London: Despite an oversupply of vessels in the dry bulk market, an equivalent of more than 1,300 capesizes capacity over the next 10 years are needed to meet an increase in cargoes, Moody's Investors Service predicted.

Wuhan: CSC Phoenix, a subsidiary of China's Changjiang Shipping Group, has projected a loss for the first quarter due to the weak dry bulk market.

Beijing: China Cosco has penned a cooperation agreement with China Classification Society to improve energy efficiency for its bulk carriers.

Hong Kong: Dry bulk shipping firm Courage Marine has disposed a 1985-built, 67,000 dwt panamax Valour for about $5.07m to ship disposal firm Regal Pacific Industries.

Seoul: The chief of STX Pan Ocean has stood down to be replaced by STX Group chairman Duk Soo Kang.

Singapore: Singapore-based Greenship Holdings has established two separate entities to expand into shipowning and operating activities in the gas and dry bulk sectors.

Singapore: China Navigation Company has ordered four handysize bulk carriers of 39,500 dwt each at Chengxi Shipyard in Jiangyin, China, with an option for six more similar vessels.

New York: The number of dry bulk spot charters has hit its highest level since the end of 2010.

Bangkok: Precious Shipping has spent $16.6m to acquire a secondhand 30,193 dwt bulk carrier in a move to rejuvenate its fleet.

Seoul: STX Pan Ocean sank into the red in 2011 dragged down by its container and tanker operations. The Seoul and Singapore-listed shipowner reported a net loss of $19.4m in 2011 compared to a $91.4m profit in the previous year.