Nan Fung mulls options after Sanko debacle

Nan Fung Shipping is mulling its options over two massive oil tankers it owns and has on charter to Sanko Steamship, Japan's fourth-largest shipping company which filed for bankruptcy protection on July 2.

Friday, 8 May, 2015, 10:49am

Shipowners on verge of a buying frenzy, insiders say

Hong Kong shipowners could be poised to invest heavily in new fuel-efficient ships at rock-bottom prices, despite ongoing concerns about overcapacity and uncertain cargo growth, according to industry insiders.

23 Apr 2012 - 12:00am

Dry bulk sector under 'significant stress'

Huge volatility in charter rates, debt problems at some shipowners and overcapacity has created 'an uncertain time for shipowners' this year, though there are still opportunities in Asia, a ship finance expert says.

28 Mar 2012 - 12:00am

Industry braces for time of change

The global shipping industry faces a spate of mergers and corporate failures as a lack of cash and overcapacity weigh on the sector. But Asian banks, including those in Hong Kong and the mainland, are set to increase their funding of the industry, maritime experts said yesterday.

29 Feb 2012 - 12:00am

Forum seeks to clarify Beijing's backing for port

A recently formed umbrella group for the shipping sector plans to visit the mainland and Taiwan as part of a wider focus on developing Hong Kong's maritime industry, the head of the group said.

7 Feb 2012 - 12:00am

Seized tanker sold for US$29m

Samho Dream, a supertanker under arrest in Hong Kong since October for non-payment of a bank loan, has been sold at auction for US$29 million, a fraction of the US$137.5 million the distressed South Korean owner paid for the ship in 2008.

20 Jan 2012 - 12:00am

HK losing bid to be maritime centre

More foreign shipowners and maritime-related companies should be encouraged to come to Hong Kong if the territory is to develop as an international shipping hub, says the new chairman of the Hong Kong Shipowners Association.

9 Dec 2011 - 12:00am

More orders for China Rongsheng

China Rongsheng Heavy Industries, the mainland's largest privately controlled shipbuilder, is a step closer to meeting its order target of US$2.5 billion this year after securing a deal to build up to 20 oil tankers for a mainland shipping company.

9 Dec 2011 - 12:00am

Judge orders sale of seized tanker

Admiralty judge Mr Justice Anselmo Reyes yesterday ordered the valuation and sale of a supertanker detained in Hong Kong since the middle of October over the non-payment of bank loans.

7 Dec 2011 - 12:00am

Warning on ship financing gap

Maritime experts have warned of a shortfall of up to US$200 billion in finance available to pay for merchant ships already on order and due to be delivered over the next three years.

The warning comes as the overall value of the ships on order falls, following a drop in ship values since the vessels were ordered.

29 Sep 2011 - 12:00am

Tankers outstrip crude orders

The mainland's insatiable appetite for oil will not be enough to absorb all the new crude oil tankers due to be delivered over the next three years.

The growing move by China to control more of its own merchant tanker fleet will also reduce opportunities for foreign shipowners to charter vessels to mainland companies, shipping experts warned yesterday.

29 Sep 2011 - 12:00am

Pacific Basin's profit crashes

Pacific Basin Shipping's net profit crashed to US$2.95 million in the first half of this year, from US$51.9 million a year earlier, after the company made an US$80 million impairment charge on its ferry business.

4 Aug 2011 - 12:00am

Troubled S Korean firm's tanker to be put up for sale

An Admiralty judge ordered the appraisal and sale yesterday of a tanker belonging to financially troubled South Korean shipowner Samho Shipping, which has been under arrest in Hong Kong since the end of last month.

20 Jul 2011 - 12:00am

Shipping delegation heads to South Korea

A high-powered delegation of Hong Kong shipping, logistics and port executives will start a visit to South Korea today to promote the city as an international maritime centre.

30 May 2011 - 12:00am

Industrial shipowners may squeeze charter deals

The rise of industrial shipowners including iron ore miners Rio Tinto and Vale coupled with the growth of long-term contract deals between steelmakers and shipowners could squeeze the volume of charter contracts open to dry bulk shipowners.

23 Apr 2011 - 12:00am