NYK cuts fleet expansion plans [Shipping]
Nippon Yusen K.K., Japan’s largest shipping line, will slash fleet expansion plans by 10 percent as it scraps some ships and returns others to owners amid slumping demand for transporting cars and containers. Nippon Yusen will expand its fleet to a...
2009-04-16 07:55:50
Bergen wins $407m outfitting contracts [Offshore]
Boa Offshore of Norway has turned to compatriot Bergen Group for the outfitting of five newbuildings. The NOK 2.74bn ($407.20m) contract will see four VS 495s and one MT 6007 completed at Bergen Group Fosen. All five hulls for the platform supply ...
2009-04-16 07:51:08
S&M-sized yards post contrasting results [Finance]
The business results for fiscal 2008 of small- and medium-sized shipbuilders in South Korea were contrasting. In terms of operating profits, all yards enjoyed wide-margin increases. In the non-operating gain/loss segment, there were companies tha...
2009-04-16 07:46:42
Laid-up boxships shrink [Shipping]
Since containerships began being placed on hold at sea in September 2008, the total capacity of such vessels has dropped for the first time. According to findings by French maritime consultant AXS-Alphaliner, the number of ships put on standby at...
2009-04-16 07:42:38
Emerging yards post mixed results [Finance]
Of the 15 emerging South Korean shipyards that released their financial results for fiscal 2008 by April 13, eight companies suffered from deficits. Further, four yards posted reduced before-tax profits. Many of the shipbuilders chalked up operat...
2009-04-16 07:38:07
Offshore client of Jurong Shipyard bust up [Offshore]
Sembcorp Marine announced that an important client to its wholly-owned subsidiary Jurong Shipyard has gone bust. Singapore-based Petroprod, a member of Norway's Larsen group which specialises in mobile production and field development for small and m...
2009-04-16 07:31:33
Gazprom floats specialised LNG division [Offshore]
Russian gas giant Gazprom is establishing a specialised unit to manage its liquefied natural gas shipping requirements, which could involve a massive amount of tonnage. Gazprom said it had also decided to create a company that will serve as a sing...
2009-04-16 07:26:57
Poland and Bulgaria turn to Qatar for LNG [Offshore]
Two eastern European countries, Poland and Bulgaria, are seeking liquefied natural gas imports from Qatar as a way of cutting their dependence on pipeline supplies from Russia. Poland’s efforts are more advanced. The country’s gas monopoly PG...
2009-04-16 07:23:42
Petrobras visiting Korea [Offshore]
Executives of Brazilian state energy group Petroleo Brasileiro arrive in Seoul next Monday to unveil a multi-billion dollar offshore project before the country’s leading shipbuilders. South Korea has five shipyards capable of building the 30 dr...
2009-04-16 07:20:54
Tanker sector faces worse slump than expected [Shipping]
The tanker market is set to face a “much more prolonged downturn” than previously thought, according to New York investment bank Dahlman Rose. The outlook for tanker rates this year is worse than previously expected, after a larger-than-antici...
2009-04-16 07:15:40
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