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US box import jump predicted 16:15 8 Feb
US CONTAINER imports are expected to jump by 25% year-on-year in the first half of 2010, according to a new forecast.
Read More Crowley settlement revealed 15:51 8 Feb
CROWLEY will pay $14M to settle a class-action suit alleging antitrust violations in the Puerto Rico container trade.
Read More NVOCCs battle at FMC 15:51 8 Feb
CUSTOMER theft and rate undercutting are among the charges filed by one non-vessel operating common carrier against another at the US Federal Maritime Commission.
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Seanergy reverses course 17:00 8 FebSeanergy reverses course SEANERGY today backed out of its planned Capesize acquisition in response to China’s restriction of bank lending.
The NASDAQ-listed bulk player had initially planned to pay $89.5M for the 2009-built vessel, which is under a $53,500/day, five-year charter. Last week, the company sold 25M shares at a heavily discounted price of $1.20/share to help fund the transaction.
But CEO Dale Ploughman said today that “unforeseen very recent developments” in China had compelled Seanergy to back out. “We believe that these developments – in particular the announcement by the Chinese government to restrict Chinese banks’ lending – would likely adversely affect our ability to realise the full benefits from this purchase and subject us to prolonged and undue market and credit risk given the vessel’s high price,” he explained.
Seanergy had yet to place a deposit on the Capesize, despite signing a memorandum of agreement on 16 December.
Ploughman said follow-on offering proceeds are in an interest-bearing account and Seanergy remains committed to using the funds for fleet expansion “as quickly as possible”.
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