L-3 Offshore teams with STX Engine [Equipment]
L-3 Offshore of Coventry, U.K, has signed a teaming agreement with the STX Engine subsidiary of South Korea's STX Group. The two organizations are to collaborate in the marketing and supply of integrated power, electric propulsion, dynamic positionin...
2009-06-22 09:37:49
Russian bank may buy Volgograd Shipyard [General]
A Russian bank has been linked to a buy-out of struggling domestic shipbuilder Volgograd Shipyard. Russian Financial Corporation (RFC) is in talks over the acquisition of the MNP Group-owned yard, according to the Prime-Tass news agency. It was re...
2009-06-22 07:32:43
Agip KCO builds aframax tankers [General]
Oil company Agip KCO is to build aframax tankers in the Caspian Sea for Kazakhstan. The country’s energy minister Sauat Mynbayev said the 63,000-gt vessels were needed to carry crude. Commenting on the size of the vessels, he told local media: "...
2009-06-22 07:30:03
Romanian takes SNO shipyard stake [General]
Two Romanian investment funds have struck a deal over an 11.8% holding in the Santierul Naval Orsova (SNO) shipyard. The regional SIF 4 Muntenia fund said it would buy the shares for RON 9.45m ($3.1m) from the yard’s major shareholder, SIF 3 Tra...
2009-06-22 07:27:15
ABG posts stronger results [Finance]
India’s ABG Shipyard has increased annual profit as revenues grew. The Mumbai-listed shipbuilder said net earnings to 31 March were INR 1.71bn ($35.48m), against INR 1.6bn in the previous year. Revenues grew to INR 14.12bn from INR 9.66bn, wh...
2009-06-22 07:22:59
Havila's IRM ship faces delivery delay [Shipbuilding]
Havila Shipping is facing delays to an inspection, repairs and maintenance (IRM) vessel on order at Havyard Leirvik. The NOK 700m ($131.5m) newbuilding was slated for delivery in the summer of 2010 but now looks likely to arrive in the first quart...
2009-06-22 07:21:04
Engine makers to cut NOx emission [Equipment]
Japanese marine engine builders have made headway on the development of technologies that can meet the mandatory nitrogen oxide (NOx) emission cuts required by the International Maritime Organization (IMO). They are now at the stage of validating ...
2009-06-22 07:17:48
Single-hull VLCC demolition slows [Shipping]
Despite the freight rate market at a historically low level, demolition of single-hull (SH) VLCCs is stagnated, prompting market players to grow concerns over excess supplies. Demand for converting them to large-size ore carriers and offshore str...
2009-06-22 07:14:32
Havila secures financing for newbuildings [Finance]
Norwegian offshore vessel owner Havila Shipping has secured more than $130m of financing for the rest of its newbuilding programme. The Oslo-listed company said it secured bank funding to complete construction of the Havila Herøy and Havila Fan...
2009-06-22 07:11:48
Fredriksen orders dominate at Jinhaiwan [Shipbuilding]
Companies controlled by the powerful shipping tycoon John Fredriksen are uncertain about the impact of major ownership changes at China’s Zhoushan Jinhaiwan shipyard, despite the fact that nearly 60% of the vessels on order at the yard have been co...
2009-06-22 07:09:07
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