Tokyo’s Nikkei index soars 10% higher, matching gains seen in New York, as confidence starts to return to financial markets.
Major European economies announce financial rescue schemes to shore up their banking systems.
Shares in Royal Bank of Scotland, Lloyds TSB and HBOS fall sharply despite the UK’s government’s 37bn bail-out package.
Share ThisSHIPOWNERS who have tonnage entered mutually in Gard P&I Club, one of the world?s top two such organisations, are to receive a total $9m ?give back?.
THE financial restructuring of government-owned Hindustan Shipyard has been delayed further and referred to a group of ministers after suggestions that its expansion plans could cause national security concerns.
JINHUI Shipping and Transportation, the Oslo-listed Hong Kong bulker operator, saw net profit surge 109% to $12.8m in the first quarter buoyed by soaring charter rates. Turnover climbed 49% to $54.3m.
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Share ThisFREEFALLING charter rates appear to have taken some of the biggest names in shipping by surprise, with the George Economou-controlled Classic Maritime now paying up to three times the market rate on some of its recent period charters.
BRAZIL?s Vale plans to meet with Chinese steel mills next week to follow up on its demands for a second price increase this fiscal year.
CLEAN
AS THE northern hemisphere gets ready for its winter upsurge in demand for clean products, long range tanker owners have entered the fourth quarter with strong spot rates, writes Jerry Frank.
ORE
RISING demand for repair work in the Gulf of Mexico to fix damage caused by hurricanes Ike and Gustav will tighten the global market for subsea construction and inspection vessels for the next six months, writes Martyn Wingrove.
Crunch to hit dry bulk fleet
CHARTERERS emerged from the woodwork yesterday to profit from the latest drop in dry bulk freight rates; but brokers gained some confidence from a couple of confirmed period fixtures, writes Jamie Dale.
For more information on routes or calculations please visit www.balticexchange.com
All prices are indications in US$/day of current market level, basis midpoint between bid/offer at 13:00 London time. Contract routes are as current Baltic Exchange definitions. For more information, visit www.freightinvestor.com
Rate calculations based on a 172,000 dwt capesize built 1999/daily hire $58,560. Daily hire provided by: Arrow Chartering, Barry Rogliano Salles, Fearnleys, Socomet Chartering and Sobelnord.
Rate calculations based on a 172,000 dwt capesize built 1999/daily hire $58,560. Daily hire provided by: Arrow Chartering, Barry Rogliano Salles, Fearnleys, Socomet Chartering, Sobelnord.
Share ThisNAB chief economist Alan Oster said the report was still consistent with economic growth of 4. 0 % a year or more for the economy and that the Reserve Bank of Australia remains on track to raise interest rates in coming months.
Price of litre of petrol tops 1 for first time in UK as oil surges on a North Sea storm. By Graeme Wearden.
The pound climbed to $2.10 for the first time since 1981 today, boosted by speculation that China was preparing to shift its foreign reserves out of dollars. By Graeme Wearden.
Market report: London shares resumed their downward trek today, knocked by volatile oil prices, a tumbling dollar, jitters around banks and more anxieties on Wall Street. By Katie Allen.
Virgin Media signals that era of upheaval marked by public rows with BSkyB is behind it as the cable TV company posts strongest customer growth in more than a year. By Katie Allen and Chris Tryhorn.
Share ThisThis can prove to be very attractive. However, how can you be able to find this person with the same qualification but charges half the price your professional charges? The answer to this question is to outsource your business process in developing countries full of talented professionals.
Davos bosses get a reality check
Economic turmoil dominates as the world’s movers and shakers meet in the Swiss resort of Davos.
Dollar hits 26-year low against pound
The pound climbed to $2.10 for the first time since 1981 today, boosted by speculation that China was preparing to shift its foreign reserves out of dollars. By Graeme Wearden.
FirstGroup thanks oil price for rise in bus revenue
British bus and rail operator says soaring oil price forcing motorists out of their cars and on to public transport. By Dan Milmo.
