World class advisory panel for marine engineering conference [General]
‘The Annual Marine Propulsion Conference’ has established itself as the foremost yearly event dedicated to addressing the marine engineering operational challenges facing today's shipowners. The 2009 event attracted almost 200 registered dele...
2009-05-22 12:52:18
Dubai yard profit up [Offshore]
Progress on newbuilding jack-up rigs has pushed up quarterly revenues and profits at MIS. The Dubai shipyard and fabrication outfit reported a $10.4m in first-quarter net income Thursday, up from $3m in the same period of 2008. Revenue jumped b...
2009-05-22 07:52:32
US barge builder Trinity to cut jobs [General]
Trinity Marine Products is cutting 190 jobs after suffering a plunge in new barge demand. The US barge builder plans to cut both hourly and administrative employees on 17 July, the Associated Press reports Thursday. The job cuts will take place at...
2009-05-22 07:48:55
Dry cargo market to suffer 3 to 5 more years [Shipping]
A bulging newbuilding orderbook will keep the dry-cargo market depressed for the next three to five years, Drewry says. Order cancellations have not gone far enough, while suggestions a recent rally in the market is the beginning of a wide scale r...
2009-05-22 07:42:34
Hoegh Autoliners cancels two PCTCs [Shipping]
It seems that Hoegh Autoliners, the pure car/truck carrier (PCTC) operator under the wing of Leif Hoegh of Norway, has cancelled the construction of two 4,900-unit PCTCs which were ordered from a Chinese yard, according to overseas newspaper reports....
2009-05-22 07:37:29
Indian shipbreaking yards boom [General]
The number of ships demolished at Indian ship scrapping yards climbed to about 170 ships of approximately 1.45 million LDT (light displacement ton) from the start of this year until mid-May. The figure also incorporates vessels that are on standb...
2009-05-22 07:33:19
Posco mulling shipping purchase [Equipment]
Posco, South Korea’s largest steel mill, is in the market for a shipping company to help it secure stable supplies of raw materials, the company said yesterday. The company said it was eyeing a plan to buy medium-sized operator Daewoo Logistics...
2009-05-22 07:29:54
Eitzen order cancellations reduce losses [Finance]
Norway’s Camillo Eitzen Group has reported a first quarter net loss of $5.9m, an improvement on its last quarter loss of $495m and $12.9m in the same period a year ago. The Oslo-listed group is still, however, in discussions with lenders regardi...
2009-05-22 07:25:44
Shipping slump to last two more years [Shipping]
Friedman Billings Ramsey — a US investment bank specialising in the middle market — has initiated coverage of the shipping industry and is predicting two years’ worth of pain ahead, prior to a recovery in 2011. In his first research...
2009-05-22 07:21:58
HSH Nordbank receives $4bn injection [Finance]
The world’s largest shipping bank HSH Nordbank will receive a capital injection of €3bn ($4.1bn) from the states Schleswig-Holstein and Hamburg, an extraordinary general meeting decided on Wednesday. HSH Nordbank urgently needs fresh money by...
2009-05-22 07:17:33
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