Marine Shipping Actually Rebounds Despite Market Collapse
Marine shippers bucked the trend on Thursday. The Baltic Dry Index rose 8 points or 0.635% to settle at 1,268 on Thursday.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Qatar Navigation QSC entered into a 20-year agreement with Qatar Petroleum to provide and operate harbor tugs, pilot boats and mooring gangs for Mesaieed Port. The agreement will start in 2014, and it is worth QAR 1.875 billion.
2) Marco Polo Marine Ltd was awarded a ship construction contract by PT. Pelayaran Nasional Bina Buana Raya. The contract is for 2 towing tugs and 2 deck cargo barges. The value of the agreement is SGD4.6 million.
3) Inui Steamship Co., Ltd. revised downward its mid-year earnings guidance due to recent business conditions. The 6-month expectations are as follows: revenue of JPY 7,000 million, operating profit of JPY 100 million, and net profit of JPY 80 million.