Bulker market on correction mode [Shipping]
After the previous weeks’ rally, dry bulk freight rates have been heading down this week, as some analysts had predicted. The Baltic Dry Index (BDI) yesterday ended at 4,234 points, down by 106 with all sectors hit, apart from the Handysize Inde...
2009-11-27 06:51:34
Ship values near bottom [General]
Ship prices are close to bottoming out, according to a senior executive at Norwegian bank DnB NOR. Joachim Jaeger Skorge, head of corporate finance Asia for DnB NOR Markets, said this week that ship prices are “close to the bottom”. He contin...
2009-11-27 06:48:56
Newbuilding market grows 40% [General]
The world's shipbuilding market seems to have grown to approximately JPY 11 trillion in 2008 in terms of sales. According to Japanese newspaper Kaiji Press tally, based on statistics from major shipbuilding countries, the combined sales of newbuil...
2009-11-27 06:43:47
21st Century inks 3.2K tankers [Shipbuilding]
South Korea’s 21st Century Shipbuilding has clinched a contract with Seacoast Shipping of the Philippines on November 26th to build two 3,200-dwt oil tankers. Although the contract is not a large deal, it is meaningful in that the company has en...
2009-11-27 06:06:38
LNG newbuilding awakening [Offshore]
LNG carrier newbuilding market seems to be awakening from a long slumber after a hiatus of 18 months without new orders. A single LNG carrier newbuilding order has not been placed since May 2008 due to fall in demand for LNG and financial difficul...
2009-11-27 06:00:46
Huatai Heavy inks 6 bulkers [Shipbuilding]
China's Huatai Heavy Industry (Nantong) has recently signed a contract with Marine Capital of the US to build six 37,300-dwt bulk carriers, local media reported. The shipowner is said to have already paid deposits equating to 30% of the total newb...
2009-11-26 14:23:38
Hamworthy inks pump system deal [Equipment]
China Petrochemical Corp, of Taiwan, has for the first time specified all-electric cargo pump room systems for two new 40,000-dwt product carriers. The complete pump room systems will be delivered by Hamworthy Pte Ltd, Singapore. The ships, du...
2009-11-26 13:36:25
IPIC refuses ICC arbitration [General]
Abu Dhabi state enterprise International Petroleum Investment Company (HANOCAL/IPIC Int'l) refused to fulfill judgement by ICC International Court of Arbitration. IPIC said, in a letter sent to Hyundai Heavy Industries of South Korea on November 22nd...
2009-11-26 11:55:26
Repair yard buy [Finance]
Canada’s Victoria Shipyards has bought most of the assets of the defunct Canadian Maritime Engineering (CME) yard. CME had operated a shiprepair business at the Esquimalt Graving Dock since 2004, but closed this month. The buyer acquired a la...
2009-11-26 07:34:12
Poland to relaunch yards sale [Finance]
The final attempt to save shipbuilding at the Gdynia and Szczecin shipyards begins next month as Poland prepares a sell-off tender. The privatisation is being relaunched after two possible sales to Middle East investors fell through in the summer....
2009-11-26 07:32:27
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