One in five panamaxes will be cancelled [Shipbuilding]
At least 19% of the total 511 panamax bulk carriers on order will be cancelled in the next four years. A new report from German bank DVB Group has forecast that by 2011 there will be 500 surplus panamaxes (60,000 dwt-83,000 dwt) in the market, as ...
2009-03-26 06:58:28
Coming Soon: Orders [Shipbuilding]
While shipbuilders of South Korea, the world’s biggest shipbuilding nation, have received almost no orders during the past six months, newbuilding ordering activity is forecast to recover in April, if early. On March 24th, Goodmorning Shinhan Secur...
2009-03-26 06:25:58
Shipbuilders sending SOS [Finance]
South Korean shipbuilders which are experiencing severe financial difficulties due to newbuilding order drought are requesting help from government. Liquidity position of the shipbuilding firms abruptly deteriorated due to newbuilding order cessat...
2009-03-26 06:15:44
Uncertainties grow on shipbuilding recovery [Shipbuilding]
Newbuilding order drought could continue until the third quarter, according to a prospect. Hanwha Securities in Seoul said economic downturn in Europe where many leading shipowners are based is having negative effect on newbuilding order activity....
2009-03-25 15:35:41
20,000 workers strike in Alang, India [General]
Nearly 20,000 workers have gone on an indefinite strike in Alang, India’s premier shipbreaking centre, to protest the reduction in their wages. The global economic slump and downturn in the shipping industry has flooded Alang with ships with over 1...
2009-03-25 14:38:32
NMRI to release upgraded CFD software [Equipment]
Japan’s National Maritime Research Institute (NMRI) on March 24 releases the upgraded version of the Computational Fluid Dynamics (CFD) program for use in designing ship hulls. The program has been upgraded for the purpose of automating its functio...
2009-03-25 14:33:04
STX joins Russia's new shipyard project [Shipbuilding]
South Korea's STX Group will participate in the construction of a large-scale shipyard for a Russian corporation, according to overseas media reports. It is believed that STX aims at taking in newbuilding demand in Russia by providing its technolo...
2009-03-25 14:27:26
Hyundai, ‘Best Employer in Korea 2009’ [General]
South Korea’s Hyundai Heavy Industries (HHI), the world’s number one shipbuilder, has been selected as one of the ‘Best Employers in Korea 2009’ by Hewitt Associates of the US. According to HHI on March 25th, the US personnel management co...
2009-03-25 12:05:22
Western Shipyard wins ferry order [Shipbuilding]
Lithuania’s Western Shipyard has won an order for a gas-powered ferry from Norway's Fosen Namsos Sjo. The vessel was developed by Fiskerstrand BLRT, which is 50% owned by Western. The order is the Norwegian company’s first at the yard, but ...
2009-03-25 07:49:43
Tanker market collapses [Shipping]
Tanker owners may have been putting on a brave face recently, but the reality of the global economic crisis appears to have finally caught up with them. Spot charter rates plummeted last week to levels not seen this decade as a result of a slump in o...
2009-03-25 07:44:06
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