Fresh moves to convert VLCCs to ore carriers [General]
The move for converting single-hull (SH) VLCCs to ore carriers has begun to emerge once again. According to market reports, South Korean operator Sinokor Merchant Marine Co. and Brazilian resource giant Vale SA will purchase an SH VLCC carrier each a...
2009-09-11 07:24:30
Ferretti rev tumbles 12% [Finance]
Leading Italian yacht builder Ferretti announced revenues of €800m ($1.2bn) for the year ended August 31st, a drop of 12% on 2008. The company announced its results in Cannes as the 22 annual Festival de la Plaisance got underway, adding that it...
2009-09-11 07:21:49
Cochin net jumps 70% [Shipbuilding]
Cochin Shipyard, the largest shipbuilding and shiprepair company in India, has posted a 70 per cent increase in net profit at Rs 160 crore ($33m) for the 2008-09 fiscal. It had a net profit of Rs 94 crore in the previous fiscal. The company also ...
2009-09-11 07:17:59
OPK launches PSV [Shipbuilding]
Russia’s Severnaya Verf shipyard, a part of United Industrial Corporation (OPK), launched a vessel for oil-rig platform provision, also known as the project VS 485 PSV. The vessel for oil-rig platform provision is equipped with special capacitie...
2009-09-11 07:12:58
Shipowners scrap more than ever [General]
With the Baltic Dry Index hovering around the 2,500 mark, close to 2009 lows and the tanker freight market suffering from loss-making rates, it seems that ship owners, both from the dry bulk and the tanker market segments should be scrapping as many ...
2009-09-11 07:10:49
Chinese post lower profitability [Finance]
Three out of the four listed shipbuilders in China posted reduced profits for the first six months of 2009. According to its financial statement, China State Shipbuilding Corp. (CSSC), which is listed on the Shanghai Stock Exchange, enjoyed 17.4%...
2009-09-11 07:08:19
Sungdong eyes Nasdaq [Finance]
A special acquisition corporation (spac) has forged a deal that plans to bring a South Korean yard player to a listing on the Nasdaq stock exchange. North Shore Acquisition Corp, which was recently taken over by South Korean private equity firm Ca...
2009-09-11 07:04:10
Jiangyin scrapping all-time high [General]
Obsolete ship scrapping volume at Jiangyin city, Jiangsu province, China, the world's second largest shipbreaking city, hit an all-time high so far this year. The Jiangyin Maritime Safety Administration of the People's Republic of China (JYMSA) sa...
2009-09-11 06:33:41
Half of docks could be idled [Shipbuilding]
Despite market slump, global shipbuilding output is expected to hit an all-time high next year. However, fleet over-supply situation is already ongoing in shipping market and newbuilding order cancellations and delivery delays are increasing amid ...
2009-09-11 06:27:09
Indian to order massive bulkers [Shipbuilding]
South Korea’s shipbuilding industry experiencing extreme difficulties in receiving new orders is to begin a fierce competition on winning bulk carrier orders. According to the industry players on September 9th, the country’s shipbuilding compa...
2009-09-10 13:45:58
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