French shiprepairer UNM files for bankruptcy [General]
Leading French Mediterranean shiprepairer Union Naval Marseille filed for bankruptcy yesterday, claiming that “Mafia-style” union harassment had lost it the support of its Spanish parent, Boluda. The company, which had warned its works committ...
2009-03-06 07:16:24
Reckless boxship ordering slammed [Shipbuilding]
German investors who ordered a vast number of containerships without any consideration of market need have been roundly criticised by NOL president and chief executive Ron Widdows (pictured). Mr Widdows said investors had brought the whole industr...
2009-03-06 07:10:03
Smaller feel crisis pangs: China [Shipbuilding]
Despite the positive impact of a stimulus package announced by the government recently, China's shipbuilders, especially the mid- and small-scale players, would be deeply affected by the financial crisis, an industry insider told China Daily recently...
2009-03-06 07:02:05
Seaspan settles on delays of delivery [Shipbuilding]
New York-listed containership owner Seaspan Corp is among the first to negotiate successfully delays in newbuilding deliveries with South Korean shipyards for 2009 and 2010. As many as half of the 12 newbuildings Seaspan had scheduled for deliver...
2009-03-06 06:56:59
Smaller yards suffer cancellation threat: S Korea [Shipbuilding]
Restructuring of small- and medium-sized shipyards is facing possibility of running aground in South Korea. This is because foreign shipowners are canceling newbuilding orders at the shipyards which are undergoing work-out process, ‘saying’ th...
2009-03-06 06:18:17
Shipyard executives returning salary [Shipbuilding]
The staffs of many South Korean shipbuilders have recently declared following one after another that they will return their pays or part of them amid global economic crisis. Hyundai Heavy Industries (HHI) president Choi Kil-seon announced Thursday...
2009-03-05 15:05:14
Poland to auction shipyards [Shipbuilding]
Poland will begin the enforced auction next week of two shipyards that played a pivotal role in the collapse of communism in order to recoup $3 billion of illegal state subsidies. The Polish government will open tenders for the state-owned Szczeci...
2009-03-05 13:10:21
Nanjing Tanker invests $600m for fleet expansion [Shipping]
Nanjing Tanker Corp plans to spend Yuan4.1bn ($599m) to double its fleet capacity after posting a 61% increases in net profit last year. The Shanghai-listed tanker and specialist vessel operator wants to ship nearly 20% more cargo and achieve 15% ...
2009-03-05 12:08:41
Hanwha to sue KDB for deposit recovery [Finance]
Hanwha Group, South Korea’s conglomerate, decided to bring a suit for recovering guarantee money of KRW 315bn (some $204m) which it had paid to Korea Development Bank (KDB) for the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). Acc...
2009-03-05 11:40:25
Tankers valued at a discount [Shipping]
Although an accurate approach to current tanker values is a difficult task amid today’s challenging economic environment, some conclusions can be derived based on recent deals. According to US marine consultants Macquilling Services, recent deals f...
2009-03-05 10:57:23
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