Vinashin lays keel for F56 bulker [Shipbuilding]
Vietnam Shipbuilding Industry Corp. (Vinashin) began constructing the Future-56-type bulker (F56) in mid-April with the drawing provided by IHI Marine United Inc. (IHIMU) of Japan. The keel was laid for the first F56 bulker at Vinashin's Nam Trie...
2009-04-27 07:32:15
Gov’t seeks to solve shipping crisis [Shipping]
The South Korean government held the president-sponsored emergency economic measure conference on April 23 and worked out a plan to reinforce the shipping industry's competitiveness to help the industry overcome the current crisis. It followed th...
2009-04-27 07:30:18
COSCO given $15bn credit line [Finance]
As part of Beijing's dramatic stimulus plan the world's richest bank ICBC has given COSCO a $15bn credit line, delegates attending the 2nd Asia Maritime Law Conference in Singapore were told. China COSCO Holdings reported full year earnings down 40% ...
2009-04-27 07:27:14
Sea Asia 2009 proves successful [General]
Sea Asia 2009 ended on a high note last week as organisers Seatrade and the Singapore Maritime Foundation confirmed that more than 10,000 people attended the three-day event at Suntec Singapore. SMF chairman, Mr SS Teo said: “Sea Asia 2009 has ...
2009-04-27 07:24:27
Keppel takes a hit from orders drought [Offshore]
The world’s largest rigbuilder, Keppel, recorded a 9% increase in first quarter profits, but has not clinched a major rig in over six months. Against an uncertain outlook for the remainder of 2009, Keppel reported a first quarter net profit of S...
2009-04-27 07:12:07
Cecon needs more funds for newbuildings [Finance]
Norwegian shipowner Cecon still needs to raise $80m of finance despite gaining a $200m loan from Export Development Canada to complete a newbuilding campaign in Quebec. Cecon needs finance to pay for three subsea construction vessels being built ...
2009-04-27 07:08:50
Wartsila fears €1bn order cancellations [Equipment]
Finnish marine engine maker Wärtsilä has reported €51m ($68bn) in engine cancellations from its ship power division during the first quarter 2009, and said a further €1bn of orders could be axed. The Helsinki-listed company reported...
2009-04-27 07:04:14
MR tankers see prices rise from 10-year lows [Shipping]
Gasoline and gasoil cargoes to Africa and the US boosted fixtures for medium range tankers in the Atlantic market this week, which saw charter rates rise from their 10-year lows. But rates for long range one tankers taking naphtha from the Middle ...
2009-04-27 07:01:22
Engine makers may lose €2bn of orders [Equipment]
European engine makers believe over €2bn ($2.7bn) of their orderbook could be at risk as owners continue to walk away from contracts. Both MAN Diesel and Helsinki based Wärtsilä have stated that up to €1bn, about 15% of their respec...
2009-04-27 06:57:28
Ship construction financing mounts [Finance]
South Korean shipbuilders, suffering from liquidity squeeze due to new order drought, are obtaining loans to finance ship construction. According to banking industry, STX Offshore & Shipbuilding has received construction financing of KRW 120bn ($8...
2009-04-27 06:27:25
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