Despite weekly rebound in the Capesize and Panamax markets, the BDIreversed into a downtrend over the last consecutive three days.

Eagle suspends dividend. Eagle Bulk Shipping has cancelled eight of itsnewbuildings and put its dividend on hold as it shores up its operatingposition.

Atlas Shipping files for bankruptcy. Atlas Shipping has filed forbankruptcy after losing US$3m per week in the weakened bulk market.

Angelicoussis sues Fortescue after cancelled time charter. TheAngelicoussis Group is suing Fortescue Metals Group for US$129m over acancelled, five-year capesize time charter.

China Cosco doubles FFA losses. China Cosco has more than doubled itslosses on forward freight agreement contracts since 30 Sept to Rmb5.38bafter dry bulk rates sunk to record lows in the fourth quarter.

China may lose half of shipyards in 2009. China may lose half of itsshipbuilders next year as the global financial crisis forces companies toclose down, Shanghai Securities News said.

Greek newbuilding orders at lowest quarterly level in eight years. Greekshipowners ordered just one vessel in 4Q08, representing their lowestquarterly level of newbuilding ordering activity in eight years.

Tsuji shipyard becomes Japan’s first crisis victim. Tsuji has filed forbankruptcy protection, leaving shipowners and shipbuilders in the dark asto what will happen to their orders. Tsuji and its subsidiaries declareddebts of US$834m.

Vessel Fixtures. Despite a weekly rebound in the Capesize and Panamaxmarkets, the BDI reversed into a downtrend over the last consecutive threedays. For the week ending 19 December, 10 time-charter fixtures werereported. These fixtures were made up of two Cape, seven Panamax and oneHandy. Two Panamaxes were taken by Swiss Marine, both 2006 built, the76,585 dwt “ETERNAL GRACE” and 82,800 dwt “YASA FORTUNE.”