Since developing countries have lower minimum salary rates, outsourcing can prove to be a cheaper alternative to do a particular business process that you need. Not only that, if your company is burdened with heavy workloads, outsourcing can help your company ease the burden. This will mean more efficiency and productivity for your company while saving a lot of money in the process.

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VLCC fleet weighs impact of early single-hull ban
AROUND 730 tankers with a total of about 76m dwt are traversing the high seas without double-hull protection, according to analysis by shipbroker Barry Rogliano Salles.

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SOUTH Tyneside College has launched a new course to hammer home the hazards of entering an enclosed space at sea, writes Felicity Landon.

SHIPPING faces an upsurge in port and onshore labour disputes amid the worst global financial crisis since 1929, according to niche marine mutual the Strike Club.

NEXT week?s critical stockholders? meeting at Oceanaut, the blank cheque company sponsored by Excel Maritime Carriers, has been cancelled ?in light of market conditions? which threaten to undermine its transformational deal for a fleet of bulk carriers.

LONDON insurers should be as concerned about the impact from a catastrophic event in the Gulf of Aden as they are from spiralling ransom demands, a leading London market underwriter has said.

ONE of the five propeller blades of the German-owned CSCL Kelang was found to be missing when it drydocked at MWB shipyard in Bremerhaven. The Antiguan-flagged, 36,003 dwt, 2001-built container vessel was towed from Paranagu to Germany by the tug Sumatras on a six-week voyage after it suffered damage in a grounding off the Brazilian coast. Ralf Witthohn

GULF Marine, headed by the former Asian boss of Total Lubmarine, has entered the marine lubricants market to challenge the traditional dominance of existing firms such as Shell, Mobil and Chevron, writes Keith Wallis.

SOUTH Korea?s Busan Port Authority will break ground on it most ambitious project yet when it starts to convert cargo piers into an international cruise and passenger terminal and a business and tourist centre in November.

SEAFARERS? unions will next week lobby the European parliament in support of their demands that employment terms and conditions on intra-EU ferry services be regulated at levels prevailing in Europe, writes David Osler.

SOMALI pirates have freed the Japanese chemical tanker Irene and its 25 crew after a $1.6m ransom was paid, a regional government official has said.

THE global financial crisis has not stopped two Shanghai-listed shipowners from securing bank loans worth a total of Yuan4.2bn ($615m) to fund their newbuilding projects, writes Sandra Tsuiin Hong Kong.

INTERNATIONAL Chamber of Shipping chairman Spiros Polemis has said applying an emissions trading scheme to shipping would distort competition and unfairly penalise the most environmentally-friendly form of transport, writes Neville Smith.

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FREEFALLING 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

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The world financial system is on the “brink of systemic meltdown”, the head of the International Monetary Fund warns.

Struggling US car giants General Motors and Chrysler are in talks about a possible merger, US media say.

Venezuela shuts all branches of restaurant chain McDonald’s for 48 hours, citing tax irregularities, officials say.

News, explainers and analysis see full coverage of the global turmoil

UK Prime Minister Gordon Brown calls for falls in the price of oil to be passed on to consumers ‘as quickly as possible’.

President George W Bush vows to work “aggressively” to restore economic stability, as world stock markets tumble.

Bank-to-bank lending rates rise despite aggressive measures from governments worldwide to tackle the credit freeze.

Russia’s lower house of parliament, the Duma, approves a raft of measures worth $86bn (51bn) to assist banks.

The International Monetary Fund (IMF) activates an emergency finance facility to help countries hit by the financial crisis.

US financial giant Citigroup says it will not seek to bar Wells Fargo from taking over troubled bank Wachovia.

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Strike threat at Liverpool
PILOT launch crews in Liverpool are balloting on strike action designed to cause disruption, with the result likely to be known next Monday, writes David Osler.

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Newbuildings
Vessels Launched

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SHIPOWNERS 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.

DRYSHIPS chief George Economou has hailed an ?exceptionally strong? first quarter for the Nasdaq-listed dry bulk company, writes Nigel Lowry in Athens.

IMPROVED results for the first quarter of 2007 have been unveiled by the Piraeus Port Authority, the corporation in charge of Greece?s largest port.

SUE Langley, one of the most high profile personalities in the London market, is to join Lloyd?s to raise operational competitiveness and ensure a focus on North American business, which supplies 40% of revenue at Lloyd?s, writes James Brewer.

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