CSBC profits hit by delivery delays [Finance]
Taiwan’s largest shipbuilder CSBC said it expected revenues to fall 10% this year compared with revenue of T$31.1bn ($977m) in 2009, foreign media reports. A Mega International Investment shipping analyst said that order cancellations at the yar...
2010-01-13 07:57:45
STX axes 430 jobs in Finland [General]
STX Europe has confirmed 430 job losses at its Turku shipyard in Finland as it struggles to find new orders. The Korean company had warned that 400 posts were under threat last year. It has also announced that nearly all workers surviving the...
2010-01-13 07:54:50
Dry bulk sector downgrade [Shipping]
A tsunami of dry-cargo newbuildings expected in the coming year has resulted in Arctic Securities downgrading the entire sector. Analyst Martin Sommerseth Jaer also dropped his rating on Golden Ocean and Diana Shipping amid fears the market will ...
2010-01-13 07:49:11
Great Eastern eyes newbuildings [Shipbuilding]
Great Eastern (GE) Shipping, India’s largest private sector shipping company, once again plans to acquire ships. The shipowner has sold no less than 15 ships, as well as cancelling orders for three new ships in the last 18 months. Prices for ve...
2010-01-13 07:45:27
Pertamina to launch VLCC tender [Shipbuilding]
Indonesia's state oil and gas firm Pertamina plans to soon launch a tender to buy a new very large crude carrier (VLCC) and other smaller tankers to strengthen its owned fleet, a senior company official said on Tuesday. "We will make a survey to seve...
2010-01-13 07:41:36
Daewoo Q4 sales performance to fall [Finance]
Excessive optimism should be avoided on Daewoo Shipbuilding & Marine Engineering (DSME), a financial expert warned. Seoul-based Hi Investment & Securities analyst Jung Dong-ik said: “The stock price of DSME has increased by as much as 14.9% sin...
2010-01-13 07:00:21
Xingang launches the last of 14-ship series [Shipbuilding]
On January 8th, China’s Tianjin Xingang Shipbuilding Heavy Industry （天津新港重工） successfully launched a 37,600-dwt bulk carrier ordered by Polish shipowner. Just two days before this event, the shipbuilder signed a contract with Yue...
2010-01-13 06:52:35
Korean yards’ pie to dwindle [Finance]
Considering the current falling tendency in won-dollar exchange rates, sales of Korean shipbuilders are expected to decrease by 5%-10% this year from a year earlier. “Sales projection was adjusted downward by 5%-10% after revising won-dollar exc...
2010-01-13 06:50:36
KIC joins hands with Hyundai in wind biz [General]
South Korean industrial equipment supplier KIC is highly likely to become a collaborative company with Hyundai Heavy Industries for overseas wind farm construction projects in the future. Daewoo Securities analyst Sung Gi-jong said, “KIC will be...
2010-01-12 15:26:55
Hyundai cuts cost with workers’ revamp [General]
Hyundai Heavy Industries, Korea’s largest shipbuilder, has cut cost thanks to the novelties of its ardent workers. Hyundai said that around 16,000 workers (equivalent to around 70% of its entire workforce) submitted as many as 145,000 ideas in ...
2010-01-12 14:53:01
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