Cancellations will continue [Shipbuilding]
A recent report from Drewry Shipping Consultants has analyzed the current newbuilding orderbook to assess the level of vulnerability and overcapacity. Drewry has established three stages of newbuilding demand between now and 2023. The results ...
2009-06-25 06:57:55
55 new orders axed in China [Shipbuilding]
The Ministry of Industry and Information Technology (MIIT) of China said newbuilding contracts for 55 vessels were canceled at the country's shipbuilding industry during the first five months of this year. The ministry added stress is growing up i...
2009-06-25 06:27:30
Hyundai Corp sale to be delayed [General]
The sale of Hyundai Corporation of South Korea seems to be postponed again. An official from Korea Exchange Bank (KEB), the company’s main creditor bank, said, “Hyundai Corporation’s subsidiary Qingdao Hyundai Shipbuilding’s value is now m...
2009-06-25 06:24:00
YS Heavy launches 10K MPP [Finance]
Cash-strapped YS Heavy Industries of South Korea has recently launched a newbuilding, signaling rehabilitation of its operation. The shipbuilder is now undergoing rehabilitation procedures but as its creditor Dongbu Insurance provided full support...
2009-06-25 06:17:28
Chinese dream of becoming shipbuilding power [Shipbuilding]
A Chinese shipbuilding industry expert emphasized that government should strengthen the control of shipbuilding capacity growth to prevent excessive yard facilities and achieve growth of Chinese shipbuilding industry. He also argued the measures alre...
2009-06-24 12:35:40
Big 3 & Chinese vie for CNG project [Offshore]
Four Far Eastern shipyards have been shortlisted to construct the world’s first compressed natural gas (CNG) vessels for a Vietnamese project. Shipbuilders in South Korea and China have submitted provisional technical bids for four newbuildings....
2009-06-24 11:44:08
Fredriksen ups his stake in Golar LNG to 46% [General]
John Fredriksen has upped his stake in Golar LNG, the LNG shipping company in which he is already the biggest shareholder. Mr Fredriksen’s indirectly-controlled World Shipholding has purchased 138,900 shares in Oslo-listed Golar LNG at a price o...
2009-06-24 09:18:06
ABG-Bharati bidding war for Great Offshore [General]
India’s ABG Shipyard has launched a counter offer for a major stake in compatriot shipowner Great Offshore. The country’s biggest private shipyard is offering INR 375 ($7.68) per share for a 33.85% holding, compared to rival Bharati Shipyard’s...
2009-06-24 09:01:04
Slovakian shipyard to cut 198 jobs [General]
Slovakia's Slovenske Lodenice Komarno (SLK) shipyard is to lay off 198 workers of its 685-strong workforce amid the shipbuilding slump. The jobs will go by the end of this year, the Danube shipyard said. The first phase will take place from the e...
2009-06-24 08:43:17
Asry adapts to changing shiprepair demand [General]
Bahrain is pushing ahead with further investment in Arab Shipbuilding and Repair Yard (Asry), which was opened in the late 1970s to serve the growing number of large oil tankers in the region. Although tankers now account for 25% of the repair work,...
2009-06-24 08:31:14
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