Saudi tanker owners in talks with pirates The Saudi owners of the Sirius Star are in negotiations with Somali pirates who have demanded a ransom for the super-tanker laden with US$100 million of oil they hijacked at the weekend.
Hin Leong takes delivery of its VLCC Local oil player Hin Leong Trading has received the first of a dozen very large crude carriers (VLCCs) that it ordered from China's Shanghai Waigaoqiao Shipyard (SWS).
Piracy could add $400m to owners' insurance cover costs NEWS comes as AP Moller-Maersk confirms it will reroute vulnerable vessels around Cape of Good Hope.
'Unmitigated muddle' over piracy cover costs
Derivatives traders to disclose their netting CRISIS in shipping forces historic breakthrough that aims to improve transparency in the paper market.
Middle East and Black Sea rates double on piracy fears HANDYMAX owners this week nearly doubled their daily rates for trips to the Far East that pass through the Gulf of Aden.
'Arrogance' seen in LA-LB bosses THE PACIFIC Merchant Shipping Association's president has argued that port commissioners in Los Angeles and Long Beach are partly to blame for waning West Coast box business
ID panic ahead at US ports? US TERMINAL operators ' especially on the West Coast ' are concerned that security deadlines might leave them short of workers and truckers to haul cargo from the quays
Wide ties reported for Sirius pirates PIRATES holding a Saudi VLCC have been reported to be a sophisticated group well connected to Dubai, which has used past ransoms to reinvest in new vessels and arms and to fashion a network across the Horn of Africa
Plea to outlaw drybulk culprits BAD BEHAVIOUR by bulk charterers who fail to meet contract obligations in the physical and FFA markets will not be tolerated, delegates have agreed at the Baltic Exchange
Five killed in Ecuador blast AT LEAST five people were killed and 30 injured in an explosion on board a Nicaraguan-flagged vessel in the port of Manta, Ecuador, EFE news agency reported
Top squeezed by covenants TANKER and drybulk owner Top Ships today reported strong results for its third quarter but also more pressure on loans
China-Peru port ties upgraded CHINA and Peru have upgraded port and other economic ties
Shares topple Dry-bulk again leads a freefall in shipping stocks after an analyst report compounds default fears.
Crisis watch Worried about fallout from turmoil in the financial markets and need to know the latest news?
Avoiding Aden Intertanko says many of its members are avoiding the Gulf of Aden, and many more are considering it.
Bulk in breach? JP Morgan analyst says four of five bulker owners covered by the investment firm could be in breach of loan covenants.
Exit closes shop TFS Freight is blaming the freight rate collapse while others point to a new venture by broker Niall O'Connor.
Top breached loan Shipowner says there is no need for panic despite warning of forced vessel sales if other loan agreements are broken.
The anti-crisis DnB NOR hits out at speculation surrounding its shipping clients, claiming they are in a better position than its other corporate customers.
New K-Sea CFO Finance chief of US tank-barge player K-Sea Transportation "semi-retires" and is replaced by Terrence Gill.
Aries shrinks loss Lower utilisation helps keep US owner Aries Maritime Transport in the red but turnaround plan is ongoing.
Maersk shifts Slower or low-lying tankers and boxships to avoid Gulf of Aden because of piracy threat.
Top quarter Nasdaq-listed shipowner banks $41.64m in the third quarter to erase last year's losses.
Novoship better Sovcomflot-owned Russian tanker player sees nine-month earnings grow 27%.
Hornbeck slice A Florida investment manager run by top short seller Gilchrist Berg has taken a 5% stake in Hornbeck Offshore.
$25m - or else Somali pirates name their price to release Vela VLCC Sirius Star - and warn against failure to pay up.
Spill fear passing Shipowner says pollution from a cement ship beached 20km south of Oslo is now unlikely.
99% compliance FIS chief John Banaszkiewicz tells emergency Baltic Exchange talks that nearly all FFA contracts settled in October.
Scan gets cash Lars Johan Frigstad-led offshore player snaps up $16m from private placement to aid cap ex needs.
Tamai triumphs Japanese bulker owner banked much more cash in strong first-half dry cargo markets.
Credit buster! Unnamed European owner splashes $1.44bn on two drillships at Samsung in Korea.
Mermaid minted Thoresen Thai Agencies' offshore unit sees bottom line pushed up 117% following revenue jump.
Tuzla trouble Massive redundancies feared at Istanbul shipyard complex as global financial crisis bites.
Up for grabs A stake in Australia's Dalrymple Bay Coal Terminal up for sale as owners look to cut their debt.
Tampa change US shipbuilder and owner Edison Chouest buys Florida shiprepair site from Bender group.
Keppel in clover Singapore yard group scoops offshore conversion and refurbishment work worth over $220m.
Dry-bulk dive Bulker owners on US markets see their stock prices lead a plunge in shipping stocks as the Dow falls below 8,000.
Canadian escort Web TV report takes you aboard the Ville de Quebec as it escorts World Food Programme shipments to Somalia.
Hanjin hassle Displaced Filipino residents go to court in fight for land on which Korean group built Subic shipyard.
Volumes slow Singapore's container throughput up only 5% figures from Maritime and Port Authority show.
Officers named UK Foreign Office says families of Sirius Star's British chief engineer and second officer grateful for global concern.
Pirates demand USD 25 million ransom The pirates that hijacked the VLCC Sirius Star has according to AFP claimed USD 25 million in ransom. The company Vela has also been given a 10 day time limit to accept. After this, the pirates threathens to take actions ...
EU millions to Baltic port projects The EU Commission has approved a EUR 10 million grant to co-finance a Motorway of the Seas project in Trelleborg and Sassnitz. The aim is to upgrade the capacities of a rail/sea link and develop new intermodal train ...
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
