owned by Brazilian oil company Petrobas.The vessels are currently under construction by STX Brasil Offshore and each one will carry more than 1,000 tonnes of Rolls-Royce equipment. The equipment package includes winches specially designed for the maneuver and installation of torpedo anchors. Weighing in at 130 tonnes each, the torpedo anchors have been developed by Petrobras. By penetrating the seabed, they give a secure fixing for the heavy-duty cables used to keep oil platforms in position.

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Vietnam inaugurates first deep-water port

May 30, 2009

Vietnam today inaugurated the country’s first deep-water port for container ships, SP-PSA Port.

The port, located in the Ba Ria ” Vung Tau Province, is a project between Saigon Port and PSA Singapore, and is being built in two stages for eventual capacity of 2.2m teu.The first stage, costing $240m has equipped the port with a 1.1m teu capacity from two container wharfs able to receive 80,000 ton ships.Yesterday the port received the 3,821teu APL Alexandrite (the largest container ship to ever arrive in Vietnam) a day ahead of the inauguration. The vessel is scheduled to operate on the first direct service between Vietnam and the US, launching next week.

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Chinese newbuild orders down 95 percent

May 30, 2009

Statistics from the Chinese Ministry of Industry and Information Technology show that newbuild contracts at shipyards in China fell a whopping 95 percent in the first four months of 2009 to 990,000DWT.

“Most of China’s shipbuilders haven’t received any new orders in recent months,” said CANSI Secretary-General Wang Jinlian.One example is south China builder, Guangzhou Shipyard International. The builder received only one contract in April, for a firefighting vessel. At the company’s recent annual general meeting, it was revealed that the shipyard had suffered a 50 percent fall in net profit due to rising costs and the lack of new ordersBased on CANSI research, Mr Wang added that demand for newbuild tankers, boxships and bulkers would remain low in the next few months.Furthermore, numbers form the China Association of the National Shipbuilding Industry (CANSI) revealed that 28 vessels (1.1 million DWT) were cancelled in April.Statistics from UK-based shipping researcher Clarkson told a similar story- it said that the total number of new orders fell 99.46 percent in April and reached the lowest level since 1996.

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