US port disapproves of yard construction [General]
A US port authority has thrown out a bid from an Edison Chouest Offshore company to build a drydock for sister operation LaShip in Louisiana. Local media said the Terrebonne Port Commission made the move after the Louisiana Ethics Administration r...
2009-06-19 08:16:08
ABG continues full swing until 2014 [Shipbuilding]
India’s ABG Shipyard is not expecting to win any new orders in 2009, but has work up to 2014. "I don't see great momentum in orders for now," chief financial officer Dhananjay Datar told Reuters. "There could be some orders from coast guard, ...
2009-06-19 08:10:44
Western Marine secures financing worth $23m [Finance]
Bangladesh shipbuilder Western Marine Shipyard has signed a financing deal with BRAC Bank worth BDT 1.57bn ($22.72m). The cash will help deliver two 5,200-dwt ice-class cargoships for an unnamed German owner by December 2010. Reports from Bangl...
2009-06-19 08:07:08
Poland yards buyer provides guarantees [Finance]
The mysterious buyer of Poland’s Gdansk and Szczecin shipyards has provided bank guarantees for the deal, as wild rumours fly about its links to Israel’s secret service, Mossad. Polish treasury minister Aleksander Grad said United Internationa...
2009-06-19 08:03:41
Petrobras needs FPSO [Offshore]
Petrobras has approved an extra-heavy oil project that calls for a 100,000-barrel-per-day FPSO. The Brazilian oil and gas company says it plans to have the floating production, storage and offloading unit (FPSO) online between 2015 and 2016 on its...
2009-06-19 08:00:51
Sumitomo completes Aveva-designed ship [Shipbuilding]
Sumitomo Heavy Industries Marine & Engineering Co. (SHIME) recently delivered the first ship that was constructed base on the design made using the new design system Aveva Marine which was introduced by the yard in 2007. The announcement was made on ...
2009-06-19 07:57:39
Jaya seeks to suspend debt repayments [Offshore]
Cash-strapped offshore support vessel builder and operator Jaya Holdings is seeking to suspend debt repayments. Singapore-listed Jaya plans to meet with its debtors in an attempt to freeze over S$300m ($206.2m) in loan repayments while the company un...
2009-06-19 07:54:20
Heerema to set up yard for pipelines storage [Offshore]
Dutch offshore vessel owner Heerema will set up a $160m yard in Angola to support its pipeline work for BP’s new deepwater projects. According to local reports, the yard will be built in conjunction with local contractor Cembir Maritime Constru...
2009-06-19 07:47:38
Shipping defaults “Calm before the storm” [Shipping]
Shipping defaults to date are only the “calm before the storm” and the industry faces a challenging 12-18 months ahead. The next year will likely see a surge in the number of loan defaults and ship arrests, with little prospect of a box trade...
2009-06-19 07:43:09
Loans at risk as owners seek to delay repayments [Finance]
Financially pressed owners are increasingly escalating their negotiations with banks, from seeking waivers on covenants to pleading for moratoria on the repayment of loan instalments as cash-flow drains away, according to senior banking sources. The ...
2009-06-19 07:40:10
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