Algoma gets loan to buy newbuilding [Finance]
Algoma Central, the largest inland shipping company in Canada, bagged a $260m credit facility from six lenders to fund its newbuilding and upgrade projects. Toronto-listed the company said in Tuesday, the facility is enough to meet $144m in capita...
2009-11-12 05:31:39
Gas demand will recover [Offshore]
Gazprom, the world’s biggest natural-gas producer, expects demand for the fuel to rise in the next two or three years, narrowing the oversupply caused by the recession and new production projects. In an interview, Alexander Medvedev, deputy chi...
2009-11-12 05:29:53
STX Europe in talks to lay off [General]
STX Europe, Europe’s largest shipbuilder owned by STX Business Group, has warned that up to 400 workers could be laid off at its yard in Turku, Finland, next year as work dries up. At present, around 2,300 people are employed at its Turku shipy...
2009-11-12 05:28:56
Bergen profit grows [Finance]
Norwegian shipbuilder Bergen Group has seen profits grow in the first nine months as revenues rose strongly. Net earnings to 30 September were NOK 105 ($18.88m), compared to NOK 7m in the same period of last year. Revenues grew to NOK 3.83bn, aga...
2009-11-12 05:28:26
Diana will continue fleet expansion [Shipping]
Diana Shipping’s long awaited vessel acquisition spree may launch within the next month and could include brand-new tonnage as falling newbuilding prices divert attention away from secondhand deals. when reporting its third quarter results, chairma...
2009-11-12 05:18:55
Need to revitalize package [Finance]
Proposal for earlier adaptation of the government’s shipbuilding industry support programs is drawing attention, especially the collaborated package program of Korea Ex-Im Bank(KEB) and Korea Export Insurance Corp.(KEIC), in order to revitalize the...
2009-11-12 05:17:22
Five-year takes for clear [Shipping]
It will take five years before the idle fleet of containerships is cleared despite the effects of delayed newbuilding deliveries and cancelled orders, AXS-Alphaliner warns. Tied up capacity will, however, be reduced to zero in early 2014, a year...
2009-11-11 12:18:30
CMA CGM take delivery of new 13,300TEU [Shipping]
DSME delivered the CMA CGM Group's new flagship. The "CMA CGM CHRISTOPHE COLOMB" (13,300 TEU) is one of the world's largest containerships with a length of 365 m, breadth of 51.2 m and a draft of 15.5 m. Operated on the Asia / Europe trade, will...
2009-11-11 12:13:37
China set to become world No.1 [General]
Korea's shipbuilding industry is suffering from insufficient orders due to the serious financial crisis, and China will replace South Korea as the world's largest shipbuilding country. China's shipbuilding has overtaken South Korea's in terms of ...
2009-11-11 12:01:24
Battle for survival starts at EU [Shipbuilding]
The Assembly of Assonave(:the national association of shipbuilders, repairers and suppliers in Italy) met in Rome last week to discuss the plight of shipbuilding in Europe. Following three years of buoyant market conditions, the shipbuilding indust...
2009-11-11 11:49:49
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