Hyundai inks $600m offshore facility [Offshore]
Hyundai Heavy Industries announced today that it was awarded a contract for around $600m offshore facility from British oil major BP. The coup for Hyundai follows an FPSO order from the same energy major last month, boosting offshore orders inked ...
2011-03-22 11:46:45
STX on track [Finance]
Seoul-based Shinyoung Securities said today, "Even though STX Offshore & Shipbuilding saw a drop in recent sales in and outside Korea, its profitability has improved with its Chinese affiliate, Dalian shipyard (pictured), showing a considerable growt...
2011-03-22 10:53:24
LP difficult to be implemented [Finance]
Korea's shipbuilding industry seems to face troubles regarding LP(Linked Presentation), which Koreans have been insisting to implement into soon-to-be introduced International Financial Reporting Standards (IFRS). Facing a full-scale implementati...
2011-03-22 10:24:45
Hanjin's soft coal carrier floated [Shipping]
Korea's integrated logistics company, Hanjin Corp, announced today it had a launching ceremony last Friday at Busan-based Oriental Precision & Engineering for its soft coal carrier, 'HANJIN GREEN' (pictured). HANJIN GREEN touched the water 12 mo...
2011-03-22 09:36:49
No one punished over troubled Vinashin [Finance]
The Vietnamese government on Monday said no cabinet members have been punished for mistakes relating to a 4.6-billion-dollar debt racked up by state-owned Vietnam Shipbuilding Industry Group (Vinashin). The Politburo, the most powerful body of the ru...
2011-03-22 08:30:50
Fredriksen buys 13,800TEU's [Shipping]
John Fredriksen’s Ship Finance International has purchased its first mega-containerships in a sale-and-leaseback deal with CMA CGM. New York-listed SFI will take the 13,800-teu pair Magellan and Corte Real (both built 2010) in a pact which valu...
2011-03-22 08:25:33
Sea Speed release windfarm cat [Equipment]
Australia-based Sea Speed Design has completed and released its new 17 meter windfarm catamaran design. Developed in accordance with Ireland's Norfolk Marine, the design, named the Tern Class Catamaran, is based on Sea Speed's Deep-Sea cat hull&...
2011-03-22 08:23:50
Kamsarmax price rises [Shipping]
The sale of the modern kamsarmax for a reported $42m indicates that a new firmer benchmark price has been set. The $42m price tag reportedly paid for the 2010-built, 82,154 dwt vessel Abeille built by China’s Tsuneishi Group would “certainly s...
2011-03-22 08:14:49
Brightoil wins $600m loan [Shipping]
China's Brightoil Petroleum has secured a $600m facility to fund its expansion. The Hong Kong-listed shipowner said Sunday it had secured the funds from the China Development Bank Corp. Brightoil said the funds would go towards working capita...
2011-03-22 07:41:17
Latvian resales at Hyundai Mipo [Shipping]
Latvian Shipping Co (LSC) has confirmed it sold two LPG carriers under construction in Korea to Navigator Gas. The vessels changed hands for $52m each. LSC added that the strategy was to use the cash to finance two new products carriers being del...
2011-03-22 07:32:13
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