On-time delivery rate : 60% [Shipping]
The ‘excessive supply rumor’ in the shipping industry, stemming from massive delivery plans for new ships in 2010, is warning after a report revealed that around 40% of newly ordered ships have not been delivered because of cancelled or delayed s...
2009-11-12 12:59:14
Shipbuilding stipulate high promises [Shipbuilding]
Bangladesh has earlier witnessed some notable success in export of small ocean-going vessels. In this backdrop, the government is also examining the possibility of setting up a separate export processing zone (EPZ) exclusively for the shipbuildin...
2009-11-12 11:09:28
Ultrapetrol stands buff despite loss [Finance]
Nasdaq-listed Ultrapetrol have slipped into the red as a reduced soybean crop and lower iron ore production volumes in South America hit shipment volumes for its river barge business. The Bahamas-based shipowner made a net income loss of around $4.2m...
2009-11-12 10:33:26
Intertanko appoints new president [Shipping]
Tanker owners’ group Intertanko has appointed a new chairman to replace Nicholas Fistes, who hsa stepped down due to his additional business commitments. Mr. Fistes is set to become the head of New York-listed Greek shipping group Aries Maritime, w...
2009-11-12 10:19:42
SBM Offshore secures fresh funds [Offshore]
Dutch offshore shipping group SBM Offshore has banked EUR 180.7m ($36.49m) through a new share issue. It sold 13,896,880 shares at EUR 13 each, and they will be listed in Amsterdam. The cash will go towards funding further growth of its fleet...
2009-11-12 10:08:55
Turku Workers Stage Walkout [Shipbuilding]
Workers at the Turku shipyard owned by STX Europe walked off the job Wednesday in protest over planned job cuts. Around 1,600 employees left their posts and will not return before Monday. On Tuesday the company announced that it may axe more ...
2009-11-12 09:59:00
Order cancellations hit BV [Finance]
French classification society Bureau Veritas (BV) saw revenue growth in its marine business slow sharply in the third quarter as newbuilding start and delivery dates were increasingly postponed. BV said that it had suffered few order cancellation...
2009-11-12 05:35:57
STX Europe struggle to stay afloat [General]
Oslo-based STX Europe was the only part of the company that secured any newbuilding orders during the third quarter of the year. At NKr400m ($71m), it constituted one of the lowest quarterly intakes for the group. However, the newbuilding orders w...
2009-11-12 05:34:31
Crisis of Norwegian [Shipbuilding]
The Oslo-based Norwegian Guarantee for Export Credits, Giek, has warned of further bankruptcies in the country’s shipbuilding and engineering sector if the current market trend continues for much longer. Norwegian industry relied heavily on the ...
2009-11-12 05:33:52
Royal navy orders aircraft carriers [Shipbuilding]
Tyneside shipbuilders A&P have received a £55m contract to construct a section of the Royal Navy’s Queen Elizabeth Class aircraft carriers. The five-year project will see a 210-strong workforce manufacture a 1,000 tonne section that will ...
2009-11-12 05:32:43
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