Turkish wins LPG ship quartet [Shipbuilding]
Turkish shipyard Besiktas Gemi Insaa Sanayi has sealed a EUR 60m ($79m) deal for four LPG ships. The contract with Italy’s Gas and Heat will see the 3,360-cbm vessels delivered from early 2010, local media reported. The ships will be built at th...
2009-03-31 07:46:43
Legal action against cancelled order [General]
Petroleum Geo-Services has been hit with a surprise law suit after cancelling a newbuilding at a Spanish shipyard last week. Factorias Vulcano has launched the action against the Oslo-listed shipowner despite its failure to meet the delivery timet...
2009-03-31 07:42:47
Keppel secures new orders [General]
Two Keppel companies have secured three contracts totalling about S$300m ($197.4m). Keppel Shipyard has won a deal from Single Buoy Moorings for the modification of the 1974-built, 273,193 dwt floating production storage and offshore vessel Capix...
2009-03-31 07:39:42
Suezmax rates sink to 10-year low [Shipping]
Suezmax charter rates in West Africa slumped to a 10-year low of W60 last week, as a dearth of cargoes limited activity. Brokers believe that rates have not hit their bottom level yet, and expect to see a further decline in earnings this week. “...
2009-03-31 07:36:53
VLCC rates fall to new lows [Shipping]
Rates to hire very large crude carriers shipping cargoes to the Western hemisphere dropped to new lows last week, as inquiries dried up and demand plummeted. On Friday, Geneva-based broker Riverlake Shipping put its VLCC route rate from the Middle...
2009-03-31 07:34:32
Orders down 85% at Hyundai [Shipbuilding]
Hyundai Heavy Industries, the world’s largest shipbuilder, said orders in the first two months of this year fell 85 percent as a global economic recession cut the need for new vessels. Contracts, including those for marine engines and offshore ...
2009-03-31 07:30:48
Dry bulk market still losing [Shipping]
The dry bulk market seems to have lost its momentum during March, as evidenced by the fall from the highs of almost 2,300 points (the best level from the fall of 2008), to just 1,687 points last Friday. During the previous week, the Baltic Dry Index ...
2009-03-31 07:28:35
Dry dock, Qatar to open in 2010 [General]
The Deputy Premier and Minister of Energy and Industry, H E Abdullah bin Hamad Al Attiyah yesterday said the dry dock under construction in Ras Laffan was on track for start up in 2010. Construction there is on time. We are proud to see that we ar...
2009-03-31 07:26:00
Guangzhou shipyard merger called off [General]
China's Guangzhou Shipyard International Co said on Friday it will call off a proposed $445 million acquisition of a shipyard from its state-owned parent as its shares have slumped in the global financial crisis. The company's board also approved dro...
2009-03-31 07:22:18
Chinese iron ore prices back to 2007 levels [Equipment]
Iron ore miners have struck deals with Chinese steel mills to temporarily sell shipments at 40% discount to last year's term rates, aiming to secure volume even as the miners' biggest customer continues to demand a slash in prices. The arrangement le...
2009-03-31 07:19:37
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