Chinese dry bulk shipping company Sinotrans & CSC Phoenix sold its 28% stake in Chongqing Xingang Changlong Logistics Company to bolster cashflow.
The OSV sector is facing a “survival of the fittest” with offshore activity set to decline for another two years according to Pareto Securities.
Cash-strapped Western Bulk has become Bulk Invest following the sale of its chartering arm, and is still seeking solutions to its financial woes with its creditors.
Nordic American Tankers (NAT) has reported profits of $114.6m in 2015, together with operating cash flow up 16% year-on-year to $212m, the strongest result in the company’s 12-year history.
The dry bulk shipping market has continued its southward plunge into territories unknown with the Baltic Dry Index (BDI) falling below 300 points on Thursday.
Recent news that China Rongsheng Heavy Industries Group has been talking to several parties for help with a bailout may provide an idea what direction the restructuring of China's shipyard industry may take.