LNG prices to tumble [Offshore]
LNG prices have fallen to a-sixth of their value since their $25/MMBtu peak price in summer last year, and are likely to fall further. In a report titled 'Swimming in natural gas', Francisco Blanch, Merrill Lynch’s energy analyst, said the suppl...
2009-04-14 07:22:40
STX Enpaco back on track for IPO [Finance]
South Korean engine components maker STX Enpaco has resurrected plans for an initial public offering with a proposed listing next month that could generate up to Won29.9bn ($22.7m). The company, an offshoot of South Korea’s STX Corp, initially plan...
2009-04-14 07:18:23
GSI profit plummets [Finance]
Guangzhou Shipyard International is set to see net profit for the first quarter fall by around 50% to Yuan129m ($19m). In the same period last year it reported earnings of Yuan257.7m. The Hong Kong and Shanghai-listed shipbuilder blamed rising ...
2009-04-14 07:14:59
Blohm+Voss cuts Man-powers [Shipbuilding]
Hamburg-based Blohm+Voss shipyard plans to introduce reduced working hours from May for its newbuildings segment. A spokesman for the yard said that a double-digit number of the yard’s 780 employees could be affected by the decision. The ship...
2009-04-14 07:10:55
Rongsheng lays down Suezmax [Shipbuilding]
China’s Jiangsu Rongsheng Heavy Industries has laid down the keel of the third 156,000-dwt Suezmax tanker (of the series of 6 vessel) for Novoship OJSC. The vessels are being built within the framework of the company’s fleet renovation program...
2009-04-14 07:07:10
Outlook for FPSOs strong [Offshore]
IMA has just completed a detailed assessment of the floating production sector. The study examines the impact of the global economic downturn, assesses the underlying long term market drivers and forecasts production floater orders over the next five...
2009-04-14 07:01:20
Scrapped exceeding newly-built [General]
Amid severe economic slump, the number of ships being scrapped is outpacing that of newly-built ships. This may be a relieving factor for the worries of tonnage oversupply in shipping industry. According to statistics from Clarkson Research Servic...
2009-04-14 06:25:54
Awaiting spring [Offshore]
South Korean shipbuilders, which are having difficulties in receiving new contracts amid global newbuilding order drought, may breathe easy again in the second half as a couple of mega offshore projects are expected to start soon. First, Russia is...
2009-04-14 06:19:10
Red card: "All of sudden" [Finance]
Commenting on the Eitzen Group's announcement last week of the cancellation of 11 ships on order with Sasaki Shipbuilding Co., an official related to the Japanese yard told Local media in Kaiji press, "The Norwegian shipowner announced a press relea...
2009-04-13 15:55:41
Rich-get-richer & Poor-get-poorer [Shipbuilding]
Large shipbuilders in South Korea including the world’s largest shipbuilder Hyundai Heavy Industries seem to be benefiting from the restructuring of small and midsize shipyards such as weeding-out of nonviable yards, debt rescheduling program (debt...
2009-04-13 15:35:18
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