STX Europe searching for new funds [Finance]
STX Europe is seeking fresh finance in the face of a significant slump in newbuilding orders and as it reports pre-tax losses. The company, which has been part of the STX group since January this year, said it has to replace existing credit facil...
2009-05-07 06:46:17
Shipbuilding Theme Park open [General]
On May 9th, a ceremony will be held for the completion of ‘Geoje Shipbuilding Theme Park’ in Geoje City, South Korea’s world class shipbuilding city. Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering are located in Geoje ...
2009-05-07 06:17:30
Seoul injects ship fund [Finance]
South Korea is planning to inject restructuring fund of some KRW 1trn ($785m) to buy ships owned by shipping companies. At a press conference on May 6th concerning restructuring of shipping industry, Financial Services Commission chairman Jin Dong...
2009-05-07 06:14:26
"The Role of Engineers" [General]
Hyundai Heavy Industries vice chairman Min Keh-sik (pictured), representative technology CEO in South Korean shipbuilding industry, gives a special lecture at Pohang University of Science and Technology (POSTECH) on May 7th. The subject of the lec...
2009-05-06 16:32:28
Bharati Shipyard looking for defense orders [General]
Bharati Shipyard Ltd. is looking for more orders from India's defense sector to maintain its revenue growth, the privately operated ship builder's managing director said. "At the moment we have defense orders for small patrol vessels worth about 3 bi...
2009-05-06 13:37:12
Rolls-Royce servicing and offshore revenues grow [Finance]
Rolls-Royce will see an increasing share of revenues from its marine business come from vessel maintenance services and the offshore sector, the president of the operation said. John Paterson said revenues from the marine sector topped ₤2.2bn (...
2009-05-06 13:32:53
Chinese demand drives up rates [Shipping]
Capesize and Pacific panamax rates are set to climb further in the next few weeks as China’s infrastructure engine continues to speed up. Brokers said the capesize sector would gain the most as China continued to ramp up its iron ore imports, wh...
2009-05-06 11:52:55
Abu Dhabi Shipbuilding profit plummets 62% [Finance]
The Abu Dhabi Shipbuilding (ADSB) said its net profit tumbled by nearly 62 per cent in the first quarter of 2009 after netting record earnings through 2008 because of a surge in business. ADSB, one of the largest shipyards in the region, said net pro...
2009-05-06 11:47:16
China offers ray of hope for tanker sector [Shipping]
After weeks of pessimistic views on the future prospects of the tanker market, fuelled by actual facts, like the oversupply of vessels and lower oil demand and production, finally some signs of positiveness have remerged. As expected, these come from...
2009-05-06 11:40:46
Fincantieri labor-management dispute endangers new orders [General]
Management-labor strife at Fincantieri could have commercial repercussions for the relationship between the shipbuilder and Carnival, its principle client. Commenting on the cancellation of last Thursday’s official delivery ceremony for its new...
2009-05-06 11:34:54
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