Bailout round two: South Korea [Finance]
South Korea will plough an extra $150m into supporting its embattled shipbuilders and construction firms, its financial regulator says. An additional 20 companies were given the green light to undergo a corporate workout aimed at helping them thro...
2009-03-31 07:16:14
Cido sells two newbuildings [Finance]
Taiwan’s Wan Hai Lines has confirmed it has finally bought two 1,800-teu newbuildings from Korea’s Cido Shipping. The company said in a stock exchange announcement that the boxships would cost $20m each. The deal represents a 40% discount on t...
2009-03-31 07:13:28
Germany stops shipyards rescue [Finance]
The German government will not step in and buy stakes in shipyards to save them from bankruptcy, according to the country’s maritime coordinator Dagmar Wöhrl. “We are going to support the maritime industry but we are not going to become ...
2009-03-31 07:08:49
Half to be cancelled [Finance]
Almost half the world’s current containership orderbook runs the risk of never being turned into delivered ships because of funding problems. Gerry Wang, chief executive of Vancouver-based and New York-listed containership owner Seaspan, said th...
2009-03-31 07:05:18
Posco, “No drop in steel prices” [Equipment]
South Korea’s top steelmaker Posco decided to maintain its current price levels for steel products despite the fall in raw material prices. The price of Posco’s shipbuilding steel plate is now KRW 920,000 ($658.55) per ton. It had raised the p...
2009-03-31 06:35:00
2nd round, ‘Below expectations’ [Shipbuilding]
Woori Investment & Securities in Seoul, South Korea said on March 30th that the result of second restructuring of shipbuilding industry is well below the market expectations and, accordingly, further reshuffling is inevitable. Creditor banks announce...
2009-03-31 06:29:58
Hanjin launches first Korea-built DSV [Offshore]
Hanjin Heavy Industries & Construction (HHIC) of South Korea said on March 27th that it has successfully launched a diving support vessel (DSV) which was built for the first time in the country. The DSV floated this time in HHIC’s Yound-do shipy...
2009-03-30 15:06:03
Daehan faces reduction of capital [Finance]
Due diligence (actual inspection) on Daehan Shipbuilding, the troubled South Korean shipyard undergoing debt rescheduling program, has been finished and the survey report was submitted to the shipbuilder’s creditors group last week. This week Korea...
2009-03-30 11:23:21
COSCO Shipyard develops two tanker models [Shipbuilding]
China's COSCO Shipyard Group has developed a 113,000-dwt Aframax tanker model and a 74,000-dwt chemical/product tanker model. According to information reaching from abroad, the company has developed the two models in cooperation with South Korean des...
2009-03-30 07:15:33
39 bulkers scrapped in February [General]
Bulkers scrapped in February numbered 39 totaling 1.46 million dwt, staying at high levels as in January, according to a tally by British shipbroker Clarkson PLC. Breakdown of the scrapped bulkers by type are: one Capesize of 190,000 dwt, four Pa...
2009-03-30 07:12:51
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