Niigata bags orders for 22 engines [Equipment]
IHI Corp. disclosed on Dec. 1 that its subsidiary Niigata Power Systems Co. has received a bulk order for 22 high-speed diesel engines, to be mounted on patrol ships that comply with the next generation (revised) nitrogen oxide (NOx) regulations from...
2009-12-03 07:34:43
Cosco chief forecasts 40% cancellation [Shipbuilding]
China Ocean Shipping (Group) president and chief executive Wei Jiafu forecasts 40% of newbuildings on order will be cancelled or delayed, foreign media reports. Capt Wei said the financial crisis was helping ease the pressure of oversupply to som...
2009-12-03 07:32:25
China yards face prolonged slump [Shipbuilding]
The Chinese Ministry of Industry and Information Technology (MIIT) says the continued slump in new orders will put the country’s shipbuilding industry in jeopardy. MIIT chief engineer Zhu Hongren told local reporters that shipyards were facing ...
2009-12-03 07:29:00
Boxship oversupply to last until 2013 [Shipping]
The container shipping industry is facing 3m teu in excess capacity in a year’s time, however, very low charter rates are offering a chance for new entrants to gain a foothold, foreign media reports. Former Maersk executive Jesper Kjaedegaard, who ...
2009-12-03 07:25:27
Seaspan warns Korean yards [Shipping]
Containership owner Seaspan is reportedly sending a strong signal to South Korean shipbuilders about the risk of helping out cash-strapped lines at the expense of financially sound customers. Seaspan’s intervention came hours after CMA CGM chairman...
2009-12-03 07:22:47
Wärtsilä favors natural gas as alternati [Shipping]
Wärtsilä has extended its dual-fuel technology to the lower power range with the launch of the new environmentally advanced Wärtsilä 20DF engine, suitable for tugs, small cargo vessels, small ferries and barges. The new power plan...
2009-12-03 07:19:35
New Russia yard starts operation by 2012 [Shipbuilding]
First stage of shipyard in closed territorial formation (ZATO) Bolshoy Kamen’ (Primorskiy Kray) will be put into operation in 2012. Shipyard construction will be fully completed by 2020 reported press-service of regional administration. It is n...
2009-12-03 07:17:32
Shipyards’ $200bn dilemma [Shipping]
The supply side of the shipping market is the most pressing issue, argued Dr Martin Stopford, managing director of Clarkson Research, at the Senior Maritime Forum of Marintec China 2009. Stopford said the orderbook was now 44% of the extant fleet...
2009-12-03 07:12:42
NGV buys 66% stake in TKS [Finance]
Malaysian shipbuilder, NGV Tech Sdn Bhd, will pay US$76 million to acquire a 66 per cent equity interest in South Korean shipbuilder, TKS Co Limited. NGV Tech will purchase the equity from TKS's parent company, Kumkwang Engineering and Constructi...
2009-12-03 07:08:00
Dae Sun fails to receive down payment [Finance]
South Korea’s Dae Sun Shipbuilding & Engineering said Wednesday in a regulatory filing that a cash-strapped shipowner which had ordered newbuildings at the yard is not paying down payments for the ships. The shipbuilding company said the two shi...
2009-12-03 06:34:06
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