Sungdong gets credit line from Woori [Finance]
Seoul-based Woori Bank, one of creditor banks of liquidity-strapped Sungdong Shipbuilding & Marine Engineering of Korea, threw a credit line to Sungdong to help it repay about KRW 100bn ($89m) worth of Asset-Backed Commercial Papers (ABCP). Accord...
2010-04-09 06:38:37
Seeking Survival Strategies [Shipbuilding]
Korean shipbuilding industry is currently having various kinds of difficulties such as a dearth of new orders, contract modifications and cancellations, but most significantly, yards are faced with liquidity shortage. As advance payment flows, coming...
2010-04-09 06:35:13
New Century gains $180m export credit [Finance]
China Export and Credit Insurance Corporation (SINOSURE), Bank of China (BOC) Jiangsu Branch and compatriot shipbuilder New Century Shipbuilding (NCS) recently reached an agreement of $180m export credit fund for three 176,000-dwt bulk carriers order...
2010-04-08 10:01:06
ZOSCO triggers newbuild financing [Finance]
China’s Zhejiang Ocean Shipping Co., Ltd. (ZOSCO) will trigger IPO for fund collecting. ZOSCO targets CNY2bn ($294m) financing for the newbuildings of ten 180,000-dwt Capesize bulk carriers. These ships are scheduled to be delivered in 2012. ...
2010-04-08 10:00:29
Jiangzhou Union Shipbuilding Rebirth [Shipbuilding]
During global financial crisis, numerous shipyards were facing bankruptcy. But China’s Jiangzhou Union Shipbuilding seems an exception. Jiangzhou Union Shipbuilding is swimming against the stream with 34 overseas orders valued at amazing CNY8.7b...
2010-04-08 09:59:47
Greens grumble at proposed Brazil yard [General]
Eike Batista’s plan for a new Brazilian shipyard has met with strong opposition from environmental campaigners. Batista’s OSX Brazil, which pocketed $1.6bn from an IPO last month, wants to build a shipyard with Hyundai Heavy Industries of Kor...
2010-04-08 08:41:41
Drydocks World wins $200m orders [Shipbuilding]
Drydocks World pointed to a recovery in the shipbuilding sector after a strong first quarter showing. Its optimism comes after booking fresh orders worth $200m in the three months from January to March 2010. CEO Denis Welch said: “The market ha...
2010-04-08 08:40:29
Iron clash sparks dry concerns [Equipment]
Bulker rates are falling under pressure this week as Chinese steel groups push for a two-month boycott on iron ore imports, an analyst said Wednesday. China Iron and Steel Association (CISA) and the China Chamber of Commerce and Metals (CCCMC) ha...
2010-04-08 08:39:12
Ship loans at record-low [Finance]
Syndicated shipping loans remained at record-low levels in the year’s first quarter, though the amount of new lending was the largest since the end of 2008, according to new figures from London-based monitor Dealogic. Banks handed out $6.065bn in s...
2010-04-08 08:37:43
OSX-HHI JV faces green challenge [General]
OSX Brasil's proposed shipyard venture with Hyundai Heavy Industries remains under fire as a federally-funded environmental group wins government support. The Chico Mendes Institute has convinced local federal agencies to oversee an environmental...
2010-04-08 08:36:25
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