Japanese banks' ship financing at standstill [Finance]
Ship financing by Japanese banks is virtually at a standstill at the moment, with fresh deals limited to those with a handful of compatriot shipowners. Before the Lehman Brothers shock, they had been selective in making loans to owners for reason...
2009-03-09 07:39:29
GEM takes delivery of the first in series [Shipbuilding]
Product tanker operator Gulf Energy Maritime (GEM) has taken delivery of the first out of six new vessels scheduled for delivery this year from South Korea's Hyundai Mipo Dockyard (HMD), one of the world’s largest shipbuilders. Named Gulf Muttrah, ...
2009-03-09 07:34:39
China’s steel output to continue to surpass rivals [Equipment]
Howe Robinson has forecast Chinese steel production to rise 5% in 2009. Chinese steel production grew by 2.9%, or 14m tonnes, last year, to reach a record 502m tonnes, the lowest growth rate since 2000. On this crucial sector for bulk trades Howe ...
2009-03-09 07:30:37
Fugro cuts fleet in face of lower demand [Offshore]
Dutch shipping firm Fugro could reduce its fleet by up to 10 ships this year by not renewing vessel charters and retiring some of its older owned units. Fugro anticipates lower demand for offshore oil and gas services this year and better availabi...
2009-03-09 07:26:27
ExxonMobil spends $30bn a year until 2013 [Offshore]
ExxonMobil intends to spend $25bn-$30bn per year for the next five years to meet its long term oil production growth ambitions. The world’s largest oil company will focus its spending plans on developing new offshore oil and gas fields using nu...
2009-03-09 07:23:34
Listed shipping firms should name charterers [Shipping]
Public shipping companies face calls to disclose more information about the charterers of their vessels after the freight market collapse saw bankruptcies and contract defaults dramatically cut revenues and raise risk. Exchange regulations and intern...
2009-03-09 07:18:34
Nanjing Tanker has 16 VLCCs on order [Shipping]
China's Nanjing Tanker Corporation (NJTC) has many more VLCCs on order than previously reported. State-owned NJTC has 16 VLCCs on order at present, all from Chinese yards, with no cancellation plans despite ongoing economic turmoil, a company source ...
2009-03-09 07:14:46
Dry bulk slump to 2011: CICC [Shipping]
A recent Chinese investment bank report paints a grim outlook for dry bulk shipping, suggesting the downturn will last three years through end 2011. China International Capital Corporation (CICC) has cut its year-on year-growth forecast for 2009 g...
2009-03-09 07:06:56
Price war: Euro-Asia [Shipbuilding]
Shipyards in Germany -- Europe's largest shipbuilder -- expect a price war with Asian rivals to break out this year amidst a drop in orders that has pushed four companies into insolvency, a top official said. Werner Lundt, managing director of the...
2009-03-09 07:02:34
2nd Restructuring: S Korea [Shipbuilding]
In South Korea, a set of appraisal standards for the second round restructuring of construction and shipbuilding industries will be announced on March 9th. According to banking industry, main creditor banks of construction and shipbuilding firms a...
2009-03-09 06:25:02
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