Re-sult Munich nets ?3.9bn
MUNICH Re, the world?s secondlargest reinsurer, said that it earned ?3.9bn ($5.7bn) after tax in 2007, beating its own forecast of ?3.8bn, writes Herbert Fromme in Cologne.
EUROPEAN Union transport ministers have agreed to radically reduced versions of two controversial maritime safety directives, raising the possibility that the ?Erika 3? package of legislation might finally become law before the end of the year.
SHIPOWNER George Economou is lowering his offer to buy out struggling Athens-based neighbour TOP Ships, but both sides remain at the negotiating table.
A TOP competition lawyer has leaped to the defence of the European Commission that had come under fierce criticism from container lines over proposed new rules for shipping alliances.
INDIA?S Shipping Ministry is pushing for a reintroduction of shipbuilding subsidies amid concern that several existing orders and options placed at Indian yards could be cancelled.
ROYAL Caribbean Cruise Lines? 138,279 gt Navigator of the Seas of has became the largest cruiseship to enter Malta?s Grand Harbour, just pipping sistership Voyager Of The Seas by 1,003 gt, writes Cecil Jones in Valletta.
SHADOW shipping minister Julian Brazier has taken up arms against the controversial new business rating system hitting ports around England and Wales, writes Felicity Landon.
THREE further tanker operators ? including players from rising economic giants India and China ? have joined the Heidmar-led Sigma Tankers pool, writes David Osler.
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.
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.
DEMAND for tankers to act as floating storage units in the Black and Baltic seas is bound to pick up after the Russian government introduced tax breaks.
NAMES at Lloyd?s are continuing to reap better rewards from the market than the dominant corporates, according to an analysis commissioned from ratings agency Moody?s by the Associa- tion of Lloyd?s Members.
From Dr NE Dangoor
Share ThisCapesize rates marking time until Chinese New Year
THE resurgence in capesize rates seen early last week appeared to fizzle out by Friday, writes Keith Wallis in Hong Kong.
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
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 ThisUS exchanges in takeover talks
The Chicago Mercantile Exchange is in talks to buy its New York rival Nymex for $11bn, both firms reveal.
price: $10.88 (new), $4.70 (used)
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price: $10.85 (new), $7.94 (used)
Share ThisShares across the world fall sharply as fear grows of a widespread economic slowdown.
UK Prime Minister Gordon Brown calls for falls in the price of oil to be passed on to consumers ‘as quickly as possible’.
Finance minister from the Group of Seven rich countries will be meeting in Washington to discuss the credit crunch.
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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