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Latest From Vincent Wee
Update: D'Amico International Shipping of Italy also sheds product tanker from a joint venture
The oversupply situation within the OSV sector continues to pose challenges for service providers as charter rates remain depressed amid competitive conditions
Nam Cheong jumped into the chartering market, expanding its fleet to 34 vessels at the end of June and achieved high utilisation rates to push gross profit 81% higher to RM32.4m and raise overall gross profit margin to 31%
Significant efforts to improve internal efficiency helped RCL to keep the rise in freight and operation cost to only 0.7% in the second quarter compared with the previous corresponding period, despite continued growth in liftings
Better supply conditions are expected in the second half of the year as vessels are taken out of service for scrubber retrofits and rising US exports boost tonne-mile demand