Fire causes Prosafe FPSO conversion delay [Offshore]
A fire on the floating production storage and offloading conversion Ningaloo Vision at the weekend was caused when the owner, Prosafe Production, was installing equipment, Keppel Shipyard has said. The electrical fire started in the instrument an...
2009-04-15 07:24:03
Kanasashi to seek court protection [Finance]
Japanese shipbuilder Kanasashi has failed in its two-week hunt for financing. The company has now filed a petition for court protection from creditors at the Shizuoka District Court, according to a Japanese press report. It was reported earlier t...
2009-04-15 07:21:14
Bangladesh shipbreakers may go on [General]
Bangladeshi breakers’ yards are not expected to close as the result of last month’s High Court ruling, according to the trade’s main opponents. Despite ruling that all yards without environmental clearance must be shut down by Thursday, the...
2009-04-15 07:16:16
Capesize and panamax markets slow [Shipping]
Activity in the capesize and panamax markets came to a standstill at the end of last week, as Easter holiday celebrations in Europe kept trading levels low. “It’s very quiet — brokers have either taken the opportunity to go on holiday or...
2009-04-15 07:10:56
Shiprepair yard construction begins in Vietnam [General]
Construction on the US$250 million Nosco-Vinalines ship repair plant kicked off in Yen Hung District, northern Quang Ninh Province, Vietnam. Attending the ceremony was Deputy Prime Minister Hoang Trung Hai, who had requested the plant’s investor...
2009-04-15 07:05:59
Tanker still in doldrums [Shipping]
The tanker freight market has been following the way of dry bulk as freight rates are falling. The market begins to feel the bad combination of fewer cargoes, as OPEC cut its production and demand for oil is quite weak in the industrialized world...
2009-04-15 07:02:06
Banks to examine 37 shipowners: Korea [Shipping]
South Korea’s Financial Services Commission has recommended banks draw up restructuring measures for ailing shipping operators before the end of April. South Korea is home to 160 shipping companies, which have between them notched up debts total...
2009-04-15 06:58:21
Worst seems over: Ship financing [Finance]
LIG Investment & Securities in Seoul, South Korea said the global ship financing market seems to have passed the worst situation, although it is too early to discuss the recovery of the market. Kim Hyun, an analyst with LIG said, “Ship financing...
2009-04-15 06:22:31
Diversification spree [General]
South Korean shipbuilders are seeking business diversification in a bid to reduce reliance on shipbuilding amid newbuilding order drought. Big four, namely Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industrie...
2009-04-15 06:16:22
Hyundai buys Russian farm [General]
Hyundai Heavy Industries Co., the world's largest shipbuilder, said Tuesday that it bought 67.6 per cent of a Russian farm for US$6.5 million, to grow corn and soybeans as part of efforts to diversify revenue sources. The farm is located in Khoro...
2009-04-14 16:37:00
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