Annual 5% CNY up, 50% profits down? [Finance]
CEO Gerry Wang of Seaspan Corporation recently received interview with Chinese newspaper, commenting on CNY revaluation’s influence on shipbuilding industry. He expressed that shipbuilder’s profits would be reduced by 50% even to zero in case of ...
2010-07-02 09:21:49
Wisdom Marine to be listed [Shipping]
Chairman Lan Junsheng of Wisdom Marine Lines SA intend to be IPO listed by the end of this year. Wisdom may apply for listing next month, for diversified operations and lower risks. As is reported earlier, Wisdom has launched its fleet expansion ...
2010-07-02 09:21:17
China shows caution on offshore [Offshore]
The report issued by American IMA indicated that marine oil production output has occupied 33% of total. The percentage will rise to 35% at least in coming years. Chairman Zhang Guangqin of China Association of the National Shipbuilding Industry (...
2010-07-02 09:20:38
Frontline revives canceled orders [Shipping]
Newbuilding cancellations in 2009 appear to have played out well for Frontline after the tanker owner returned to Jiangsu Rongsheng Heavy Industries for up to four new suezmaxes. John Fredriksen’s Frontline revealed two firm orders at the Chines...
2010-07-02 06:52:11
Vinashin to lose shipyards [Finance]
The Vietnamese government is restructuring loss-making shipbuilder Vinashin by stripping it of some of its subsidiary assets. The move aims to limit the group’s non-core business, which has been one of the major reasons for its poor performance...
2010-07-02 06:45:14
UACC may cancel SLS quartet [Shipbuilding]
UACC chairman Waleed Al Dawood pens a $280m loan with eight banks this week. United Arab Chemical Carriers’ 10-ship tanker order at SLS Shipbuilding is on the verge of being scaled back considerably as it lines up $280m in fresh financing. O...
2010-07-02 06:43:34
Promar Ceara finds new home [Shipbuilding]
Petrobras says that PJMR's Promar Ceara shipyard will be built in the Suape Port complex in the Brazilian state of Pernambuco. Rio de Janeiro-based investment outfit PJMR has tied up an 80-hectare site next to compatriot shipyard Atlantico Sul, th...
2010-07-02 06:40:18
Asry expansion underway [General]
Asry is on track with its $188m expansion programme, and expects to see 400mtrs out of its planned 1,380mtr quay wall completed this year with an addition 800mtrs scheduled for completion by end 2011. "I am pleased with the progress of the construc...
2010-07-02 06:37:59
Russian to build Gazprom rigs [Offshore]
Gazprom’s subsidiary Gazflot has signed a cooperation agreement until 2020 with Shipbuilding Plant Severnaya Verf JSC and Baltiysk Shipyard (St. Petersburg, both shipyards of United Industrial Corp.). Gazflot will sign contracts with the two en...
2010-07-02 06:36:00
CSSC lends CNY100m to subsidiary [Finance]
Jiangnan TTS (Nantong) Ship Equipment, a subsidiary of CSSC Jiangnan Heavy Industry, borrowed 100 million yuan ($14.7m) from CSSC Finance to fund operations, according to a company filing. The interest rate of the loan is 4.35 percent per year for a ...
2010-07-02 06:32:33
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