Valemax allowed into China [Shipping]
A very large ore carrier gained access and was allowed into a Chinese port for the first time. The 388,000-dwt Berge Everest (built 2011), operated for Brazilian mining giant Vale by BW Group, has arrived in Dalian with a full cargo of iron ore f...
2011-12-29 07:32:52
Sungdong into consignment management [Finance]
Sungdong Shipbuilding & Marine Engineering's creditor group disclosed on 28 December that it drew up 'Sungdong's normalization plan,' which included financing Sungdong to construct and deliver existing orders and issuing RG for additional newbuilding...
2011-12-29 07:11:59
Offshore & Special Vessels Rise [Offshore]
Shipping market of bulker, tanker, containership being pressured by over-tonnage, newbuilding market for commercial ship in 2012 would be more clouded than this year. Moreover, shrinking global ship financing drives shipbuilding market further int...
2011-12-29 07:04:32
China profitability emergency [General]
European debt crisis and global economic depression caused slowdown in world newbuilding orders and Chinese shipbuilders are not free from troubles as well. According to statistical data from China, shipbuilding-related companies' sales and managemen...
2011-12-28 12:50:04
"Big delay" no worry [Equipment]
Excessive concern about toubled shipbuilding market and massive postponement of delivery would be unnecessary, although it is true that market uncertainty has been bigger. Analyst Yoo Jae-Hoon, Woori Investment & Securities of South Korea said on ...
2011-12-28 11:52:18
Yards in red alert [General]
Shipbuilders' profits are expected to plunge, as low-margin newbuildings ordered in 2009 start off deliveries from next year. Market sources said that South Korean builders mostly completed delivering high-price newbuildings from 2007-2008 when sh...
2011-12-28 10:52:08
IHIMU delivery up 9% [Shipbuilding]
IHIMU of Japan announced its 2011 newbuilding delivery on 27 December. IHIMU delivered a total of newbuild 26 vessels of 1.34m gt so far this year, up by 9% in gross tonnage terms. 2011 newbuilding delivery includes four VLCCs, one containership,...
2011-12-28 09:56:39
Statoil mulls using FPSO [Offshore]
Statoil is to develop its breakthrough Skrugard discovery in the Barents Sea using a floating production unit. Such a facility would have additional capacity to process and export output from other prospects in the area and would enable a “rapi...
2011-12-28 07:51:25
Yangzijiang smart diversification [General]
Yangzijiang Shipbuilding’s move into shipbreaking business is a natural hedge, according to an analyst. If newbuild orders start to dry up, its new demolition unit should help make up for lost earnings, AM Fraser said. YZJ has splashed out ...
2011-12-28 07:48:41
Bharati debt restructuring [Finance]
India’s Bharati Shipyard said Monday that it has secured a $540m debt restructuring. The Bombay-listed shipbuilder said in a stock exchange release that its board has approved a proposal to restructure loans worth INR 28.54bn ($538.86m) out of ...
2011-12-28 07:44:23
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