Ship Managers are ‘credit crunch’ winners and costs could fall too

Third party ship managers are ring fenced from the ravages of the current financial crisis and could even see business increasing as owners strive to keep fixed overhead costs down by delaying taking ships back in-house and ships repossessed by banks are forced to seek third party management expertise. According to Guy Morel, InterManager General […]

Dubai launches its own maritime week

Dubai Maritime City is to organise the ‘Dubai Maritime Week’ starting from 2010, as part of a series of initiatives designed to support the development of the UAE and region’s maritime sector. The region’s first-of-its-kind event will be co-organised by Dubai World Trade Centre and will include seminars, exhibitions, panel discussions and conferences relating to […]

India bullish about the benefits of the credit crunch

Indian shipping companies have indicated that not only have they been unaffected by the global credit crisis, but that it is a “blessing in disguise” for the Indian economy as it uses the period of downturn to shift attention on internal development and growth. Managing Director of Bibby Ship Management’s Mumbai office, Prakash Agarwal said […]

DVB raises concern as world fleet enters dire financial straits

DVB bank has warned that frozen credit lines may force banks to take ownership of vessels as financing becomes increasingly tighter, indicating that shipowners and operators should cut their losses against the future world newbuild orderbook. Dagfinn Lunde, Member of the Board of Managing Directors of DVB Bank, said that as a result of the […]

Stena ‘to buy’ publicly quoted tanker company by Xmas

The dramatic fall in shipping company stocks forced by the financial crisis has thrust Gothenburg-based Stena Bulk strongly on the acquisition trail to the extent that it has targeted a publicly-listed tanker company that it said it will buy by the end of the year. Ulf Ryder, President and CEO of Stena Bulk, told reporters […]

Northern Marine to move out of third party management

Glasgow-based Northern Marine Management will stop providing crews to third party clients by 2010 as its parent company Stena is forced to divert much needed seafarer capability to its own vessels. Ulf Ryder, President and CEO of Stena Bulk, told SMI that Stena tonnage only represented 40% of the 120 vessels of 10 million dwt […]