No renegotiation of orders : Yangzijiang [General]
China’s largest privately owned shipbuilder Yangzijiang Shipbuilding says it has had no order cancellations or renegotiated contract prices. Despite many shipowners either cancelling their orders or renegotiating prices with Chinese shipbuilder...
2009-05-20 07:38:48
Sembcorp to oppose Petromena suit [General]
Sembcorp Marine says it will “vigorously resist” an application in the New York courts by Petromena to stop it selling the $454m semi-submersible rig PetroRig I over a breach of contract. The Singapore shipyard group axed the contract for the rig...
2009-05-20 07:34:06
Chinese seek to limit losses [Shipbuilding]
Chinese shipyards are charging penalties to international owners who wish to defer delivery of new ships and are filling the resulting spare capacity with cut-price domestic contracts. At this stage the clandestine strategy cannot be confirmed but...
2009-05-20 07:28:11
Drydocks confident of filling up slots [Shipbuilding]
Drydocks World is concentrating on chasing work for 2010 and 2011, confident in the knowledge that it will fill building slots from the end of 2009 and that companies are going ahead with the repair work to which they have made commitments, executive...
2009-05-20 07:25:11
Germanish face crisis [Shipbuilding]
German shipbuilders are facing difficult years due to cancellations and a lack of orders, the country’s shipbuilding association VSM warned yesterday at its annual meeting. “The majority of shipyards will not be fully utilised from mid-year o...
2009-05-20 07:16:50
Newbuilding resale prices plummet [Shipping]
The prices of resold newbuildings continue to crash. According to informed sources, a Capesize bulker due for completion in the second half of this year by a state-run Chinese yard appears to have been sold for $58 million behind closed doors. With t...
2009-05-20 07:12:07
Liquidity position anxiety [Finance]
STX Offshore & Shipbuilding of South Korea is said to be in shortage of cashable assets and in urgent need of improving liquidity position. Seoul-based Hanwha Securities said STX O&S’ cashable assets have shrunk to KRW 81.1bn ($65m) at the end o...
2009-05-20 06:44:00
Triple troubles at Daewoo [General]
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) is suffering from troubles from within and without. Amid global new orders drought the shipbuilder posted remarkably deteriorated results in the first quarter 2009. DSME’s Q1 rev...
2009-05-20 06:39:04
Bond issue rush [Finance]
South Korean major shipbuilders are getting increasingly dependent on outside borrowings since the start of this year. The country’s seven major shipbuilders have to date secured KRW 2.3trn ($1.84bn) through corporate bonds. STX Offshore & Shipb...
2009-05-19 11:59:29
‘Open dialogue’ for contracts adjustment [General]
Shipowners and shipyards in dispute over breaches in shipbuilding contracts should have an 'open dialogue', a Singapore-based lawyer has said. The global economic turmoil and collapse in freight rates have led to more defaults by shipowners who f...
2009-05-19 11:34:03
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