Tomini Shipping has revealed plans for further expansion following an order for nine new bulkers. Chairman Imtiaz Shaikh has said that the Dubai-based company has set itself a target of at least 20 new vessels over the next few years.

October was a depressed month for freight and the economy in general. The number of shipments and freight expenditures both declined from September, by 3.5 and 2.6 percent, respectively. This marks only the second time this year that both indexes declined in the same month. (Shipment volume in April dropped 3.5 percent, but expenditures fell only 1.6 percent.) The 16-day federal government shutdown is partly to blame for the declines, but prior to the shutdown the economy was already exhibiting signs of a cool down.