Fairplay feed
Continuously updated news for the shipping and maritime community from Fairplay International Shipping Weekly.
Updated: 30 min 26 sec ago
Eitzen Chemical cuts losses
EITZEN Chemical said it cut losses in 1Q13 and expects its tonnage balance to improve as the year wears on.
Categories: Transport
Bipartisan flak hits US flag proposal
PRESIDENT Obama’s proposal to restructure the Food for Peace programme will be rejected because it would endanger the US flag, US lawmakers vowed today.
Categories: Transport
IMTC's ships stymied
MOROCCO’S IMTC said today it hopes to resume normal service in the next two weeks amid reports that several of its ships have been forced out of service because of financial problems.
Categories: Transport
Frangou launches Asian JV
ANGELIKI Frangou-led Navios Holdings today revealed a new five-ship Asian drybulk partnership and the acquisition of four bulkers for its own fleet.
Categories: Transport
Diana goes on the move
DRYBULK owner Diana Shipping and its box sector sister Diana Containerships today announced a flurry of moves, including newbuilding orders, a related-party loan, an upcoming equity offering, impairments and a ship sale.
Categories: Transport
Girl killed, 225 held in migrant smuggling
GREEK officials are today holding 225 people in attempts to smuggle migrants over the past week – one of which resulted in a girl’s death.
Categories: Transport
Chinese mariners freed
PIRATES were reported today to have freed 16 Chinese seafarers and their vessel after two weeks of captivity.
Categories: Transport
Analysts warn on Carnival
CRUISE analysts today graded down Carnival Corp’s stock, following yesterday’s profit warning by the Micky Arison-led company.
Categories: Transport
Far East/Europe box rates go negative
BOX RATES in Far East/Europe trades are no longer covering carriers’ costs, a liner shipping analyst said today.
Categories: Transport
Caution grips breakers
BUDGETS approaching in Bangladesh and Pakistan and the nearing South Asian monsoon season have made end-buyers more cautious about scrapping ships.
Categories: Transport
Polarcus weighing issue of $95M in bonds
POLARCUS, the Oslo-listed marine geophysical services provider, said it is weighing whether to issue $95M in unsecured bonds.
Categories: Transport
MMHE profits fall 35%
MALAYSIA Marine & Heavy Engineering said today 1Q profits fell 35% to 50.6M ringgit ($16.8M).
Categories: Transport
STX Pan Ocean seeks buyers for four PCTCs
STX PAN Ocean was said today to be seeking buyers for four pure car & truck carriers, as the debt-laden company attempts to raise cashflow, sources told Fairplay.
Categories: Transport
VLGC rates hit 2013 high
RATES to haul LPG on very large gas carriers have hit a 2013 high as traders rush to secure tonnage for free-on-board cargoes amid short vessel supply.
Categories: Transport
Wan Hai turns to profits
WAN HAI Lines was the only listed box shipping company in Taiwan to make net profits in 1Q13, according to its fiscal report.
Categories: Transport
Höegh LNG gains $299M for Indonesia scheme
NORWAY’S Höegh LNG Holdings said it has received $299M in commitments from five banks to finance an Indonesian regasification scheme.
Categories: Transport
China COSCO to raise $468M
CHINA COSCO, the flagship listed unit of China Ocean Shipping Group, plans to raise 2.9Bn yuan ($468M) by selling its subsidiary’s stake in CIMC, in a move to boost its operating performance in 2013.
Categories: Transport
China Exim Bank pledges Greek ship lending
CHINA Exim Bank said it has agreed to provide three Greek shipowners with financial support.
Categories: Transport
Changhang Phoenix faces fourth lawsuit
SHENZHEN-listed Changhang Phoenix has been sued by China Everbright Bank over interest payment delays.
Categories: Transport
RMT stocks oversubscribed
RICKMERS Maritime Trust said today its rights issuance of up to 424M new units was oversubscribed, raising S$101.7M ($81M) for repayment of loans.
Categories: Transport
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more