ESSAR Shipping forecasts income from its rapidly-expanding ports and logistics businesses to equal revenue from its fleet of 24 vessels within three years.

LARGE tankers are still steaming at full speed despite record high bunker prices, which reached more than $700 per tonne in Singapore yesterday for the first time ever.

CONTAINER FIXTURES

ANECDOTAL evidence is mounting that the slide in containership charter rates over the past few months is more than just a temporary correction, writes Janet Porter.

TRADERS and brokers acting in the very large crude carrier market are taking a breather this week as the majority of the July fixtures have been completed, but August stems have yet to appear, writes Martyn Wingrove.

THE dollar-per-day time charter rates for tanker freight derivatives contracts sold for 2009 are set to rise by between 28% and 80% from mid-July, when Imarex incorporates high bunker costs into its Worldscale rates calculations, writes Michelle Wiese Bockmann.

THE newly-established BoConti joint venture between two Antwerp-based shipowners has plans to eventually own or operate a fleet of up to 20 handysized bulk carriers, writesMichelle Wiese Bockmann.

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NOR Offshore has cancelled its initial public offer on the Singapore Exchange amid market turmoil, writes Marcus Hand in Singapore.

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SHIPOWNERS who have tonnage entered mutually in Gard P&I Club, one of the world?s top two such organisations, are to receive a total $9m ?give back?.

THE financial restructuring of government-owned Hindustan Shipyard has been delayed further and referred to a group of ministers after suggestions that its expansion plans could cause national security concerns.

JINHUI Shipping and Transportation, the Oslo-listed Hong Kong bulker operator, saw net profit surge 109% to $12.8m in the first quarter buoyed by soaring charter rates. Turnover climbed 49% to $54.3m.

DRYSHIPS chief George Economou has hailed an ?exceptionally strong? first quarter for the Nasdaq-listed dry bulk company, writes Nigel Lowry in Athens.

IMPROVED results for the first quarter of 2007 have been unveiled by the Piraeus Port Authority, the corporation in charge of Greece?s largest port.

SUE Langley, one of the most high profile personalities in the London market, is to join Lloyd?s to raise operational competitiveness and ensure a focus on North American business, which supplies 40% of revenue at Lloyd?s, writes James Brewer.

DEMAND for tankers to act as floating storage units in the Black and Baltic seas is bound to pick up after the Russian government introduced tax breaks.

NAMES at Lloyd?s are continuing to reap better rewards from the market than the dominant corporates, according to an analysis commissioned from ratings agency Moody?s by the Associa- tion of Lloyd?s Members.

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ICAP HYDE SUPRAMAX INDEX 6,851 (-32) 23 Jan 2008
Index basis: 50-52,000 dwt bulk carrier, maximum 10 years old, 25t cranes with grabs, 14k on 30t ifo no diesel at sea

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A NEW EU project entitled Dryport could be a key factor in identifying and developing new logistics areas to support port expansion at Felixstowe.

PORTONAVE, the company at the centre of a furious debate on port development in Brazil, has defended itself in the face of a presidential decree that threatens to radically transform the legal framework for port investment in Latin America?s largest economy.

TAIWANESE shipbuilder CSBC Corp is set to launch its initial public offering on the Taiwan Stock Exchange on December 22.

ANGLO-Dutch oil major Shell is pressing ahead with plans for the construction of a floating liquefied natural gas production facility which could cost about $2bn.

THE moderate rebound anticipated in St Lawrence Seaway traffic in 2008 has yet to materialise as the North American waterway heads towards the usually slow summer season, writes Leo Ryan in Montreal.

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THE International Road Transport Union has launched its campaign to oppose the European Union?s road tax plans.

THE US-flag Great Lakes fleet is continuing to be hampered by shallow water in many harbours, writes Leo Ryan.

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TRANSPACIFIC lines held a top level meeting with shippers this week as the two sides grapple with a rapid shift in US trade flows that is creating a new set of logistics headaches.

BRAZIL?S shipbuilding industry has recorded a 950% increase in its orderbook in the last two years, according to the latest statistics released by the National Union of Brazilian Shipbuilders, Sinaval.

STUDIES that have found that emissions from ships contribute to global cooling rather than warming have been wrongly excluded by the IMO from this week?s intercessional working group, critics have said.

HONG Kong?s shipbuilding industry should be revived to focus on the higher value offshore engineering sector, in a move that would harness southern China?s cheaper materials and labour supply and Hong Kong?s management and entrepreneurial skills.

AN AIRSHIP will soon be patrolling the South Florida Straits as the US Navy and Coast Guard assess its suitability for maritime surveillance, writes Michael Grey.

SOUTH Korean Doosan Group?s expected bid for a controlling stake in Daewoo Shipbuilding and Marine Engineering is being opposed by the shipbuilder?s labour union, writes Mike Grinter in Hong Kong.

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SHARES in maritime communications giant Inmarsat touched a three-year high yesterday on rumours of a take-over bid for the company, writes Neville Smith.

NOL subsidiary APL has launched a new scheme to help train Chinese pilots on their vessels, writes Sandra Tsui.

MALAYSIA?S Asian Finance Bank and AmanahRaya Investments have launched the country?s first Islamic shipping fund, writes Marcus Hand.

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