Riding the Economic Wave [Offshore]
The global economic recession and the decline in sea-borne trade led to over-capacity of ships globally ultimately affecting the performance of the shipbuilding industry during last year. The global shipbuilding orderbook declined from 367.2 mn G...
2010-08-18 10:58:25
CSDC profit soars [Shipping]
Bulker and tanker owner China Shipping Development Co posted a first-half profit Tuesday as the bottom line swelled by 59%. Hong Kong-listed CSDC banked CNY 979m ($144.1m) in the six months to 30 June against CNY 615m logged in the same leg of 20...
2010-08-18 08:54:56
Baltic Trading to order six [Shipping]
New York-based shipping company Baltic Trading has raised $228m in IPO to finance plans to buy six dry-bulk cargo vessels, which will be deployed to transport iron ore, coal, grain and steel products. The US-based company has sold 16.3 million shares...
2010-08-18 08:48:23
ASL wins newbuilding deal [Shipbuilding]
Singapore’s ASL Marine has won an order worth SGD 55m ($40.56m) for 30 tugs and barges. Its ASL Shipyard unit will build the two azimuth stern drive tugs, a pipe-lay barge and 27 cargo barges. The tugs will be delivered in the first quarter of ...
2010-08-18 08:43:53
Bangladesh yard fire hurts seven [General]
Seven workers have been injured in a fire at a Bangladesh shipbreaking yard. The blaze broke out on Monday in Sitakunda while a tanker was being broken up with a gas cutter. Authorities said sparks caused the fire at the ZN Enterprise plant. ...
2010-08-18 08:41:13
Vinashin bailout kickstarted [Finance]
Vietnam’s prime minister Nguyen Tan Dung has kickstarted the restructuring of insolvent shipbuilder Vinashin. The group has been told to spearhead a shipbuilding and repair industry revival while training skilled workers during the next five ye...
2010-08-18 08:39:25
Norden won't order newbuilds [General]
Carsten Mortensen has joined the chorus of shipping names slamming the flood of dry-cargo newbuilding orders placed in the first half of 2010. Denmark's Norden CEO Mortensen says his company’s money is better spent on tanker tonnage right now and ...
2010-08-18 08:35:56
Stolt receives SLS refund [Finance]
Stolt-Nielsen has recovered $84.5m in progress payments tied to eight cancelled newbuildings at South Korea's SLS Shipbuilding. Oslo-listed Stolt says the refund covers two of the eight 43,000-dwt stainless steel parcel tankers its subsidiary, Stolt ...
2010-08-18 08:32:59
Brightoil orders 5 VLCCs [Shipping]
Brightoil Petroleum has inked a letter of intent to order five very large crude carriers (VLCC) for $537.5m in total. The Hong Kong-listed bunker and oil company said it had signed the LOI for the vessels on July 23th, but did not disclosed which ...
2010-08-18 08:21:35
Technical jobs ↑, white-collar ↓ [Equipment]
The proportion of engineers at South Korean large shipbuilding companies is increasing with the total workforce of nine Koshipa-affiliated shipbuilders came in at 105,188 at the end of 2009, up 4% against a year earlier. According to a workforce s...
2010-08-18 07:27:37
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