Advertisement

NEW DESIGN: Reefer line tumbles

Norway’s Green Reefers, one of the world’s largest operators of dedicated refrigerator ships, has elected to discontinue operations after its bankers refused to provide fresh working capital following a $30.7 million loss in 2011. The majority of the Bergen-based company’s ships have not been able to cover their operating costs due to historically low freight rates and the absence of a high season during this year’s first quarter.

Green Reefers expects to receive only about $3.5 million from the sale of its 31 ships to Norway’s Caiona AS and its Caiona Ship AS unit. Green Reefers’ demise is the most dramatic demonstration to date of the deepening crisis in the dedicated reefer market with tumbling rates, poor harvests, soaring fuel prices and aggressive competition from container ships eating into profits.

Ships Montly - January 2024

Maersk’s second large ‘methanol-enabled’ vessel named Astrid Mærsk

In a ceremony in  Japan on 4 April, Maersk’s second large methanol-enabled container vessel was formally named Astrid Mærsk. The ceremony took place in...
Advertisement

Related articles

Maersk’s second large ‘methanol-enabled’ vessel named Astrid Mærsk

In a ceremony in  Japan on 4 April, Maersk’s second large methanol-enabled container vessel was formally named Astrid...

ZIM shipping continues to expand fleet

A substantial newbuilding programme along with recent vessel deliveries has propelled Israeli-based ZIM Integrated Shipping Services ahead of...

Stena Line acquires shares in Africa Morocco Link to expand outside of Europe

Stena Line has entered an agreement to acquire 49 per cent of the shares in Morocco based ferry...

Royal Bodewes selects DMC to supply controls for newbuilds

Damen Marine Components has been contracted by Royal Bodewes to supply steering, control and propulsion equipment for four...