Brittany’s bid to acquire SeaFrance [General]
French owner Brittany Ferries has offered EUR 62m ($80.53m) to take over struggling cross-Channel compatriot SeaFrance. The offer will involve the loss of 400 jobs, French media report, rather than the 650 job losses (40% of the workforce) envisio...
2009-03-18 13:54:00
Hanjin continues new shipyard project to Mindanao [Shipbuilding]
Philippines Cabinet members are confident that South Korea's Hanjin Heavy Industries and Construction would continue a $2 billion shipyard project here. The Korean firm started site development last year but pulled out in April after a misundersta...
2009-03-18 13:50:09
India mulling Rs100bn package: Shipping firms [Shipping]
The global recession has spurred India’s Government to consider a Rs 100bn ($1.957bn) package to help local shipping firms finance new vessel acquisitions, Mint reports, quoting APVN Sarma, secretary to the ministry of shipping. The package comes i...
2009-03-18 13:40:29
Queue up to tap bond market [Finance]
South Korean shipyards and other major firms with high credit ratings are rushing to sell debt as a deeper-than-expected economic slump dries up their cash holdings, market watchers said Wednesday. Hyundai Heavy Industries and two other South Korean ...
2009-03-18 13:35:55
SNC Shipbuilding falls apart [Finance]
SNC Shipbuilding which has been building a shipyard in Gwang-yang City, South Jeolla Province, South Korea is said to have dishonored a bill. Busan Bank which traded with SNC revealed that the shipbuilding firm has failed to pay a KRW 390m (around...
2009-03-18 12:10:36
Tanker demand to remain flat [Shipping]
Demand for tankers is unlikely to see any increase in 2009 despite apparently firming demand during the fourth quarter of 2008, according to marine transport advisors, McQuilling Services. According to the analyst, the forecast is based on two mai...
2009-03-18 10:00:04
Bharati Shipyard sees some delays, no defaults [Shipbuilding]
Despite the slowdown, India’s Bharati Shipyard has not cancelled or postponed any of its greenfield expansion projects The second largest private sector shipbuilding firm in the country, Bharati Shipyard Ltd, is witnessing some slowdown and dela...
2009-03-18 08:07:28
Boxship lay-up slows [Shipping]
The flood of containerships pouring into lay-up is beginning to slow, new figures show. Seasonal changes in the market meant only 31 box vessels were tied up over the past two weeks, down from 61 during the previous fortnight. In its latest report...
2009-03-18 07:51:00
Romanian shipyard SNO to suffer losses [Finance]
Romanian shipyard Santierul Naval Orsova (SNO) is expecting profit to drop 45% this year. The shipbuilder is forecasting net earnings of RON 8.4m ($2.53m) to 31 December, down from RON 15.4m last year. Revenue will drop to RON 119m, against RON...
2009-03-18 07:45:47
Building permits given to 39 ships in Feb: Japan [Shipbuilding]
Japanese shipyards were granted permits for the construction of 39 ships, aggregating 1.46 million grt, in February 2009, according to statistics compiled by the Maritime Bureau of the Ministry of Land, Infrastructure, Transport & Tourism (MLIT). Up ...
2009-03-18 07:40:28
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