Hanjin's first NEGO over restructuring [General]
On the eve of a large-scale layoff list notice, 4th January, the labor and management of Korea's Hanjin Heavy Industries & Construction sit on a negotiation table, narrowly avoiding a head-on collision. It followed that the management side had ta...
2011-01-06 10:23:10
STX PO funds for newbuilds [Finance]
Korea's STX Pan Ocean is to set up six special purpose companies to finance newbuilding orders already placed. The Seoul- and Singapore-listed shipowner said Wednesday in a regulatory filing that the SPCs would owe debt to financial institutions, ...
2011-01-06 09:23:57
Bulkers' New Year start bearish [Shipping]
Seasonal factors coupled with weak trade activity has put the dry bulk market on a downward trend. The Baltic Dry Index (BDI) began 2011 exactly like it ended 2010. The BDI was falling to reach 1,693 points, among the lowest it’s been since 2009...
2011-01-06 09:04:02
Don't miss New Year scrap boom [General]
US ship demolition specialist GMS is urging owners to cash in on the recent surge in shipbreaking deals as Asian scrap yards race to cap their New Year quotas. “With reefers and general cargo vessels priced around the USD 450/ldt mark, bulkers ...
2011-01-06 08:52:24
Offshore Rebound 2012 [Offshore]
In 2011, the offshore sector is forecast to see another transition year to a more solid rebound in 2012. The offshore sectors around the globe are fairly diverse but, in general terms, 2010 turned out mostly a step forward. Brazil probably made a...
2011-01-06 08:45:14
Daewoo awaits first FLNG order [Offshore]
Korea's Daewoo Shipbuilding & Marine Engineering is expected soon to sign its first-ever LNG-FPSO newbuilding contract as its subsidiary DSME E&R (exploration and research), Norway’s Hoegh LNG and Papua New Guinea (PNG)-based Petromin has won appro...
2011-01-06 08:38:02
SPP mulls domestic listing [Finance]
Korean shipbuilder SPP Shipbuilding's stock market listing is seen to be put on track. As SPP Group announced that its shipbuilding subsidiaries were merged into SPP Shipbuilding as of 1st January this year, many are paying attention to SPP Shipb...
2011-01-06 08:18:00
Hyundai-Steel boosts plate production [Equipment]
As Korea's Hyundai-Steel has lifted its production target of shipbuilding steel plates for this year to 1.5m tons from 1m tons of last year, the market, which has been dominated by two steel giants, Posco and Dongkuk Steel Mill, is being reorganized ...
2011-01-06 07:35:49
Road map for plants localization [Equipment]
A concrete road map to raise competitiveness in the global market to a higher level by localizing core plant equipment has come out in Korea. Ministry of Knowledge Economy (MKE) established and announced 'countermeasures for strengthening the com...
2011-01-06 07:30:11
Korean score $65bn plant orders [Offshore]
Ministry of Knowledge Economy (MKE) and Korea Plant Industries Association have announced that 2010's new order values for foreign plants increased by 39.3% versus the previous year to $64.5bn, which is the biggest amount of values in history. T...
2011-01-06 07:23:25
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