The return of Chinese trade participants from Spring festival failed to create a roar in the Capesize market this week.
Chinese state-owned Shandong Shipping Corporation has announced it is setting up a joint venture with ICIL Maritime Leasing (International) Company Limited (a wholly owned subsidiary of ICBC Leasing) through its subsidiary Shandong Shipping (Hong Kong).
Oldendorff Carriers has celebrated the delivery of five eco-newbuildings – four of which were handed over to the shipowner on the same day.
Liang Xiaolei (Simon Liang), former chairman and ceo of Chinese private shipyard company Sinopacific Shipbuilding, has been arrested by Myanmar police over tax issues.
Dalian Shipbuilding Industry Offshore (DSIC Offshore), a subsidiary of Dalian Shipbuilding Industry Co., Ltd (DSIC), had been requested by Dalian Municipal Intermediate People's Court to restructure due to debt issues with Dalian Shenghua Ship Engineering Company.
Chinese-listed ship technology company Bestway Marine & Energy Technology’s chairman faces prosecution for debt default that may lead to the bankruptcy of the company.
Freight rate opened the week on weaker market fundamentals with concern over the China’s economic slowdown and the softening Panamax market. These left the Capesize market with little trading activities and saw a standoff as ship owners offering high, while the charterers bidding low.