UASC to Sell Chemical Tanker Unit
United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m, but deliberations are ongoing. Bank of America Corp has been tasked with finding buyers for the holding, says the report. The company held 95 percent of UACC according to the chemical shipping firm’s 2012 financial report, the most recent one available on the company’s website. No final decisions about the sale have been made, the people said. UACC, founded in 2007, is a mid-sized operator with a fleet of two dozen tankers.
Fujiwara Takes the Helm at ClassNK
Maritime Reporter & Engineering News visited Koichi Fujiwara, the newly installed Chairman and President of ClassNK, in his Tokyo headquarters for his insights on the global maritime market at large as well as the future direction and mandate of class. With the global maritime market in the grips of a collective slump, the likes of which have not been seen since the energy crisis and resulting economic malaise of the mid 1970s, Koichi Fujiwara takes the mantle of leadership at ClassNK, one of the world’s largest and most influential classification societies.
Charterers Remain Optimistic Despite Small Downturn
Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. They are, however, still higher than at the corresponding period twelve months ago, and confidence among charterers actually reached a six-year high. The amount of anticipated significant new investment over the next twelve months was down over the three-month period…
News: “Happy” New Year?
Little more than 12 months ago newbuilding prices had been drifting down steadily for more than a year and some industry analysts were warning that soft ship prices could be here for some time. Simultaneously, the closure of some yards were more than offset by the opening of new ones, particularly in China, while improvements in productivity were constantly adding capacity. Some brokers and industry analysts were warning of surplus capacity, not just in containerships, but in the Aframax, Suezmax and 45,000 dwt products carrier range. What a difference a year makes. Today the picture is radically different. The container, tanker and bulk carrier markets are all buzzing, with certain sectors of the dry bulk market reaching record levels, beyond most owners' wildest dreams.
