Wartsila receives order for FSV design [Equipment]
Wärtsilä, ship power system integrator for the marine industry, has received a ship design order from the Norwegian shipping company Sartor Shipping AS. The order is for two Vik-Sandvik 465 FSV design vessels that will be built at the W...
2009-03-11 07:40:39
HCI ups shipowners’ stake in NB investments [Finance]
Hamburg-based KG ship financier HCI Capital is seeking a higher contribution from shipowners to finance newbuildings which cannot be placed with private investors. If a ship cannot be cancelled, delayed or successfully placed among investors, own...
2009-03-11 07:36:25
Engine makers expect 20% further cancellations [Equipment]
Both Wärtsilä, the Finnish engine maker, and MAN Diesel, based in Germany and Denmark, expect further cancellations on their engine orderbooks this year. MAN said it could see up to a fifth of its marine backlog wiped off its orderbook. ...
2009-03-11 07:31:59
Chinese yards join scrap ship buying spree [General]
Chinese breakers have secured a string of deals despite offering prices well below those of competitors on the Indian subcontinent. With many owners rushing to sell their vintage vessels against the context of weak markets, there is ample tonnage ...
2009-03-11 07:27:43
Hamworthy buys BWT firm [Equipment]
London-listed marine equipment supplier Hamworthy has acquired privately-owned Dutch ballast water treatment firm Greenship for an initial cash price of €2m ($2.5m). Hamworthy will pay a further €5m in cash when Greenship’s ballast water treatm...
2009-03-11 07:23:10
BNP Paribas downgrades Hanjin [Finance]
Analysts at investment bank BNP Paribas in Seoul have downgraded South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) due to its relatively short order backlog and a perceived unfavourable product mix. “Among the Korean shipbuil...
2009-03-11 07:20:09
Bank threatens to liquidate Nok Bong shipyard [Finance]
South Korea’s Nok Bong Shipbuilding has been threatened with liquidation by the bank managing its financial affairs. According to local news reports, Shinhan Bank has offered to liquidate the company to a Greek shipowner that successfully filed...
2009-03-11 07:15:50
STX Shipbuilding sees profits plunge [Finance]
South Korea’s STX Shipbuilding, the country’s fifth largest shipbuilder and owner of Europe’s Aker yards, announced disappointing 2008 financial results on March 10th. Net profit fell 80% last year to Won32.3bn ($21m) from Won160.8bn in 2007...
2009-03-11 07:11:06
Cido seeks to sell newbuildings at discount [Shipping]
CIDO Shipping is offering up to 40% discount to Taiwan’s Wan Hai Lines for two 1,800 teu containership newbuildings built by Taiwan’s CSBC Corporation. Wan Hai Lines said in a regulatory filing that it will decide whether to purchase the two boxs...
2009-03-11 07:07:58
Far East urged to revise strategies [Shipbuilding]
Action by South Korea and China to rationalise or revitalise their shipbuilding industries has not been sufficiently thought through, according to shipbuilding database WorldYards’ most recent market commentary. The consultant said the Chinese Ship...
2009-03-11 07:03:18
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