Japan’s Sanoyas to make losses [Finance]
Japanese shipbuilder Sanoyas Hishino Meisho now expects to make a loss in the fiscal year just gone. It has forecast a loss of JPY620m ($6.45m) for the year ended 31 March 2009 against earlier forecasts of a JPY550m profit. The Tokyo-listed firm i...
2009-04-29 07:55:45
Reliance plans to order capes [General]
India's Reliance Power Ltd. is laying a scheme to acquire capesize bulker newbuildings at low prices. According to overseas media reports, Reliance is currently advancing talks with shipyards in South Korea and China concerning the assumption of ...
2009-04-29 07:50:06
Rescue shipbuilders [Shipbuilding]
South Korea has been quick to address the problems facing its maritime industries. Shipbuilding came under the authorities’ microscope first, understandably given the industry’s importance to the nation’s economy. The country's Financial Sup...
2009-04-29 07:40:24
MHI into emergency as profits crash [Finance]
Japanese conglomerate Mitsubishi Heavy Industries said on Tuesday that its profits from shipbuilding plummeted 60% in 2008, as it announced the launching of an emergency plan to tackle the ongoing subdued market. MHI said sales within its shipbuildin...
2009-04-29 07:35:23
China shipyards face bleak period [Shipbuilding]
Investment analysts have painted a bleak picture for the short term outlook of China’s shipbuilding industry as China State Shipbuilding Corp reported profits down 36% of the first quarter. Shanghai-listed CSSC reported that net profits slid 36% to...
2009-04-29 07:30:03
Wadan to implement short-time working [General]
The crisis-ridden Wadan Yards in Wismar and Rostock-Warnemünde plan short-time working for their 2,500 employees. “We are on the verge of signing an inhouse agreement,” chief financial officer Stefan Säuberlich said. “But shor...
2009-04-29 07:22:20
Crisis cartels could help resolve overcapacity [General]
Shipping markets are likely to be plagued by a huge number of unwanted vessels for years to come unless owners and operators are permitted to take concerted action to remove the surplus. In usual circumstances, any coordinated efforts would be consid...
2009-04-29 07:17:05
Evergreen profits plummet [Finance]
Evergreen Marine Corp suffered a huge drop in profits last year as freight rates declined. The listed arm of the Taiwanese group posted net income for 2008 of NT639m ($19m) compared with NT10.4bn a year earlier. Revenue declined from NT27.8bn to ...
2009-04-29 07:12:07
Metrostar stalls delivery of suezmaxes [Shipping]
Metrostar Management has further mitigated its exposure to a hefty newbuilding orderbook after the cancellation last year of 10 handysize bulkers at troubled South Korean shipbuilder Jinse. In the new move, the Theodore Angelopoulos-controlled gr...
2009-04-29 07:09:14
Danaos delays 15 newbuildings [Shipbuilding]
Danaos Corp revealed on Tuesday that it has delayed 15 newbuildings, and the owner reported a decline in quarterly profits that its chief executive still called "highly satisfactory." The New York-listed containership owner forged a deal with China S...
2009-04-29 07:04:20
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