CMES earns $65m in H1 [Finance]
In the first half of this year, China Merchants Energy Shipping (CMES) earns CNY440m ($65m). Meanwhile, the freight rate of oil and dry/bulk cargo shipping is rising as well. In the first half year, the revenue of CMES hit CNN1.37bn ($200m), risin...
2010-08-24 01:34:27
Tough future comming [Shipbuilding]
Shipbuilding companies face tough future In the 2000s, the shipbuilding business was a cash cow for Korea Inc., which accommodates many of the world's foremost players. However, the flourishing segment was hit hard by the global financial dis...
2010-08-23 09:51:25
Speed up scrapping of single-hull tankers [Shipping]
Scrapping of older supertankers with single hulls will speed up as a collapse in rents leaves the vessels unable to find employment, Fearnley Consultants said. Daily returns from hauling two million-barrel cargoes of Middle East crude oil to Asia...
2010-08-23 09:43:39
STX France nominated Russia tender for helicopter carrier [General]
Russia will invite bids from foreign and domestic shipbuilders to build a helicopter-carrier, broadening its options amid lengthy talks with France that have not produced a deal, the daily Kommersant said on Thursday. Kommersant quoted the presid...
2010-08-23 09:30:24
Order adjustment 'By Market' [Equipment]
The Korea Shipbuilders' Association vice-chairman Han Jang-sub (right) insisted newbuilding market should be restructured by market economy principle, not by government's artificial policy. He said global annual newbuilding demand is now about 50m...
2010-08-23 08:43:29
Suezmax orders ‘defy logic’ [Shipping]
Owners of suezmax tankers have been slammed by a leading transport bank for piling on newbuilding orders. Germany’s DVB Bank accuses owners of “defying fundamental logic”. It says the suezmax orderbook is equivalent to a “staggering...
2010-08-23 07:23:20
Jiangdong ends order drought [Shipbuilding]
A newbuilding contract placed by UK owner Graig Shipping has ended the order drought at China's Jiangdong Shipyard. A Jiangdong manager confirms the order for four double-hull handysize bulkers of 35,000 dwt. It is said to have been inked in June...
2010-08-23 07:21:31
Order surge: ‘Naive optimism’ [Equipment]
Shipowners who ordered dry-bulk newbuildings this year were guilty of “naive optimism”, a leading analyst says. Martin Sommerseth Jaer of Arctic Securities says owners seem to need a long-lasting crisis to prevent them from ordering. In a...
2010-08-23 07:18:18
European yards eye LNG-fuelled ferry [Offshore]
Northern European shipyards are expected to be the front-runners in a race to secure an order for four LNG-powered ferries. Norway’s Torghatten Trafikkselskap wants the ships delivered by the beginning of 2013. The deadline is expected to f...
2010-08-23 07:15:00
Vietnamese banks fund FPSO conversion [Finance]
A group of Vietnamese banks led by Vietinbank and PetroVietnam Finance Corporation will loan $227m to PV KEEZ for the conversion of a floating, production, storage and offloading (FPSO) project. The loan will enable PV KEEZ to revamp its FPSO uni...
2010-08-23 07:04:56
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