ADNOC takes the first of 15 newbuilds [General]
The Abu Dhabi National Oil Company (ADNOC) recently received the first of 15 tankers and chemical carriers that will make it a major force in the Gulf’s shipping industry. The company’s two tanker divisions operate 14 vessels shipping oil, na...
2010-10-29 07:43:08
Sealink inks OSV pair [Offshore]
Sealink International, the Malaysian offshore vessel builder and operator, has won orders for two offshore support vessels. The contracts are worth a total of MYR67m ($11.8m) and call for deliveries to be made in the fourth quarter of 2010. The s...
2010-10-29 07:40:46
Hyundai posts improved profits [Finance]
Korea's Hyundai Heavy Industries, the world's largest shipbuilding company, announced its business results for the third quarter on October 28th. A drop in shipbuilding revenues could not hold Hyundai Heavy Industries (HHI) back in the third quart...
2010-10-29 07:38:36
STX Turku faces big hole in orderbook [Equipment]
Workers at STX’s Turku yard in Finland will be laid off until at least next summer as Royal Caribbean’s huge Allure of the Seas nears delivery. The 225,000–gt cruiseship – due to sail on Friday - marks the last work at the yard un...
2010-10-29 07:35:48
OSG wins floating storage deal [Offshore]
Overseas Shipholding Group is benefitting from a return in demand for floating storage, it is claimed. New York-listed OSG’s 441,585-dwt TI Oceania (built 2003) has been picked up by Petrobras for a six-month storage deal off Brazil, reports sa...
2010-10-29 07:32:45
Pacific Basin eyes newbuildings [Shipping]
Pacific Basin Shipping is in the hunt for newbuildings despite admitting to concerns over the record number of new bulkers ready to enter the market. Hong Kong-listed Pac Basin has bought nine bulkers since the end of 2009 but believes newbuildin...
2010-10-29 07:29:35
D’Amico expects recovery in Q4 [Finance]
Italy’s d’Amico International Shipping is expecting a revival of fortunes for products tanker markets in the final quarter. The tanker owner will be glad to see the back of the third quarter as financial costs and a large foreign exchange los...
2010-10-29 07:27:51
China Cosco makes big turnaround [Finance]
Containership and bulker giant China Cosco Holding Co (CCHC) has produced a big turnaround in the third quarter, returning emphatically to profit. As markets improved, the Hong Kong-listed arm of China’s Cosco group said third-quarter net profi...
2010-10-29 07:25:39
Yangzijiang hedges for yuan appreciation [Finance]
Yangzijiang Shipbuilding Holdings, China’s third-largest shipyard outside state control, is basing currency-hedging on the yuan gaining 3 percent a year in expectation the government will prevent rises above that pace. “Appreciation is inevit...
2010-10-28 08:28:15
Viking Line newbuild subsidy issue [General]
Finland’s transport minister denied promising subsidy cash to help Viking Line build a new green cruise ferry at STX’s Turku yard. Anu Vehvilainen told local newspaper that no pledges of cash had been given to anyone, despite Viking CEO Mikae...
2010-10-28 08:25:33
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