Cut capacity on Liners [Shipping]
Hapag Lloyd and CMA CGM should be forced to cut their fleet capacity in return for government financial support, Danish shipowners have told the European Commission, foreign media reported. The suggestion to directly link state support with fleet ...
2009-10-15 07:43:36
Beijing to curb steel mill capacity [Equipment]
China, the world’s largest steel producer, faces “severe oversupply” and the government is likely to decide on capacity curbs by the end of the year, according to the nation’s third-largest mill. The government is working on plans to close...
2009-10-15 07:41:09
Shipbreaker deaths spiral in Bangladesh [General]
Three workers died of gas inhalation at a shipbreaking yard at Sitakunda in Chittagong yesterday. They inhaled poisonous gas when they were cutting a vessel at Pakija Enterprise yard at Baro Awulia Fultala in Bangladesh around 10:30am, sources sa...
2009-10-15 07:39:20
Orders drought leads to protectionism [Shipbuilding]
As the global recession sinks its claws into the businesses which form the underlying framework of commerce, the yards scrabble for any new orders whilst facing the biggest ever spate of cancellations and delays in payment. The downturn in tonnages m...
2009-10-15 07:37:53
Unemployment looms over Finnish yards [General]
Many of the 5,000 employees and subcontractors at the STX shipyard in the southwestern city of Turku are worried about what will happen to their jobs after the Oasis and her sister ship are delivered amidst a sharp downturn in the industry. "The m...
2009-10-15 07:32:29
Offshore player Acergy net down [Offshore]
Nasdaq-listed offshore owner Acergy has seen profit fall in the first three quarters as revenues shrank. The company said net profit for the nine months to 30 September was $184.6m, compared to $215.8m in the same period of 2008. Revenues were ...
2009-10-15 07:29:20
Idled boxships reach highest ever [Shipping]
The number of containerships being put on hold at sea continues to climb as the winter season is drawing near when cargo flows slacken. According to French maritime consultant AXS Alphaliner, the number of ships idled as of Oct. 12 numbered 568, ...
2009-10-15 07:26:38
STX wins 400K VLOCs [Shipbuilding]
South Korea’s STX Pan Ocean has ordered eight very large ore carriers at sister company STX Offshore & Shipbuilding, foreign media reports. The 400,000-dwt VLOCs are widely understood to be linked to the $5.84bn consecutive voyage contract signe...
2009-10-15 07:22:19
Hyundai takes over Hyundai Corp [Finance]
Hyundai Heavy Industries said Wednesday it has signed a memorandum of understanding with Hyundai Corporation’s creditors group to acquire the trading house. The world’s largest shipbuilder said it will buy a 50% stake plus one share in Hyundai...
2009-10-15 07:10:01
Tycoons convene in Berlin [Shipbuilding]
Some 60 global shipbuilding leaders convene in Berlin, Germany at the end of this month. The 18th JECKU Top Executive Meeting is scheduled to be held for three days starting October 28th. As global shipbuilders are now facing worst-ever recessi...
2009-10-15 07:08:41
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