UN approves sanctions against Somali piratesNew York: The UN Security Council voted unanimously Thursday to impose sanctions on pirates, arms smugglers, and perpetrators of instability in Somalia in a fresh attempt to help end lawlessness in the Horn of Africa nation.The council's quick approval of the British-sponsored resolution was followed by an open meeting on the deteriorating situation in Somalia - both on land and at sea off its nearly 3,900 kilometer (2,424 mile) coastline, which includes some of the world's most important shipping routes.
Posted by: Admin on Friday, November 21, 2008 - 09:16 AM
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The domestic ship-breaking industry, which incurred losses in the past two months due to falling scrap prices, is finally looking for better profit margins as the cost of purchasing old ships has fallen. The Baltic Dry Index, the global benchmark for freight rates of dry bulk carriers, has dropped 93 per cent from its all-time high of 11,793 about six months ago. Industry analysts believe that it may force ship-owners to keep a fifth of their fleet idle. “It is a lifetime opportunity for ship-breakers to make money,” said Harish Patnaik, chief general manager, State Bank of India.
Posted by: Admin on Friday, November 21, 2008 - 09:14 AM
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MISC Bhd’s net profit fell 29.5% to RM450.19mil from RM639.26mil a year ago, mainly due to losses in liner business, higher operational costs and lower share of profit from jointly controlled entities. MISC said in a statement to Bursa Malaysia on Thursday that profit before taxation of RM497.9mil was 22% lower than the corresponding quarter of RM638mil, excluding exceptional gain.Revenue was RM4.45bil compared with RM3.17bil.Earnings per share fell to 12.1 sen from 17.19 sen.It declared an interim dividend of 15 sen per share, similar to the dividend proposed last year.
Posted by: Admin on Friday, November 21, 2008 - 09:08 AM
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It is reported that, Zhang Jiagang port imported 3.25 million tonnes of iron ore, worth USD 800 million decreasing by 45% YoY and 2% YoY respectively. Both import volume and price points to the downside. There are four reasons for the decline in import volume and price. 1. Early in 2007, steel manufacturers had predicted that iron ore price in 2008 would increase significantly, and thus they began to stock large amount of iron ore, which in turn, reduced their import of this year. 2. The port has limitation itself.3.
Posted by: Admin on Friday, November 21, 2008 - 08:41 AM
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In London, the December Brent Crude contract was down $3.64 on November 20 to $48.08 per barrel on the ICE Futures exchange. Light Sweet Crude for December delivery fell $4.009 to $49.62 on the New York Mercantile Exchange, RBC reports.
Posted by: Admin on Friday, November 21, 2008 - 08:29 AM
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