Tag: fleet expansion

EBRD Bank is providing Interorient Shipmanagement, a ship management company headquartered in Cyprus, with a US$ 11,4 million loan for the company’s expansion

Mumbai-based ship management company MMS Maritime India has announced it is to begin a major recruitment drive for Indian seafarers, after its parent company, the Japanese ship owner Meiji Shipping Group unveiled an expansion of its tanker fleet.

RMI announced that it is ''proud to continue to be entrusted with the registration of state of the art eco-ships by Japanese Shipowners''.

New, fuel efficient tanker vessels Shipping magnate John "Big Wolf" Fredriksen has quietly bought a dozen new, fuel efficient tanker vessels in recent months and said he may spend billions of dollars more as the global shipping crisis has created opportunities too good to pass up.Norwegian-born Fredriksen, 67, predicted the crisis would last another two or three years, driving many shipping firms and shipyards out of business, and the survivors would be the few low-debt companies backed by long-term owners with liquidity and an established name."The good days we had are over for quite some time," Fredriksen told Reuters in a rare interview. "The market will return, but only in two or three years, and until then it's going to be pretty desperate.""When the market goes to hell, it's more of an opportunity than a problem," said Fredriksen, whose personal wealth is estimated at $11.3 billion by Forbes magazine.Shipping firms went on a binge of ordering new vessels, designed to transport anything from crude oil to iron ore and containers, between 2007 and 2009. The new capacity hit the seas just as global demand imploded from prolonged economic turmoil.Charter rates and asset values plummeted just as bunkers fuel costs soared ...