ADSB profits rise to $13m [Finance]
Abu Dhabi Ship Building (ADSB), the emirate's supplier of naval and commercial vessels, doubled its profits in the most recent quarter as it attracted new contracts from navies around the Gulf. Net profits rose to US$13 million (Dh47.6m), led by ...
2010-11-09 07:47:53
STX pens domestic CVCs [Shipping]
Korea’s STX Pan Ocean continues to rack up long-term shipment deals with domestic power companies. The shipowner has just won two consecutive voyage contracts from Korea Southern Power Co, it said Monday. The deals will see it ship steaming coa...
2010-11-09 07:46:34
WIS returns to profit [General]
Western India Shipyard (WIS) has overturned last year’s losses in the second quarter as revenue grew. Net profit to 30 September was INR 19.2m ($432,000), as opposed to a loss of INR 44.6m in the corresponding quarter of 2009. India’s big...
2010-11-09 07:43:32
CSB inks ferry newbuilding [Offshore]
Custom Steel Boats (CSB) of North Carolina has won a contract to build a new ferry for the city of Savannah in Georgia. The $1.5m, 149-passenger vessel will be paid for with federal economic stimulus money and a US Transportation Department grant...
2010-11-09 07:41:49
HMM eyes HEC buy [Shipping]
Korean shipowner Hyundai Merchant Marine (HMM) says it is forming a consortium to bid for Hyundai Engineering & Construction (HEC). The construction firm was put up for sale last month. Creditors have been looking for a new owner since 2006 w...
2010-11-09 07:37:14
Ship & Shore scraps SH PC [General]
Nigerian owner Ship & Shore Services looks to have raked in $3.6m from the sale of a single-hull products tanker. The 31,302-dwt Sea Prince I (built 1981), the oldest ship in the company's fleet, will be torn apart in Pakistan, brokers said Monday...
2010-11-09 07:35:30
Guangzhou Dockyard loses appeal [Shipbuilding]
A Chinese shipyard has failed in an unusual bid to take findings of fact from an arbitration to appeal. The dispute concerns a high value arbitration arising from the failure of a deal to convert the 255,000-dwt VLCC Aegiali (built 1987) into a v...
2010-11-09 07:33:22
Meaning of China fund for Greek owners [Finance]
With details about the recent deal signed between the Greek Prime Minister George Papandreou and his Chinese counterpart, Wen Jiabao about the setting up of a $5 billion shipping fund still scarce, Mr. George Xiradakis, head of Piraeus-based business...
2010-11-09 07:25:29
Mitsubishi wins a VLGC [Offshore]
Mitsubishi wins a LPG Carrier from domestic clients. Astomos Energy Corp., a joint venture of Mitsubishi Corp. and Idemitsu Kosan Co., has ordered a Very Large-size LPG Carrier (VLGC: 80,000 cbm) from Mitsubishi Heavy Industries (MHI) for comple...
2010-11-08 12:37:51
Korea Exim lends $63m to Daewoo [Finance]
The Export-Import Bank of Korea is providing a $63m loan to Daewoo Shipbuilding & Marine Engineering to help it buy a 30% stake in Porto Amboim Estaleiros Navais Limitada (PAENAL) Shipyard, located near Porto Amboim, a city 300km south of Luanda, Ang...
2010-11-08 12:28:43
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