The Baltic Dry Index Freezes
The Baltic Dry Index was unchanged at 2153. Talk about dead in the water.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Kawasaki Kinkai Kisen Kaisha Limited will merge with its Japanese subsidiary. The subsidiary is engaged in ship leasing in Japan. This transaction will take effect on January 1, 2012.
2) Courage Marine Group Ltd. will buy a supermax ship from Zhejiang Zengzhou Ship Building Company Limited. The price is $ 26.6 million, and the capacity of the vessel is 57,000 dwt.
3) Horizon Lines Incorporated is abandoning its container shipping service betwee Guam, China and west coast of the US. This route is known as Five Star Express, and this discontinuance will be recorded as restructuring charge of approximately $110 million.