Mitsubishi defers cruiseship building
Japan’s Mitsubishi Heavy Industries has postponed plans to get back into cruiseship construction as early as 2012 after a US cruise line scrapped talks on newbuildings. The Nikkei Daily reported that the yard was believed to have been in the fin...
VLCC delivery surge may drive rates down
An influx of new VLCCs during the fourth quarter is the beginning of a delivery surge which will drive tanker rates down, a leading analyst warns. And the much-hyped cancellation of a large chunk of next year’s orderbook will not come to the res...
Baltic capesize and panamax indices hit rock bottom
Capesize and panamax indices are at the lowest-ever levels recorded in the Baltic Exchange’s history. The capesize index on December 2 fell to 830 points and the average time charter rate to $2,316 per day, less than 1% of the record high of $2...
ST Marine secures seismic vessel
Singapore Technologies Marine Ltd (ST Marine), has secured a S$30 million (US$19.8 million) contract to provide detailed design, construction and outfitting of a 68 m x 15 m seismic survey vessel for Swire Pacific Offshore Operations (Pte) Ltd (SPO),...
Baoshan raises output to meet shipbuilders' demand
Baoshan Iron & Steel Co., China’s biggest steelmaker, will raise plate output capacity by 29 percent to meet shipbuilders demand in Asia, turning to its most profitable product to sustain sales in the economic slowdown. Baoshan will sell 200,000 me...
DNV takes action to regain CDM accreditation
The Clean Development Mechanism (CDM) Executive Board has temporarily suspended DNV’s accreditation for validation and verification of CDM projects. DNV is addressing the issues raised by the CDM Executive Board, and expects that the temporary susp...
SembCorp Marine and Posco 'set to ride out crisis'
Singaporean rig builder SembCorp Marine and South Korean steel giant Posco are among the top 28 Asian “survivor and thriver” stock picks chosen by investment bank BNP Paribas, despite the slump in ship and rig building. The firms, along with Taiw...
Bourbon takes delivery of tenth Liberty
Paris-headquartered Bourbon is on a roll with its massive Liberty series of 76 Guido Perla designed newbuildings from Chinese yards. The program is designed to rapidly replace old and obsolete vessels operating in continental offshore and includes 22...
Dongkuk Steel cuts rebar prices
South Korea's third-largest steelmaker, Dongkuk Steel Mill, said on Dec. 1 it would cut prices of rebar by 11 percent to bring prices of its construction steel in line with that made by a rival. Its local peer Hyundai Steel said on Nov. 28 it wou...
Secondhand Cape bulker prices falling
The sale and purchase market of secondhand Capesize bulkers is gradually moving downward. According to market report, Greek owner Cardiff Marine sold a 1989-built 207,000-dwt bulker, the Corossol, to a Chinese owner for about $25 million. It seems th...
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