Daehan to finalize workout plan [Finance]
Daehan Shipbuilding of South Korea has decided to accept its creditor group’s workout plan which requests reduction of capital and conversion of investment. Accordingly, the shipbuilder will be granted new fund of KRW 170bn ($134m), which would ...
2009-05-15 06:21:21
Recovery takes 3 to 4 years [Shipbuilding]
It would take three to four years for commercial ship newbuilding orders to pick up again, according to a securities house’s forecast. Daishin Securities said newbuilding recovery would need two additional years even after the global economic do...
2009-05-15 06:16:37
Posco cuts steel prices [Equipment]
South Korea’s Posco cuts domestic steel prices across the board. At present, global steel prices are mostly on the decline and raw material prices are also expected to fall drastically compared to last year. Posco on May 14th announced that i...
2009-05-14 16:43:38
Sungdong joins Venezuela yard renewal [Shipbuilding]
Sungdong Shipbuilding & Marine Engineering of South Korea participates in Venezuela’s shipyard reconstruction and expansion project. Recently, AHO Group, a South Korean shipbuilding consulting firm has signed a contract to rebuild and expand Ast...
2009-05-14 14:33:01
IHI ups overseas purchases of shipbuilding equipment [Equipment]
IHI Corp., Japan’s second-largest heavy-machinery maker, plans to increase imports of shipbuilding components to counter a stronger yen. The company’s IHI Marine United Inc. unit, which purchases “most” of its components from Japanese supplie...
2009-05-14 13:35:43
Gigantism in shipbuilding [Shipbuilding]
Concerns may be rife over the implications for shipping of the size and speed of oceangoing cargo and passengerships, but ships have, of course, grown steadily since the late 19th century alongside advancements in steel, engine and design technology....
2009-05-14 12:01:21
Lisnave outperforming management goals [General]
Despite the bleak shipping markets, Lisnave continues to perform well — as regular customers keep on returning their vessels to the Setúbal facility for repairs. Lisnave, one of Europe’s largest shiprepair facilities, saw a slight d...
2009-05-14 11:47:48
Wartsila 100% owns Wartsila Navim Diesel [Equipment]
Wärtsilä has acquired the remaining 60 per cent of the shares in Wärtsilä Navim Diesel of Italy, thus increasing its ownership of the company to 100 per cent. Wärtsilä Navim Diesel, which specialises in marine sales ...
2009-05-14 10:53:14
Davie Yards financial restructuring done [Finance]
Canada’s Davie Yards has almost completed its financial restructuring by selling the remainder of its $20m share issue. The Quebec offshore vessel builder said it sold 80.56m shares at CAD 10 ($0.08) each to its customer Cecon of Norway. This...
2009-05-14 10:48:44
Hitachi Zosen into the black [Finance]
Japanese shipbuilder Hitachi Zosen broke into the black for the year after posting a strong final quarter. The yard group has set itself on a much stronger bottom line for the current financial year although revenues are set to stagnate. The first...
2009-05-14 07:49:40
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