KDB sets up fund to help shipowners [Shipping]
State-owned Korea Development Bank has set up a fund of up to Won2trn ($1.6bn) to buy and lease back ships from distressed local owners. The fund intends to begin operations in June. KDB head of corporate value enhancement Steve Kwong said: “We...
2009-05-15 07:32:41
Wartsila axes up to 450 jobs globally [Equipment]
Wärtsilä, the Finnish engine maker, is planning to cut about a third of the workforce at its ship power business in an effort to save around €30m ($40.7m) a year. The firm said it aimed to reduce the number of jobs by 400-450, of whic...
2009-05-15 07:29:39
Japanese in deadlock over steel negotiations [Equipment]
Just 12 months after the last confrontation, Japan’s steel mills are again embroiled in acrimonious price negotiations with their domestic shipbuilding customers. According to local news reports, shipbuilders have rejected an offer by steel sup...
2009-05-15 07:27:06
Hyundai Corp rejects Hyundai Heavy bid [General]
Hyundai Heavy Industries, the world’s largest shipbuilder had its bid for trading and resourcing company Hyundai Corp rejected by shareholders. A source at Korea Exchange Bank, one of eleven major shareholders in Hyundai Corp, said the auction h...
2009-05-15 07:20:25
K Line delays 10% of 155 newbuilding orders [Shipping]
K Line has delayed the delivery of around 10% of its 155 newbuilding orders as it seeks to reduce supply in the container and car carrier businesses. K Line president and chief executive Hiroyuki Maekawa said at a conference in Tokyo that the com...
2009-05-15 07:12:04
Capesize rates to tumble due to newbuilding input [Shipping]
Surging capesize rates are set to drop sharply in the coming months, with London-based shipping advisory service MSI forecasting the spot market to average $16,700 per day by July. MSI said average rates would fall further by October, to $15,400 p...
2009-05-15 07:07:01
Floating LNG link-up [Offshore]
MISC, the leading Malaysian shipping company, is teaming up with national oil company Petronas and Houston-based Mustang Engineering in a floating liquefied natural gas joint venture. The venture will provide “floating LNG solutions and services wo...
2009-05-15 07:02:30
Prosafe negotiates with Petrobras over FPSO rates [Offshore]
Cyprus-based ship owner Prosafe Production is in negotiations with Brazilian state energy group Petrobras over the start of contract payments for an oil production ship off Brazil. Prosafe Production wants Petrobras to pay a daily rate for the Cidade...
2009-05-15 06:57:48
NCL back to profit with cost reduction [Finance]
Lower fuel and payroll costs enabled Norwegian Cruise Line (NCL) to return to the black in the first quarter. The US-based cruise operator, owned equally by Star Cruises and Apollo Management, reported a net profit of $5.2m for the three months, ...
2009-05-15 06:53:25
SFI delays five newbuildings [Shipbuilding]
Ship Finance International (SFI) has delayed the delivery and payment of five newbuilding containerships, as it reported a 33% fall in first quarter net income, to $50m. Operating revenues were also down by 20% on the same period last year, to $9...
2009-05-15 06:50:16
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