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Tanker owners positive for the future

12094 fcras 26/5 2009 09:17

Monday, 25 May 2009 23:01

After a more than difficult first quarter of the year, tanker owners appear today more optimistic on the future of the market , with the sector still facing serious challenges steaming from a plunge in oil production and demand, together with a potential tonnage oversupply, although lower than the one foreseen for the dry bulk market.

Torm's CEO was more than optimistic last week, saying that the product tanker market has bottomed out and even improved slightly. Mr. Mikael Skov cited as an example the gas shipping from Europe to the United States, especially in the second quarter of the year. He also said that TORM hasn't cancelled any ship orders during the first quarter.

-more here:

TORM website:
FRO website:

26/5 2009 10:44 fcras 012097

Shipbreaking volumes grow in China
May 25,2009 00:00 by schambers

Shanghai: Shipbreaking is accelerating in China, by common consent the world leader when it comes to recycling vessels in the most environmentally friendly way.

Jiangyin in the Yangtze river delta is the leading area for breaking in China.

A spokesman from Changjiang Shipbreaking yard said recently, following the scrapping of 44 ships in the first quarter of this year, there are nine ships being scrapped now and another five ships will be dismantled before the end of this month.

The person said from October last year most of the ships scrapped by their yard are large bulk ships, car carriers, container ships and oil tankers mainly from Europe and Japan, with quite a few below the mandatory retirement age.

At present, there are 11 ship dismantling teams of Changjiang Ship-breaking yard are working overtime. The party secretary of Jiangyin Marine Board Xu Jiangsheng said the marine regulatory authorities are intensifying supervising on shipbreaking operations to ensure safety and non-pollution.

Following the recent IMO meeting in Hong Kong on improving shipbreaking practices China is well set to be a ship recycling centre as it has a policy not to beach ships, but to take them apart bit by bit dockside.

Many owners are hoping that some of the 200-odd greenfield shipbuilding yards in China will be converted into recycling yards. [25/05/09]