Left with just USD13 in its Singapore banks, Halkias-backed company indebted to China Merchants Energy Shipping, Pan Ocean, and LafargeHolcim unit, among others
Up to 265 vessels are being forced to sit outside the Chinese ports of Tianjin, Caofeidian, Jingtang, Qinhuangdao, and Huanghua
Recovery seen in the dry bulk sector has prompted shipowners to invest in secondhand vessels.
China's coastal container fleet saw a solid growth in the first half. The average age of the overall coastal fleet is younger than the level seen in last year driven by the government's policy to encourage scrapping of younger vessels.
Monaco-based Scorpio Bulkers has sold a pair of Ultramax bulkers for USD19 million each and leased them back from the buyer through a five-year bareboat charter agreement.
The number of dry bulk carriers ordered up to the end of August has risen by 81% against the same period last year, with contracts for 132 vessels of 14 million deadweight tonnes (dwt) placed at shipyards.
Sinotrans Shipping grew its first half net profit by nearly 400% on the back of higher dry bulk freight rates, better daily TCE earnings, and high average revenue per teu in the container shipping sector.
Japan’s Mitsui & Co has booked a bulker duo from Imabari Shipbuilding.
The global insurance industry sees Africa as the next big growth market, but access barriers remain a challenge.