Indian shipyards see tailwind in govt's subsidy [Shipbuilding]
With Indian government now ready to disburse Rs 5,000 crore (some $968m) towards outstanding subsidy, the fledging Indian shipbuilding industry is upbeat once again. The industry, going through a down cycle, is also looking forward to a fresh subsidy...
2009-03-06 11:27:39
No salary until recovery: Hyundai CEOs [Shipbuilding]
Hyundai Heavy Industries (HHI) said that its upper management will cut back on their accepted salaries, with the company's two ceos Min Keh-sik and Choi Kil-seon forfeiting their entire salaries to the company in return for the labor union's concessi...
2009-03-06 11:18:44
Pakistan aims to be a leading shipbuilding country [Shipbuilding]
Concerted efforts would ensure that Pakistan becomes a leading shipbuilding country in the region in line with its potential and ideal location. This was stated by the Federal Minister for Defence production, Abdul Qayyum Khan Jatoi here on Thursday....
2009-03-06 11:10:32
DSME and Xinyu Steel join hands [Equipment]
It is reported that Xinyu Steel inked cooperation agreement with South Korea's Daewoo Shipbuilding & Marine Engineering (DSME), the third largest shipbuilding enterprise in the world. So far, Xinyu Steel had become the long term supplier for HHI and ...
2009-03-06 07:50:51
New shipyard project in stalemate, India [General]
A delayed new INR 22bn ($424m) shipyard project proposed in Orissa, India, may need state intervention to solve a land dispute. The venture, known as Oceanic Shipyard Ltd (OSL) and established by Apeejay Surrendra Group and Bharati Shipyard, has s...
2009-03-06 07:44:30
Shipping fund to be set up to buy vessels [Shipping]
Amid fears of a bankruptcy chain reaction South Korea is looking to set up a shipping fund to buy vessels from distressed companies. It will aim to buy idle vessels in a scheme which intends to prevent struggling owners from selling ships at knock...
2009-03-06 07:39:38
Maersk’s Odense shipyard reports losses [Finance]
Danish owner AP Moller-Maersk’s domestic Odense Steel Shipyard (OSS) group ran up losses of $218m in 2008, the company revealed on Thursday. This compares to a profit of $450m in 2007. On an operating level, Maersk said: “Although there was...
2009-03-06 07:34:49
Working conditions at Subic yard criticized [General]
Workers at Hanjin’s Subic Bay shipyard in the Philippines are overworked, underpaid and unprotected, a local authority investigation has claimed. There have been 19 deaths and injuries to another 369 workers at the site since construction work b...
2009-03-06 07:30:27
Sasaki to accept contractual change [Shipbuilding]
Sasaki Shipbuilding has expressed an intention to accept a request from Eitzen Gas, a subsidiary of Norwegian operator Camillo Eitzen & Co. (CECO), for altering terms of a contract for building large-type LPG carriers instead of six 2,500-cu.m semi-r...
2009-03-06 07:24:41
South Korea aims to restructure shipping [Shipping]
South Korea's financial watchdog plans to focus on restructuring ailing shippers so as to prevent their default risks from further deteriorating the economic condition, Xinhua writes. "The watchdog plans to urge creditor banks to wrap up their credit...
2009-03-06 07:19:59
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