Daewoo sale kick-starts [Finance]
Korea Development Bank M&A and Citigroup Global Markets have been selected to arrange the sale of Daewoo Shipbuilding & Marine Engineering. It is said about 20 domestic and overseas banks had competed to handle the sale of one of the world’s lar...
2009-12-28 06:21:09
Orderbook lasts 2.2 years [General]
South Korean shipbuilders’ order backlogs are decreasing at slower than expected rate. Shipowners are reportedly continuing to postpone newbuilding deliveries after reaching agreement with shipyards. Orderbooks of South Korea’s six listed s...
2009-12-28 06:18:31
India rather free of cancellations [Shipbuilding]
Barring new entrant Pipavav Shipyard, Indian shipbuilders have been relatively free of order cancellations and price renegotiations that global yards based in South Korea and China have been facing. This could be because of the genuine and non-spe...
2009-12-24 13:55:42
Vale eyes rebound [Equipment]
Vale said Wednesday that it expects its iron ore output to rise to 300 million tons next year, recovering to 2008 levels. CEO Roger Agnelli said that the Brazilian iron ore company is likely to report that it shed 30 million to 40 million tons of ...
2009-12-24 13:37:51
STX awarding prizes [General]
South Korea’s STX Business Group said it held a prize-awarding ceremony on December 23rd in Seoul and granted the greatest prize to the task force team which secured a contract of affreightment worth $5.8bn from Brazil’s iron ore major Vale. ...
2009-12-24 12:03:05
Seoul frets over shipbuilders [General]
Policy makers proposed steps to address a plunge in ship orders this year in South Korea, home to seven of the world's 10 largest shipbuilders. But there is little chance the industry here will avoid steep job losses and financial difficulties in...
2009-12-24 07:42:37
Beluga plans new orders in Germany [Offshore]
Beluga Hochtief Offshore, a specialist in the construction of offshore wind farms, has narrowed the group of potential shipbuilders for an €800m ($1.1bn) order to German yards. The company said it was in “intensive talks and negotiations” wi...
2009-12-24 07:39:43
Sovcomflot eyes fleet expansion [Shipping]
Russian shipping group Sovcomflot plans to invest $5.5bn in the next five years to expand its fleet and build its position in new Russian markets in the Pacific and Arctic. “We will seek to diversify our sources of finance, including accessing debt...
2009-12-24 07:36:27
Overcapacity goes on [Shipbuilding]
The shipping industry is still mired in a crisis of its own making, namely the excessive ordering of new ships of all types without regard to the huge growth in demand for shipping services that would be needed to employ all these vessels. World t...
2009-12-24 07:32:52
Bharati continues takeover plan [Finance]
India’s Bharati Shipyard continues its plan to take over compatriot shipowner Great Offshore as its open offer to shareholders was fully subscribed this week. Sources closely linked to the yard’s offer claim it has attracted over 10 million s...
2009-12-24 07:28:34
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