ABG wins $660m orders [Offshore]
Indian shipbuilder ABG Shipyard expects fresh orders up to 30 billion ($660m) rupees by December, a bulk of it coming from the booming offshore and defence sectors, a top official said. "We are getting quite a bit of enquiries. Before the end of t...
2011-02-15 07:00:24
PB sells chemical pair [Shipping]
Italy's PB Tankers has sold two of its oldest chemical carriers. Brokers say the 50,900-dwt chemical and oil tankers North Point (built 2005) and East Point (built 2006) fetched $29m apiece in a sale-and-purchase deal the Italian owner sealed wit...
2011-02-15 06:56:32
Gulf Nav to buy 7 VLCCs [General]
Dubai’s Gulf Navigation plans to add seven more VLCCs to its fleet by 2015. The company said it will also set up a new company in Saudi Arabia to run the vessels. The owner is initially planning to bring in two more VLCCs by 2013, doubling ...
2011-02-15 06:52:56
Bulker values may fall 20% [Shipping]
Bulker values will be cut by one fifth as a deluge of newbuildings hit a market scarred by the near collapse of Korea Line Corp, a top analyst warns. Erik Nikolai Stavseth, an analyst at Arctic Securities, said: “Asset prices are set to come do...
2011-02-15 06:45:44
Formosa Plastics sells bulkers [Shipping]
Formosa Plastics Marine Corporation recently sold two tankers to reduce fleet scale again. As is revealed, Formosa Plastics sold 2005 built 70,400-dwt MV Formosaproduct Alpine at $32m and 1991 built 35,700-dwt MV Formosa Four at $6.1m. In the past...
2011-02-14 16:41:52
Hyundai to advance to India [General]
India-based Pipavav Shipyard's chairman, Nikhil Pratapra Gandhi and some other executives met Min Keh-sik, chairman of Korea's Hyundai Heavy Industries, in the middle of last month to explain India's shipbuilding market and to suggest cooperation bet...
2011-02-14 12:53:06
Hanjin 'Lockout' [General]
Korea's Hanjin Heavy Industries & Construction has decided to close Youngdo Shipyard, Ulsan Factory and Dadaepo Factory, and turned in related documents to the local authorities. The company said it will prevent labor union members who are partici...
2011-02-14 12:28:16
Songdo city for Daewoo's R&D center [General]
A soon-to-be built central research institute of Korea's Daewoo Shipbuilding & Marine Engineering is likely to be located in the city of Songdo, Korea. The establishment of the new research institute, which is responsible for Daewoo's future, is ...
2011-02-14 12:09:14
IFRS to lower shipbuilders' debt [Finance]
Newly adopted IFRS (International Financial Reporting Standards) might lower the debt ratio of shipbuilders. According to some analyses, as IFRS widely admits fair value measurement and cost method, the asset value of shipbuilders can partly inc...
2011-02-14 10:38:19
Lloyd Werft wins cable-laying vessel [Offshore]
Germany’s Lloyd Werft has won an order for a specialist cable-laying vessel from Beluga Group with plans for a second. The owner, best known for its project and heavylift-cargo fleet, has won a contract from NKT Cables to lay high-voltage subma...
2011-02-14 08:10:28
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