Sekwang confirms restructuring [General]
South Korea’s specialist vessel shipbuilder Sekwang Heavy Industries said Wednesday that it has embarked on restructuring in a bid to adapt to current market situation. An official from the company said key executives were newly appointed and so...
2009-11-25 13:24:06
Yangfan denies PCTC cancellation [Shipbuilding]
Taiwan’s shipowner TMT said last week that it has cancelled orders for four 4,900-unit pure car/truck carriers on order at China’s Yangfan Group. The shipbuilder, however, denied the cancellation. According to industry sources, TMT had planned...
2009-11-25 12:56:12
STX Engine boss wins Gold Tower Order [Equipment]
South Korea’s STX Engine president Jeong Dong-hak has been awarded the Gold Tower Order of Industrial Service Merit from the 35th National Quality Management Convention. The convention which was held on November 25th under the auspices of the Ko...
2009-11-25 11:44:55
Drydocks World first LNG-FSRU conversion [Offshore]
Drydocks World - Dubai, the region’s premier ship repair, conversion and newbuilding yard and the flagship company of Drydocks World, Tuesday announced that work is underway on its first ever Floating Storage Re-gasification Unit (FSRU) conversion ...
2009-11-25 09:53:41
Maersk gets $523m in export credit loan [Finance]
Denmark’s export credit agency has stepped in to help local marine equipment manufacturers that are contracted to supply equipment for ships being built overseas for Maersk Line. Eksport Kredit Fonden has agreed to lend DKr2.6bn ($523m) to Maers...
2009-11-25 09:30:13
CIMC secures LNG terminal deal [Offshore]
Container manufacturer China International Marine Containers said its subsidiary TGE Gas Engineering has signed a CNY 1.4bn ($205m) construction contract with CNOOC Zhejiang Ningbo LNG. Under the agreement, TGE will undertake the purchase, constructi...
2009-11-25 08:47:53
Bangladesh yards expect overseas JVs [Shipbuilding]
Bangladesh shipbuilders said a number of joint venture investments are likely to come from Denmark, Germany, France and few other countries that would help reduce the dependence on overseas firms ranging from ship designing to painting to build world...
2009-11-25 08:36:43
Merger time ahead [Finance]
DnB Nor’s shipping head Harald Serck-Hansen believes conditions are right for a series of mergers in the shipping industry next year. The bank executive said that lower ship/rig values, plus improved credit flow, will drive consolidation in 201...
2009-11-25 07:31:01
Sanko cuts tonnage [Shipping]
Sanko Steamship's fleet size stood at 277 vessels, comprising 190 existing vessels and 87 newbuildings on order, as of Nov. 1, 2009, a drop of eight units from June 2009. The operator placed no newbuilding orders during that period. The reducti...
2009-11-25 07:25:57
LPG carrier sold for $320 per ldt [General]
Shipbreakers have paid $4.7m for a Sammy Ofer-controlled LPG carrier, according to a market report. The 15,000-cbm Sussex (built 1981) was sold for scrap in Bangladesh for $320 per ldt, US-listed StealthGas says in its weekly market update. I...
2009-11-25 07:24:10
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