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Chinese shipbuilders in a pinch
[Shipbuilding]
China's shipyards continue to scrape along with continuing declines in new business and growing risk of cancelled orders. The industry began losing steam in the second half of 2008 and business in the first four months of this year also ebbed. Ne...
2009-06-09 11:29:21
Germansh fail despite state loans
[Finance]
Two of Germany’s largest shipyards have sought bankruptcy protection in spite of having received substantial loans under Germany’s economic stimulus plan this year. Wadan Yards MTW, which operates shipyards in Wismar and Warnemünde on Ge...
2009-06-09 10:25:04
Siem Offshore secures $325m financing
[Finance]
Siem Offshore has scored a NOK 2.1bn ($325m) loan and guarantee facility to cover the remainder of its newbuilding orderbook. Its agreement with the Norwegian Export Credit Institution for Export Financing (Eksportfinans) covers seven anchor handl...
2009-06-09 07:44:29
Sembcorp sells Petrorig 1 to Diamond Offshore
[Offshore]
Sembcorp Marine has washed its hands of a troublesome semi-submersible newbuilding by selling it to a US driller. Diamond Offshore Drilling bought the Petrorig 1 just days after the shipyard settled a dispute with its previous owner Petromena. New...
2009-06-09 07:40:40
Todd in compliance with listing standards
[Finance]
The New York Stock Exchange has deemed Todd Shipyards in compliance with listing standards, the US shipbuilder said Monday. As stocks plunged late last year, the exchange notified Todd Shipyard that its market capitalisation had dipped below $75m ...
2009-06-09 07:37:44
France mulling UNM rescue plan
[Finance]
The French government is to examine a plan to build a consortium around French naval shipbuilder and repairer DCNS to save bankrupt Marseilles shiprepairer Union Naval Marseille. UNM was put into liquidation in March after its parent, Spain’s Bolud...
2009-06-09 07:33:02
DSME enters bunker fuel supply business
[General]
Daewoo Shipbuilding & Marine Engineering, the world’s second largest shipbuilder, has diversified into bunker fuel supply. Daewoo’s wholly-owned subsidiary DSME E&R operates from nearby the shipbuilders’ main premises at Okpo and at Koje Isl...
2009-06-09 07:29:51
IMO approves goal-based shipbuilding standards
[General]
Goal-based ship construction standards for tankers and bulk carriers were approved by the International Maritime Organization’s Maritime Safety Committee last week. The committee also approved amendments to chapter II of the Safety of Life at Sea ...
2009-06-09 07:26:10
Hanjin's new project ups Subic investments
[General]
An expansion project of Korean shipbuilder Hanjin Heavy Industries and Construction Corp. in the Subic Port will raise the total investments committed by locators here to more than $6 billion this year. Hanjin Heavy’s expansion will also reinfor...
2009-06-09 07:20:13
Declare shipbuilding a thrust sector: Bangladesh
[General]
Association of Export-Oriented Shipbuilding Industries of Bangladesh urged the government to declare shipbuilding a thrust sector of the country. The President of the Association of Export-Oriented Shipbuilding Industries of Bangladesh Dr Abdullah...
2009-06-09 07:13:06
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