STX-Abu Dhabi co-op for shipbuilding [Shipbuilding]
South Korea’s STX Offshore & Shipbuilding said on January 19th that it has signed a memorandum of understanding with Abu Dhabi Shipbuilding (ADSB) for co-operation in shipbuilding industry. Under the MOU STX will assist ADSB in designing, constr...
2010-01-20 10:57:18
China Cosco eyes more delays [Shipping]
Hope of a huge rise in dry-cargo rates this year will not stop China Cosco putting the brakes on newbuilding deliveries, its president warns. Zhang Liang says the company will look to delay the arrival of vessels on order to avoid substantial grow...
2010-01-20 08:05:44
Norwegian to order new OSVs [Offshore]
Norwegian shipowner Rem Offshore will be in the market to buy new ships this quarter after raising NKr300m ($52.6m) from a bond issue this month, according to foreign media reports. The Oslo-listed company’s chief executive Åge Remøy want...
2010-01-20 07:59:03
Wadan strikes deal over canceled ships [Shipbuilding]
Shipowner F Laeisz and the administrator of insolvent Wadan Yards group have reached an agreement in their longstanding row over two containerships, foreign media reports. Laeisz will take ownership of one of the two 2,800-teu vessels, which will ...
2010-01-20 07:54:34
Oversupply keeps confidence low [Shipping]
The industry may be struggling to come to terms with a glut of new orders, but business confidence appears to be unfazed, according to a new survey of levels of confidence in shipping, foreign media reports. A survey by shipping accountant Moore S...
2010-01-20 07:50:19
Vinashin revenue growth slows [Finance]
Vietnam state-owned shipbuilding conglomerate Vinashin's revenue growth slowed down to 6% last year compared with annual growth around 30% in the previous years, due to the global economic crisis, state media reported. The company had pretax profit o...
2010-01-20 07:45:03
ABG may sell 15% in Great Offshore [Finance]
Private shipbuilding major ABG Shipyard is in talks with global private equity players to sell its entire 15.2% stake in Great Offshore Ltd, a top company official said. The transaction is likely to be sealed within the next six months. "We a...
2010-01-20 07:42:58
Orskov Yard expands again [General]
The global financial turmoil has been exacting a heavy toll on newbuilding yards around the world. But on Orskov Yard in Frederikshavn, Denmark, where they repair and convert vessels, there are no signs of recession. It has been a busy year for O...
2010-01-20 07:41:05
China, Wärtsilä’s future [Equipment]
Finnish engine giant Wärtsilä has outlined plans to radically shift its operations to China amidst a protracted order downturn. Wärtsilä, whose ship motors propel one in three of the world’s vessels, climbed the most in 15 m...
2010-01-20 07:38:18
COSCO earns in repair and conversion [Finance]
The annual revenue of COSCO Shipyard Group for 2009 reached CNY 12.65bn ($1.85bn), boosted by its repair and conversion sectors while newbuilding output totaling 1m dwt. Some huge offshore plant projects such as the cylindrical drilling platform a...
2010-01-20 07:06:31
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