Daewoo sale in H2 [Finance]
Big-sized M&As are going smoothly in South Korea. After Hyundai Engineering & Construction M&A, Korea Express and Hynix Semiconductor are now in a process to find their new owners. Creditors of Daewoo Shipbuilding & Marine Engineering (DSME) are ...
2011-07-13 12:35:47
Samsung buys stake in equipment maker [Equipment]
Samsung Heavy Industries Co., an Korean shipbuilder, said Wednesday that it has signed a deal to buy a stake in a local power plant equipment maker for 41.5 billion won (US$39 million). In a regulatory filing, Samsung Heavy said it now holds a 27...
2011-07-13 11:55:20
Excel cancels four Capes [Finance]
Greece's Excel Maritime Carriers announced on July 12th the cancellation of shipbuilding contracts for the construction of four bulk carrier vessels of 180,000 dwt each. The Company entered into the aforementioned contracts in December 2006 with ...
2011-07-13 08:37:47
Hyundai inks 1st seismic [Offshore]
South Korea's Hyundai Heavy Industries has won a newbuilding contract from India’s government for the construction of a seismic research vessel. The order was apparently penned in March but has only come to light after a UK company won the seis...
2011-07-13 08:31:37
Panamax benefits from low-price order [Equipment]
Panamax bulkers ordered at low price during the recession have breakeven costs $5,000 per day lower than similar vessels contracted at the peak of the shipping boom. DVB Bank’s Research and Strategic Planning team says an average panamax (60,000...
2011-07-13 08:24:42
Pension buys 5% in Daewoo [Finance]
South Korea's National Pension Service announced on July 8th that it has acquired around 9.64m shares (5.04%) of Daewoo Shipbuilding & Marine Engineering.
2011-07-13 08:18:44
Essar to buy 6 VLCCs [General]
Indian owner Essar Shipping intends to buy six VLCCs and could add a further six via long-term charters, its managing director says. AR Ramakrishnan told Bloomberg: “We’re looking at the emergence of long-term contracts between Indian oil com...
2011-07-13 08:15:13
Kazakh plans aframax order [Shipping]
State-owned Kazmortransflot plans to borrow $110.6m to fund aframax orders. The Kazakhstan company, part of oil and gas operation KazMunaiGas, will secure the loan from Kazakh ATF Bank. The company wants to buy two 80,000-dwt tankers this yea...
2011-07-13 08:12:34
Sovcomflot Privatization Begins [Finance]
Russian president Dmitry Medvedev has signed a decree clearing the privatization of tanker owner Sovcomflot. The presidential press service said Russia will now offload a 25%-minus-one-share stake in the company this year. Another 25% chunk m...
2011-07-13 08:09:09
Overcapacity "Major Issue" [Shipping]
The oversupply of ships will be a major issue over the next 12 to 18 months, credit rating agency Moody’s Investor Service has warned. In a report published on Tuesday, the company claimed that dry bulk is at most risk of a difficult time over ...
2011-07-13 08:04:41
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