Archive News

March 2011

03.03.11

China providing financial support for Greek shipowners

China is willing to provide financial support for Greek shipowners having their ships built in Chinese shipyards, which will raise from earlier USD 5 billion to between USD 8 billion and USD 10 billion, citing Ioannis Diamantidis, Greek Minister of Maritime Affairs.

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August 2010

24.08.10

Eitzen Bulk tips dry dip

Eitzen Bulk tips dry-cargo rates to decline going forward despite tweaking its forecast for the number of newbuildings set to enter the market this year.

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16.08.10

Not all clear yet for shipping

DVB Bank is refusing to sound an all clear for the shipping markets despite an uptick in new business during the second quarter.

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July 2010

16.07.10

Zodiac refuses to trade capesize vessels

Sammy Ofer’s Zodiac Maritime is heading a line of owners refusing to trade capesize vessels in the present depressed market, TradeWinds has learned.

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June 2010

18.06.10

Greek shipping community plays important role in trying to pull the country back on its feet

Greek shipowner George Gourdomichalis fears that the country’s current economic crisis could lead to a disintegration of social cohesion.

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10.06.10

Recovery off and running

Danaos Corp has secured fresh charters for some of its oldest and smallest vessels in a series of deals which have given the listed shipowner increased confidence in the containership market.

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May 2010

04.05.10

Shipping movements unaffected in USG

Shipping movements are so far unaffected by the Gulf of Mexico oil spill although precautions are beginning to be taken as the slick spreads.

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03.05.10

Genco Predator will earn $22,500 per day

Greek owner Genco Shipping & Trading has fixed a 2005-built supramax to Pacific Basin for a year.

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April 2010

15.04.10

Ship sales high again

Dry-cargo ship sales reached a post credit crunch high in March amid further hope of a recovery in the global economy, a Greek shipbroker says.

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09.04.10

47 new Capers in the first 3 months of 2010

Nearly 50 new capesizes poured out of shipyards in the first quarter as dry-cargo newbuilding deliveries continued to accelerate.

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06.04.10

Demolition prices over $500 per ldt

Demolition prices have broken through the psychological barrier of $500 per ldt following the sale of an LPG carrier.

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March 2010

20.03.10

Ship robbers strike again in Malaysia

A third ship has been attacked by robbers off the southern tip of Malaysia in a little over five weeks, it has emerged.

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19.03.10

Oldendorff fleet increases 4 times

Oldendorff Carriers of Germany has quadrupled the size of its capesize fleet in the past year following a series of fresh fixtures.

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09.03.10

Daiichi fixes Greek bulker

Polys Hajioannou's Safe Bulkers has found fresh work for one of its kamsarmaxes which was cut by Daiichi Chuo Kisen Kaisha late last year.

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February 2010

26.02.10

Some fixtures

Oldendorff kept top capsize spot rates up with a pricey front haul fixture and Golden Ocean fixed a newbuild for four years.Panamax voyage rates failed to keep pace with earlier in the week but there were still some numbers above $30,000 a day.

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15.02.10

Croatian shipyards for sale

Croatia has opened a new tender in its bid to privatise six shipyards, but doubts surround the prospects for the two most indebted plants.

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January 2010

21.01.10

COA unveilled

A German renewable energy company has revealed itself as the mystery outfit behind a 15-year handysize charter deal with Norden.

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06.01.10

Newbuildings cancellations

An unexpectedly low number of dry-cargo newbuildings were cancelled in the past year as resale deals softened a much anticipated order cull.

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04.01.10

Steel prices

Iron ore market is on a resounding run in opening week of 2010. The upturn which commenced on 11th December 2009 has accelerated with each passing day. The perception of shortage has led to an explosion thus amazing everybody.

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December 2009

21.12.09

Daiichi redelivers

New York Stock Exchange-listed Safe Bulkers has announced another early redelivery of a kamsarmax bulker. The charterer of the 83,300-dwt Pedhoulas Merchant (built 2006), apparently Japan's Daiichi, will compensate the Polys Hajioannou-led company with between $1m and $6.5m, depending on exactly how early the ship is redelivered.

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November 2009

20.11.09

Waiting for the sales

Eitzen Bulk opted to merge with sibling Orion to become a listed company rather than enjoy the fresh capital an IPO would provide as it has no need for the money, its managing director says.

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19.11.09

The market today

The Pacific Panamax market saw an active morning today with decreasing activity in the afternoon.

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18.11.09

Auctions in Russia

Russia is lining up auctions next month for 25.5% stakes in two shipowners. The Federal State Property Management Agency said the sales will take place on 18 December.

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06.11.09

Market today

Although the Atlantic seemed quieter than previous days, rates reported remained firm with some fixtures achieving above last done.

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October 2009

30.10.09

Market today

In the Pacific, the market stayed firm today for Handysize and Supramax.

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26.10.09

Somali pirates threaten to kill Ariana crew

Somali pirates say they will kill the Ukrainian crew bulk carrier Ariana, held since early May this year, as soon as fuel on the ship runs out, a Russian seafarer union has claimed.

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19.10.09

Argentina rains boost prospects for record soy crop

Rains that fell over Argentina's drought-stressed soybean farms since early September restored moisture levels in time for planting, improving prospects for a record harvest that growers say may reach 53 million tons.

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15.10.09

Lauritzen says worst is over

Danish shipping group J. Lauritzen is positive that the worst of global economic crisis has passed and that long-term shipping demand remains healthy.

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13.10.09

Setaf Saget signs $560m newbuilding order

French dry bulk shipping company Setaf Saget is reported to have ordered 16 63,500 dwt bulk carriers from China's Dayang Shipbuilding at a cost of $560m.

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07.10.09

Boom buyers to struggle

Shipowners who purchased and financed capesize and panamax vessels during the top of the freight market supercycle two years ago will struggle to earn enough to stay afloat at current market rates.

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September 2009

28.09.09

Sale confirmed

Thailand's Precious Shipping has confirmed another bulker sale as it continues to renew its fleet.

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25.09.09

China and India could save dry bulk

Fortis Bank warns of mass newbuild cancellations, but predicts demand for iron ore will keep owners satisfied.

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21.09.09

Handysize fleet growth to balance demand

Handysize vessels are set to become the only bulk carrier sub-sector where growth is likely to match demand over the next two years, according to DVB Bank's latest market outlook.

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16.09.09

BHP Says China's Economy Recovery Is 'Advanced'

BHP Billiton Ltd., the world's largest mining company, said improving economic conditions in China will help drive demand for commodities including coal and iron ore.

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15.09.09

Ore imports down

After months of record levels, Chinese iron ore imports fell by 14% in August, the latest data shows.

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14.09.09

No end to the crisis....?

Shipping to endure a further year of gloom No 'short and sharp' end to the crisis in sight, says Norton Rose survey.

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11.09.09

Settled

Australian iron-ore producer Fortescue Metals Group has settled its chartering dispute with Greek shipowner Angelicoussis.

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09.09.09

S&P market cools off

Declining freight rates and the summer holidays look to have taken the steam out of the revival in the S&P market.

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August 2009

28.08.09

Glencore upbeat

Glencore has given an upbeat view on the global economy despite seeing its interim profits more than halve.

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26.08.09

More for Noble

Hong Kong trader and shipowner Noble Group has extended its $1.2bn credit facility by another $600m.

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26.08.09

Grain halted again

In a development that could ripple into the bulker sector, Argentine farmers continuing to push back against the federal tax moves are pledging to once again halt grain exports.

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19.08.09

European coal demand rescues Atlantic rates

Increased demand for coal in Europe has prevented any further falls in rates for panamax vessels trading in the Atlantic region, and might bring rates rises before the end of the week.

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17.08.09

China driving the market

China was virtually “driving the market on its own” in the second quarter as coal and iron ore imports soared, Golden Ocean said on Monday.

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13.08.09

STX Panocean and grains

STX Pan Ocean has splashed out KRW 400m ($324,084) to take a holding in Korea Overseas Grain Investment & Development.

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11.08.09

Profits fall

Tumbling revenue sliced profit at Pacific Basin Shipping in the first half as its bottom line fell nearly 80%.

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07.08.09

European shipyard in profit

Romania's Santierul Naval Orsova (SNO) shipyard has posted a net profit of RON 6.6m ($2.24m) in the first six months of 2009, up 35% from last year.

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06.08.09

Coal imports

India's coal imports are poised to become a key demand driver for supramax bulkers, Sophocles Zoullas said Thursday.

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05.08.09

Atlantic panamax rates drift down

Panamax rates in the Atlantic trading region continue to fall as the South American grain season comes to an end and cargo inquires drop off, writes Liz McCarthy.

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July 2009

29.07.09

Liner losses

Red ink from its liner unit and tumbling income from its tankers and bulkers sliced profit at Shipping Corp of India in the first quarter.

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24.07.09

Court Protection

D'Amato di Navigazione has filed for court protection but rejects that it is in bankruptcy or insolvency.

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23.07.09

Handysize sinks

A Greek-controlled handysize listed and then sank off the coast of South Africa Thursday.

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23.07.09

Coal shipping market

Russia’s Sovcomflot (SCF) Group could use the current depressed bulker prices to enter the coal-shipping market.

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20.07.09

Vale approved

Vale has received environmental approval to build a fourth pier at its Ponta da Madeira iron ore terminal.

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14.07.09

Iron ore shipping deals

RIO Tinto has contracted three capesize bulkers from Mitsui OSK Lines for long- and short-term iron ore transport contracts, writes Marcus Hand in Singapore .

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13.07.09

Charterers avoid elderly bulkers

Charterers worldwide are shunning elderly bulk carriers, with surprise statistics showing 80% of the world’s unemployed vessels are aged 20 years or older.

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10.07.09

Greece and China largest buyers of second hand ships

Greece has edged out China as the largest buyer of second hand ships in the first half of 2009 despite trailing for much of the period, says a leading shipbroker.

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10.07.09

Atlantic trade gives hope to supramax and handymax

The rates slump for larger bulk carriers has failed to dent optimism in the market for supramax and handymax bulk carriers, largely thanks to firm period and spot rates secured for trading in the Atlantic region, writes Michelle Wiese Bockmann .

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09.07.09

Panama Canal - newbuilding deal

Greece’s Optima Shipbrokers has pulled off a newbuilding deal with a Chinese shipyard but unusually no vessels are involved.

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09.07.09

Sales market moving again

Second hand containership sales reached a two-year high in June as distressed sales got the market moving again.

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09.07.09

$5 million profit

John Fredriksen's Golden Ocean has confirmed a lucrative charter for one of its panamax bulkers.

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07.07.09

Diana upgraded

An analyst at Cantor Fitzgerald upgraded the shares of Diana Shipping Tuesday, saying the company has the strength to expand.

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02.07.09

Expansion completed for world's largest export coal terminal

Capacity at Australia’s Dalrymple Bay Coal Terminal (DBCT) has been increased to 85mt per year following the completion of a AUD1.3bn ($1bn) expansion plan.

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02.07.09

Lauritzen continues to sell

Lauritzen Bulker of Denmark has reportedly sold yet another handysize bulker.

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June 2009

30.06.09

Globul sells

Globus Maritime said Tuesday that it will log a $4.2m loss from the sale of a handymax bulker.

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29.06.09

Capesize bulker purchase

OceanFreight confirmed Monday that it bought a capesize bulker and said its newest acquisition has been fixed out for three years.

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25.06.09

Biggest Iron Deposit in Asia was found in China

Asia’s biggest iron ore deposit, with reserves of more than 3 billion metric tons, was found in China’s northern province of Liaoning, according to a local government.

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23.06.09

Chinese shipyards

New ship orders at Chinese shipyards have plunged 96% in the year to the end of March.

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19.06.09

Eitzen eyes IPO

Norway’s Camillo Eitzen & Co (CECO) has revealed it is considering listing its dry bulk operations as part of an ongoing restructuring of the group.

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10.06.09

China continues to import iron ore

Chinese iron ore imports remained above 50 million tonnes in May for the third month running.

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05.06.09

Pirates try to attack Slovenian vessel

The Indian navy has reportedly prevented a pirate attack on a Slovenian-controlled bulker in the Gulf of Aden.

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03.06.09

Hellenic Horizon fixes period

Hellenic Carriers has chartered out its 44,809-dwt bulker Hellenic Horizon (built 1995) to Oldendorff Carriers.

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02.06.09

Morgan Stanley fixes Capesize vessel

Genco Shipping & Trading says it has fixed out a capesize newbuilding to Morgan Stanley Capital Group.

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May 2009

27.05.09

Armada hits back

Armada (Singapore) Pte Ltd (ASPL) says an application for the appointment a judicial manager has been postponed until after Friday’s creditors meeting.

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26.05.09

MOL readies move

Japan’s MOL has once again given a strong hint that it is about to splash out a large amount of cash on a company acquisition.

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26.05.09

Armada restrained

A battle between Armada management and dissident creditors over the appointment of a judicial manager appears to be over.

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22.05.09

Vale shuttle flying

Vale revealed Friday that it is poised to spend $595m on bulkers in its Brazil-to-Asia shuttle initiative.

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21.05.09

Bulk carrier values yet to bottom, says hedge fund

London-based shipping hedge fund M2M said that bulk carrier values have yet to reach the bottom, writes Michelle Wiese Bockmann.

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20.05.09

Singapore says anchorages not dangerously blocked

The Singapore authorities have hit out again over reports that its port waters are dangerously congested with idle ships.

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18.05.09

Breakers busier

Scrapping sales activity has picked up as Pakistan leads the way in pushing up prices.

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15.05.09

Dry bulk fantasy?

STX Pan Ocean’s first quarter result was hardly the stuff of fairy tales.

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12.05.09

Two more years

Shipping markets face at least two more years of strife as newbuildings stifle rates, Tor Olav Troim says.

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11.05.09

Sharp fall in exports from China

China's exports in April were down 22.6% from a year ago, the sixth successive month of decline.

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08.05.09

$1m Armada sale

A significant part of the chartering empire of the Armada group was sold for just $1m to insiders ahead of January’s insolvency.

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08.05.09

Hanjin sees red

Hanjin Shipping has slipped to a loss of $191m in what it described as one of the worst quarters it has ever experienced.

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07.05.09

Globus sells

Greek shipowner Globus Maritime is offloading its panamax bulker Island Globe (built 1995) at a $13.5m loss.

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05.05.09

China Shipping to Order Dry-Bulk Ships as Prices Fall

China Shipping (Group) Co., the nation's second-biggest sea-cargo company, plans to order dry-bulk ships this year as prices fall on overcapacity concerns and the global recession.

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April 2009

30.04.09

South Korea boosts ship rescue package to $16.4bn

The South Korean government said that it would double the money available to the nation's shipbuilders and their suppliers to Won9.5trn ($7.4bn).

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29.04.09

2009 outlook cut

A Jefferies analyst took 40% off his 2009 spot rate outlook for bulkers Monday, leading to lower earnings projections for US- and London-listed owners.

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23.04.09

Daiichi on downer

Japanese bulker player Daiichi Chuo Kisen Kaisha is expecting to lose another JPY 1bn ($10.18m) for the year just finished after it revised its forecasts.

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22.04.09

Freeport begins shipping copper from new Congo mine

Freeport-McMoRan Copper & Gold Inc (FCX.N) began shipping the first copper cathode produced at its Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo on Wednesday.

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21.04.09

Bulker bonanza

Khalid Hashim’s Precious Shipping has sold its second bulker of the day and its tenth over the past four months.

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08.04.09

More inventory

Chinese iron ore inventories have continued to rise and could stay high, "which could likely keep a lid on day rates," a US analyst said Tuesday.

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06.04.09

Vale buys again

Vale is said to have bought another capesize bulker as the charterer apparently continues to take advantage of lower vessel prices to build up its owned fleet.

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01.04.09

Storm shuts port

Storms off Australia have put paid to most shipping operations at the world’s largest coal port of Newcastle.

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March 2009

20.03.09

Pirates 'seize ship off Somalia'

Pirates have seized a Greek-owned cargo ship off the coast of Somalia, Greek officials say.

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16.03.09

Dry demolition

Eight more bulkers have been sold for scrap in the last week, compared to seven the week before, but prices dropped.

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13.03.09

Precious sells

Thailand’s Precious Shipping has sold another of its elderly bulkers as it continues its fleet clear-out.

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09.03.09

STX set for loss

STX Pan Ocean has admitted its dry bulk arm faces a loss in the first half of this year due to bulkers chartered in at high rates.

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05.03.09

Di fixes Coronis

Greek bulker owner Diana Shipping has tied up one of its panamax bulkers on a long term charter at $14,000 per day. It said Seoul-based TPC Korea Co had agreed to charter the 74,381-dwt bulker Coronis (built 2006) for between 11 and 13 months.

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03.03.09

Six scrapped

Shipowners sold six bulkers for scrap last week as prices rose.

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February 2009

22.02.09

Pirates seize vessel off Somalia

Pirates in the Gulf of Aden have seized a Greek-owned cargo ship. The BBC's Jonah Fisher, on board a UK warship 100km (60 miles) away, said the captain of the MV Saldanha radioed that pirates had boarded his ship.

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19.02.09

Diana sees opportunities in dry bulk disorder

DIANA Shipping, the operator of 19 dry-bulk vessels, said today it has yet to see any signs of recovery in the dry-bulk charter market but that it expects to continue to operate its business successfully even during a global recession.

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16.02.09

Australian wheat delays

Wheat exporters face delays of up to five weeks at ports across Australia as 22 grain traders jostle for ship bookings after the country's best harvest in three years, Reuters reports.

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January 2009

19.01.09

Parker boosts productivity of bulk carrier fleet

Parker Hannifin has worked together with EMS-Tech to help develop an integrated unloading system for a fleet of forebody vessels.

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09.01.09

Saudi tanker 'freed off Somalia'

A Saudi supertanker that was captured by Somali pirates in November carrying two million barrels of oil has been released, reports quoting pirates say.

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November 2008

27.11.08

Capesize rates plummet

The costs of transporting bulk goods around the world has fallen dramatically since May of this year and fell even further yesterday with the Baltic Dry Index hitting a new low of 762 points.

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20.11.08

Emergency Somali piracy talks

A spate of pirate attacks off the coast of Somalia has prompted emergency talks between nations bordering the Red Sea to deal with the problem.

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