Offshore: Chinese new start? [Offshore]
The offshore market is regarded as a large piece of cake now. China’s big2 national shipbuilding groups, namely China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), are establishing their own offshore plan...
2010-09-20 01:04:09
China: Rising as ship financing center? [Finance]
In the past, traditionally western banks monopolized international ship finance market. In recent years, as Chinese ship industry becomes stronger, Chinese banks are stepping into global ship finance business. Besides traditional items, the banks als...
2010-09-20 01:03:08
STX six-tanker order linked to UK firm [Shipbuilding]
Little-known UK-based shipping company Marine Cross is reportedly behind the latest order for six LR1 product tankers at Korea's STX Offshore & Shipbuilding. Market sources say Marine Cross is owned by Russian shipping players and was set up in e...
2010-09-17 13:57:10
Nigerian LNG spree: 14 Newbuildings [Shipbuilding]
Korean and Japanese shipbuilders have received a tender for up to 14 LNG carrier newbuildings to serve the much-delayed Brass LNG project in Nigeria. Six pre-qualified shipyards, namely Korea’s Hyundai Heavy Industries, Daewoo Shipbuilding & Ma...
2010-09-17 13:02:20
STX announces executives promotion [General]
South Korea's STX Group announced on September 17th that it has appointed new executives for its overseas facilities. Among six executives in the promotion list, STX Dalian Engine Machinery Division president Lee Gang-sik (pictured) was promoted t...
2010-09-17 12:32:26
MAN introduces Diesel Switch [Equipment]
MAN Diesel & Turbo SE has introduced the Diesel Switch, designed to eliminate fuel changeover problems Shipowners and operators now have to operate their MAN B&W two-stroke main engines on ultra-low sulfur fuels in defined marine zones. In additi...
2010-09-17 08:49:52
Datang secures ship finance [Equipment]
Datang Shipping, an offshoot of one of China’s largest energy producers, has signed an agreement with sister firm Datang Finance to secure CNY280m ($41m) for a ship expansion program. Under the 15-year agreement, Datang Finance will buy two 45,...
2010-09-17 08:47:20
Secondhand bulker sales jump 85% [General]
Secondhand bulk carrier sales increased 85% in August compared with July, as an improved dry bulk chartering market saw optimism return to the sale and purchase sector, according to Greek broker Golden Destiny. The Baltic Dry Index rebounded in Au...
2010-09-17 08:43:51
Product tankers to rebound [Shipping]
Norway’s Pareto Securities has revised its average product tanker rates estimates for 2012 upwards by 40%, declaring the next two years a time of recovery, as demand finally begins to exceed supply. Net fleet supply growth would hit 6.8% in 2010...
2010-09-17 08:42:28
Davie working out revamp plan [Finance]
Canadian shipbuilder Davie Yards has gained more time to work out a restructuring plan under its bankruptcy filing. The yard said a Quebec court had extended its stay of proceedings to 29 October under the Companies' Creditors Arrangement Act (CC...
2010-09-17 08:40:19
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