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Jayendu Krishna News

29 Sep 2015

Another Japanese Bulk Shipper Seeks Bankruptcy Protection

Daiichi Chuo liabilities total $1.5 bln. Second dry bulker to seek bankruptcy protection this month. Japanese bulk carrier Daiichi Chuo Kisen Kaisha said on Tuesday it had filed for protection from creditors - the second shipper to do so this month - with analysts predicting more failures if the market for dry freight continues to slump. The shipping industry has been hit hard by the global commodities meltdown with the dry freight market near six-year lows and rates for large ships carrying iron ore and coal barely covering operating costs this year. Daiichi Chuo said it had been unable to make ends meet on ships it had chartered or finance ships it had ordered…

12 Sep 2014

Vale, Cosco to Cooperate on Iron Ore Shipping

Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly two-year ban on docking its mega-ships at Chinese ports. Vale said in a statement that it would transfer ownership of four very large iron ore carriers of 400,000 deadweight tons to Cosco. It would then lease them back from Cosco, the state-owned parent of top Chinese dry bulk shipper China Cosco , for 25 years. The deal is part of a continuing effort by Vale to move away from owning its own vessels so it can focus on mining and shore up its balance sheet. But this agreement could also pave the way for more productive negotiations with China over docking Vale's mega-bulk carrier known as the Valemax.

12 Jul 2012

Ship Demolition Prices Plunge

According to Bloomberg News, shipbreakers paid about $425 a ton for commodity carriers last month, compared with $490 a year earlier, based on Clarkson (CKN) Plc data. The tonnage sold in the first half rose 25 percent from a year earlier to 16.2 million tons, leading shipbrokers Clarkson told Bloomberg. “Owners haven’t got any option other than to scrap,” said Darren Lepper, a sales and purchase specialist at the London- based shipbroker. Panamax vessels have led the jump in scrapping with 56 sold for demolition in the first half compared with 38 a year earlier, according to Clarkson. The tonnage sold has risen 33 percent to 3.37 million tons. Older vessels “just cost too much” to operate, said Jayendu Krishna, a senior manager at Drewry Maritime Services in Singapore.