Baltic Exchange Succumbs to Singapore as Shipping Turmoil Deepens
The crisis in global shipping and a tax exodus by big Greek vessel owners have helped finally seal the fate of London's Baltic Exchange after at least three approaches to buy it over the last six years of its near-three centuries history. Some 95 percent of shareholders voted on Monday in favour of a takeover deal from Singapore Exchange, valued at 87 million pounds ($112.87 million), trumping more than one effort from the London Metal Exchange to snap it up. "For Baltic shareholders it does release value…
DNV GL bags Two Lloyd’s List Awards
DNV GL was recognized for its leadership and ability to innovate when it received both the “Classification Society” and the “Innovation Award” at the 2014 Lloyd’s List Asia Awards held on 30 October. This is the second year in a row that DNV GL has won the award for best Classification Society. “We are delighted and proud to receive these awards. They acknowledge the meaningful commitments DNV GL staff around the world have made over the past year. We remain dedicated to expanding our presence in Asia with deep technical competence and innovative solutions that assist our customers to become safer, smarter and greener,” said Steen Lund, Regional Manager for DNV GL Maritime South East Asia & Pacific, who accepted the Classification Award on behalf of DNV GL.
Clarkson Asia Appoint Maher to Head Drybulk Operations
Shipping services provider, Clarksons, say they have appointed long time Asia expert, Jonny Maher, as Head of Dry Cargo for the Asia-Pacific. Based in Singapore, he will head up Clarksons' drybulk operations in the region. The move, they say, is a response to both Clarksons' growing presence in the region and the huge growth in clients now operating out of Singapore. Jonny was previously Head of Asia for Arrow Shipbroking and has lived in the region for 18 years, the last seven of which in Singapore and previously in Tokyo, Hong Kong and Shanghai.
China: Capacity Soars, but is Quality, Finance Keeping Pace?
For those who have been in shipping for a decade or three, warnings of excess shipbuilding capacity will engender a sense of déja vu. First it was the Japanese, then the South Koreans and now, together with those, the Chinese. Clarkson Asia managing director Tim Huxley, addressing the International Union of Marine Insurance (IUMI) conference in Singapore this week, identified rapid shipyard capacity expansion in China, coupled with productivity increases at yard facilities in Japan and South Korea. Apart from a global economic crisis, excess capacity now posed the single biggest threat to the world’s shipbuilding industry, Huxley declared.
