AsiaDry Cargo

Record low rates claim another dry bulk scalp

Seoul: Record weak dry bulk freight rates have claimed a third shipping line victim of the year.

Daebo International Shipping from South Korea follows in the wake of Denmark’s Copenship and Dalian’s Winland in filing for bankruptcy. Daebo’s assets were frozen 10 days ago, court documents reveal.

The Korean line was founded in 1974 as Daebo Shipping. It was bought out by the present management in 1994. According to its website, Daebo has four panamax bulkers, a handymax bulker, two cement carriers and a chemical carrier.

“Members who have any open position with Daebo should urgently check the same and assess the current state of performance and what further performance obligations may still be due,” P& I Club Skuld advised in a note to members. “That includes checking against any unexpired charterparty periods as well as any due payments for hire, freight or other sums.”

Last week the Baltic Dry Index hit an all time record low of 509 points. The protracted downturn in dry bulk fortunes is expected to claim more scalps this year.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button