Yantai 2008 profits slump [Finance]
Full-year profits at Yantai Raffles have plummeted 41.2% due to a combination of cost overruns and contingency provisions for certain projects. The Chinese ship and rig builder said profits were SGD25.1m ($17.4m) for FY2008 versus the SGD42.7m see...
2009-06-05 14:34:34
Korea eyes 20% share in marine leisure [Equipment]
South Korea, the world’s largest shipbuilding nation, has been lagging behind in the marine leisure sector of which market size stood at $47bn as of 2006. Ministry of Knowledge Economy plans to raise South Korea’s market share in the field to ...
2009-06-05 13:59:00
Orient names its first newbuilding [Shipbuilding]
South Korea’s Orient Shipyard held a naming ceremony on June 5th for its first newbuilding OSN-1001. Minister of Gender Equality Byun Do-yoon was the sponsor for the vessel and she christened the 33,300-dwt bulk carrier ‘Ocean World’. The O...
2009-06-05 13:29:29
Samsung wins $5bn offshore plant ,, ? [Offshore]
A local daily newspaper in South Korea reported that Samsung Heavy Industries was said to have signed a $5bn offshore project. The paper cited an official from Daewoo Shipbuilding & Marine Engineering as saying, “Samsung Heavy Industries recent...
2009-06-05 12:10:17
Odense delivers Epic Shipping ro-ro [Shipbuilding]
Odense Steel Shipyard has delivered the first of six ro-ros for the British investment company Epic Shipping of London. The ship, hull no 217, sails under the name of the Maas Viking for a long-term timecharter to the A.P. Møller-Mærsk-owned No...
2009-06-05 11:14:15
Greek stops newbuilding orders for 8 months [Shipping]
Despite the recent upturn of the dry bulk market, which was disrupted yesterday after 23 consecutive rising sessions, Hellenic shipping companies have kept their stance formed from the past October. With the month of May having passed, no newbuilding...
2009-06-05 11:05:03
China cut shipbuilding steel output 42% [Equipment]
According to CISA statistics, China shipbuilding steel production fell to 2,809,600 tonnes in Q1 down by 42.4%YoY or 2,070,000 tonnes from last Q1 especially in March the outputs posted at 957,500 tonnes about 746,000 tonnes fewer than last March. CI...
2009-06-05 07:52:39
Green Recycling Initiative welcomes new investors [General]
George Economou and broker Banchero and Costa have joined the ranks of investors in a $300m green ship demolition fund. The Green Recycling Initiative (GRI) did not say how much the Greek shipowner and the Italian broking house contributed to the ...
2009-06-05 07:49:53
Dry-cargo ship S&P soars [General]
The ammount of money changing hands in the dry-cargo sale and purchase market reached an eight month high in May with China leading the charge. A total of $1.41bn was spent on 98 dry-cargo ships last month, the highest since the market crash in Se...
2009-06-05 07:44:49
Scorpion sells a newbuilding rig [Offshore]
Scorpion Offshore is to sell a newbuilding rig in order to repay a $52m loan it has just secured from two major shareholders. The Norwegian owner claims it is already “talking to several interested parties” about the purchase of the jack-up ri...
2009-06-05 07:42:04
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