Shipbreaking at virtual stand-still

The last seven days have seen a historically low level of activity in the ship breaking market, IHS data confirms.
Only two ships, Glory Sun, and LPG tanker Lady Stephanie have arrived at Alang and Aliaga to be scrapped.
“From Friday 31 July to today we have seen virtually no activity,” said Paul Clemenson, senior data transformation analyst for IHS Maritime & Trade.
“This is the first time ever that I can recall

Rio Tinto profit plunges 82%

Rio Tinto net earnings fell by 82% from USD 4.4 billion to USD 806 million in the six months to 30 June. At the same time, the company’s net debt rose 10% to USD13.7 billion, according to the 2015 interim results released today.
Chief executive officer Sam Walsh described the outcome as “robust”

U-Ming grows bulk carrier fleet

U-Ming Marine Transport (Singapore), a fully owned subsidiary of Taiwanese carrier U-Ming Marine, on 6 August took delivery of a 85,066 dwt bulk carrier from Japanese shipbuilder Oshima Shipbuiding.
MV Cemtex Fortune is the last vessel in a series of four post-Panamaxes the carrier had ordered from

Sinwa profit up 22%

Singapore-listed offshore services provider Sinwa posted profit of SGD2.64 million (USD1.9 million) in the second quarter of 2015, an increase of 22% year on year (y/y).
The company’s second quarter revenue climbed 7.4% y/y to SGD40.8 million, while its profit increased 7.7% y/y to SGD9.7 million.