More than six months after the initial incident, the continued detention of the Blue Fleet managed handymax Royal Arsenal at the Port of Umm Qasr in Iraq, is causing major concern and frustration to the owners, ship managers, and insurers.
Sinotrans Shipping is continuing to shed assets, divesting the 2010-built 57,065 dwt handymax Da Cheng for RMB84.3m ($13.3m).
Pacific Basin Shipping (PacBasin) is seeing better times as the year goes by. Despite a seasonal mid-year decline, which affected index rates in the third quarter, stronger demand growth across most cargo categories drove a marked increase in rates over the last few weeks of the quarter, the Hong Kong-based minor bulks specialist said in a press release on its third quarter update.
Minor bulks Pacific Basin Shipping specialist believes the worst of the current dry bulk market cycle is over as first losses narrow.
Japan’s NYK has contracted Wartsila to install scrubbers on two new 56,000-dwt handymax bulk carriers, making them the first vessels in NYK’s fleet to be installed with exhaust gas cleaning systems.
Dry bulk handysize shipowner Pioneer Marine is evaluating acquisition opportunities in a weak market, despite posting a heavier loss in the first half ended 30 June 2016.
While knowing your market and being good at what you do is obviously key to getting good results, even a specialist like Pacific Basin Shipping can sometimes get it wrong and this was seen in their interim results as they managed to turn around from a $10.7m loss in the handymax segment a year ago to a $10.4m contribution in the first half of 2015.