Majors’ liquidity position worsening [Finance]
South Korean major shipbuilders could face liquidity crisis in the second half of the year. As for most shipyards, bills receivable have increased and advance payments shrank in the first half, resulting in swollen debts. Seoul-based Kiwoom Securi...
2009-09-09 06:31:56
India’s private yards being subsidized [Finance]
Payments towards the shipbuilding subsidy scheme, which ended on August 14th 2007, will be settled by 2013, Rajeev Gupta, joint secretary (shipping) said in India. "The government has decided to spend Rs 5,000-6,000 crore ($1-1.2bn) to settle the ...
2009-09-08 13:27:20
Gazprom orders in few weeks [Offshore]
Russian shipbuilding is entering a crucial stage as decisions are being taken on the placing of massive orders and the expansion of existing capacity. Within the next few weeks the country’s state-owned energy giant Gazprom will be deciding wher...
2009-09-08 13:12:42
Titan posts first half losses [Finance]
Titan Petrochemicals has slipped to a half year loss of HKD53m ($6.8m) on weaker revenues from its tanker and shipbuilding arms. The Hong Kong-listed company said revenues fell 86% year-on-year to HKD769m, however costs fell by a similar number to...
2009-09-08 07:43:15
VL scrap price peak passed [General]
Owners wanting to scrap VLCCs and other large tankers may have missed their peak price window. Scrap prices for wet tonnage in Bangladesh have been on the slide this week as yards are unable to keep pace with supply, says cash buyer GMS. A flur...
2009-09-08 07:39:35
Suezmax tanker fleet hits 374 [Shipping]
A total of 374 suezmax tankers are currently in service across the world, with 144 newbuildings on order, or just under 40% of the global fleet, according to data released by Frontline in its latest financial statement. The world's top tanker owne...
2009-09-08 07:36:11
Japan's rolled steel exports uptick [Equipment]
Japan's rolled steel shipments to the rest of Asia, the biggest single cargo item for coastal vessels, are on a clear-cut recovery track. According to the Japan Iron & Steel Federation, its member steelmakers exported 2,792,000 tons of rolled steel t...
2009-09-08 07:34:05
Delay forces TS Marine buyout [General]
Significant delays to the building of two new specialized offshore vessels in Spain led to the management buyout of Aberdeen-based owner TS Marine Contracting with cash from a rival Norwegian owner. Financial constraints at the Astilleros Huelva s...
2009-09-08 07:31:34
PPL, early-deliverer of rig [Offshore]
Singapore’s PPL Shipyard has delivered the Aquamarine Driller, the third high-specification jack-up rig ordered by Vantage Drilling, two months early with payment fully received. The shipyard, a subsidiary of Sembcorp Marine, said early delivery...
2009-09-08 07:28:32
Hegemann in need of state aid [Finance]
German shipbuilding group Hegemann says it needs government aid to survive the crisis. Hegemann is seeking guarantees from the government to secure the completion of three ships that are under construction at the group’s shipbuilding facilities,...
2009-09-08 07:25:20
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