Petrobras fined on local content [Equipment]
Petrobras chief executive Jose Sergio Gabrielli said the company will likely be fined by the Brazilian government because it cannot prove that it met rules requiring some use of locally produced equipment. Petrobras had no way to document what por...
2011-08-17 07:29:23
Pipavav back to profit [Finance]
Newly renamed Pipavav Defence & Offshore Engineering made it back into profit in the first quarter. The Indian shipyard changed its name from Pipavav Shipyard earlier this year to highlight its focus on offshore and naval business. It posted ...
2011-08-17 07:26:05
SK buys capesize resale duo [Shipping]
South Korean shipowner SK Shipping has paid a very firm $58.1m each for a pair of 2011-built capesizes. The company has snapped up the 179,000-dwt Sungdong Shipbuilding & Marine Engineering-built Ocean Challenge and sister ship Conches from compa...
2011-08-17 07:22:49
Petrobras Q2 profit hits $6.9bn [General]
Brazilian state-owned energy giant Petrobras reported its second-quarter net profit jumped nearly 32% year-on-year. Higher international oil prices and a strong local currency boosted the company's bottom line. Petrobras reported a second-quar...
2011-08-17 07:16:44
OSX eyes global shipyard [Offshore]
Brazil's greenfield shipyard OSX is to start operations in 2013 and is planning to focus on exports to West Africa. The shipyard is still in the construction stage at its $2bn shipyard project at the Acu Superport near Rio de Janeiro, but its plan...
2011-08-17 07:12:26
Boxships getting larger & larger [Shipbuilding]
Containership owners enlarging the size of existing ships and newbuildings on order will push the proportion of vessels over 5,100 teu to more than 50% of the fleet by 2014. In three years’ time vessels over 10,000 teu will also make up 17% of t...
2011-08-17 07:05:30
Finance cost hits Bharati [Finance]
First quarter profit has fallen at Indian shipbuilder Bharati due to high interest cost. Net earnings dropped to INR 173m ($3.82m) to 30 June, down from INR 221m in the corresponding three months of 2010. Revenue was up at INR 4.39bn, against...
2011-08-17 07:00:52
VLCC price falls fast [Shipping]
The sale of an NYK VLCC indicates a 30% fall in asset values, which is a shipowner’s “worst nightmare". A deal of around $36m with a Greek buyer for the 280,000-dwt Tenzan (built 2000) has been reported recently. The price compares with a ...
2011-08-17 06:56:37
Hyundai 13,100TEU resale [Shipbuilding]
Norwegian investment company SinOceanic Shipping has snapped up a large MSC containership newbuilding. The owner, backed by Chinese cash, has agreed to buy a 13,100-teu vessel being built at South Korea's Hyundai Heavy Industries (HHI) for delive...
2011-08-17 06:52:39
MMHE results tumble [Offshore]
Malaysia Marine & Heavy Engineering witnessed weaker profit and revenue streams in its first quarter results. Profit took the bigger hit, falling by 28% compared with the same period in the previous year. It settled at MYR 79m ($26m). Revenue...
2011-08-17 06:47:06
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