Posco : No interest on Daewoo [Equipment]
Posco, South Korea’s largest steel mill, is not interested in re-entering the race to take over Daewoo Shipbuilding & Marine Engineering. Chung Joon-yang, CEO of Posco, said that we have not reviewed the possibility of the acquisition. In Janua...
2009-11-10 11:30:22
Korea set to help shipbuilders [Finance]
The Ministry of Knowledge Economy announced that there will be additional support for the shipbuilding industry based on discussions during the 36th Emergent economic measure convention, which was presided by the President Lee on the 5th. Additio...
2009-11-10 09:38:56
Maersk line joins TSA [Shipping]
Maersk Line has reapplied to join a 'talking shop' for lines operating between Asia and Europe in the hope of preventing the industry’s woes from getting worse. The Danish owner has applied for membership of the Transpacific Stabilization Agree...
2009-11-10 05:28:03
Maersk to cancel two FSOs [Offshore]
Overseas Shipholding Group (OSG) expressed doubts that Maersk Oil will cancel a deal for two giant FSOs under conversion construction by a joint venture with Euronav. The New York tanker owner says in a quarterly report to securities regulators t...
2009-11-10 05:17:01
CMA CGM's talks with bank delays [Finance]
CMA CGM’s negotiations with its bank regarding a restructuring of its $5.6bn debt are running later than forecast. The group, which announced in late September that it was looking to have an “all-encompassing” result by the middle of this mo...
2009-11-10 05:15:56
Solstad lays up two PSV [Offshore]
Norwegian company Solstad Offshore has stacked up two vessels which have come to the end of long-term contracts. It also warns significant exposure to the PSV spot market will hurt its performance in the winter period. Oslo-listed Solstad con...
2009-11-10 05:14:16
U-Ming net downs [Shipping]
According to industry sources, Taiwan's U-Ming Marine Transport Corp continues to see its profit slashed in tougher markets this year. The Taipei-listed company posted net earnings of TWD 4.2bn ($129.83m) to 30 September, compared to TWD 8.48bn i...
2009-11-10 05:12:32
NATS swings into red [Finance]
Nordic American Tanker Shipping (NATS) slumped to a third quarter loss of nearly $12m on the back of the weak suezmax spot market. The US-listed tanker owner said revenues for the quarter came in at $17.7m, a far cry from the $67.3m seen a year a...
2009-11-10 05:11:32
Universal : Not the right time [General]
Japan’s Universal Shipbuilding Corp needs more time to assess its planned merger with compatriot yard group IHI Corp due to the downturn. Shinjiroh Mishima, president of USC, said that plunging demand meant all potential areas of risk had to be...
2009-11-10 05:05:28
21st Century signs 34K bulkers [Shipbuilding]
21st Century Shipbuilding of South Korea is set to win a contract to build up to four handysize bulkers. According to sources, a Greek company has signed a letter of intent for two 34,000-dwt bulkers plus two options at the Tongyeong-based yard. ...
2009-11-10 05:03:46
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