COSCO: Old type ships became bottleneck [Shipping]
COSCO Shipping recently convened shareholder meeting to collect CNY4.0bn ($588m) for newbuilding plan. Secretary Xue Jundong of COSCO Shipping expressed the old ship types had become bottleneck for the company’s growth. As a result, the company...
2010-06-29 10:32:33
Myanmar eyes bigger ships [Equipment]
Myanmar is stepping up its shipbuilding through a project to build a 10,000-gt cargoship. The Ahlone shipyard in Yangon will draw on expertiose from China, Japan and South Korea to construct the vessel, domestic media reported. Work will begi...
2010-06-29 08:42:02
Bergen secures $50m in bond issue [Finance]
Norwegian shipbuilder Bergen Group has raked in nearly $50m from a bond issue. It completed the move to refinance existing bonds which mature in August. According to a statement the issue was worth NOK 300m ($46.17m), with payment due in earl...
2010-06-29 08:40:23
STX bulker order reduced [General]
STX Offshore & Shipbuilding has seen nearly $30m wiped off its forward orderbook after a South Korean owner re-jigged a contract at the yard. STX says an original six-ship bulker deal has been cut down to four vessels. In a statement to inves...
2010-06-29 08:38:42
Sinopacific signs Bourbon $1bn order [Offshore]
Bourbon has turned to one of its favourite yards with a $1bn order for offshore newbuildings. Sinopacific Shipbuilding will construct 62 ships for the French owner as part of its latest expansion push revealed on Friday. Liang Xiaolei, presid...
2010-06-29 08:37:08
Yangzijiang buys domestic yard [Offshore]
Yangzijiang Shipbuilding has grabbed a majority stake in Chinese rival Jiangsu Changbo Shipyard at a “compelling price”. Singapore-listed Yangzijiang will pay CNY 51m ($7.5m) for a 51% holding in the Yangtze River yard and also plough fresh c...
2010-06-29 08:35:12
Daewoo inks LR2 duo [Shipbuilding]
Daewoo Shipbuilding & Maine Engineering has beaten off competition from rival South Korean yards to capture an order from Kuwait Oil Tanker Co (KOTC) for a pair of aframax products tankers. A contract was signed yesterday for the 110,000-dwt newb...
2010-06-29 08:33:26
China shipbuilding incentives: 2nd round [Shipbuilding]
China will provide subsidies to help shipping companies retire ageing oil tankers and some single-hull ships before they would normally be taken out of service, a move that will affect 2,000 vessels in operation and help trim excess capacity througho...
2010-06-29 08:32:07
Daewoo flexible on FX hedging [Finance]
South Korea's clampdown on foreign exchange derivatives won't affect the hedging activity of Daewoo Shipbuilding & Marine Engineering, an executive at the world's third-largest shipbuilder by orderbook value said. The comments suggest rules introduce...
2010-06-29 08:29:31
BWT conference for making right choice [Equipment]
Industry’s first ballast water treatment conference is to be held on 23-24 September 2010 in London, UK, squarely focussed on helping owners and operators make the right decision when it comes to selecting a ballast water treatment (BWT) plant. The...
2010-06-29 08:14:14
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