VLCC rates plunging to seven-year lows [Shipping]
Very large crude carrier rates have hit a seven-year low, as demand for tankers is depressed by oil production cuts from the Organisation of Petroleum Exporting Countries. Charter rates for double-hulled VLCCs taking Middle East crude to Asia wer...
2009-03-19 07:21:25
Maersk seeks further $1bn of cuts [Finance]
AP Moller-Maersk is aiming to cut costs by a further $1bn this year as the Danish shipping and energy group strives to secure its future. In a message to staff, group chief executive Nils Andersen (pictured) has set out the risk of failing to con...
2009-03-19 07:18:34
Court orders closure of Bangladesh scrapping yards [General]
The future of the Bangladeshi shipbreaking industry looks grim after the Bangladeshi High Court ordered the closure within two weeks of all breakers’ yards operating without environmental clearance. Industry sources said they were “staggered...
2009-03-19 07:14:33
Germans face cancellations of $1.2bn in 2009 [Shipbuilding]
German shipbuilders face order cancellations worth as much as 936 million euros ($1.2 billion) this year as the industry reels from overcapacity, the Economy Ministry said. Wharves in ports from Emden on Germany’s western border with the Nether...
2009-03-19 07:11:01
Maersk leaves empty-handed [Finance]
Executives from Denmark’s Maersk Tankers appear to have spent a wasted journey to South Korea after negotiations with STX Shipbuilding for new terms on very large crude carrier orders broke down. In a recent interview with Maersk Tankers’ chi...
2009-03-19 07:05:08
Restructuring not enough [Shipbuilding]
South Korean and Chinese efforts to restructure their respective shipbuilding sectors are backward looking and inadequate, according to Shipbuilders’ Association of Japan executive director Nobutaka Nambu. Mr Nambu said that he would be looking ...
2009-03-19 07:01:13
R&D surge amid cost squeeze [General]
Amid concern about liquidity squeeze, South Korea’s large shipbuilders are sharply increasing the investment in research and development activity this year. As new orders ground to a halt, cashable assets are decreasing and staffs and employees ...
2009-03-19 06:23:16
Angang ranks largest plate production base [Equipment]
It is reported that 90% of the shipbuilding plates used in China's present very large oil tanker are produced by Angang, which leading the mill to enter into the top one production base for shipbuilding plate. As reported, Angang signed strategic ...
2009-03-18 15:03:28
Clarkson divi up despite profit fall [Finance]
Clarkson has seen its full-year profit sliced 57% after settling a legal dispute with two Russian shipowners. It took a £21m ($29.69m) hit to resolve a high-profile clash with Sovcomflot and Novoship, dragging its bottom line down to £7.8...
2009-03-18 14:06:55
Scrapping industry clean-up [General]
Bangladesh is following in India’s footsteps in a bid to clean up its shipbreaking industry. The High Court has ordered the Department of Environment (DOE) to close breaking yards which lack environmental clearance, national media reports. Th...
2009-03-18 13:56:32
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