Sungdong, the fastest to deliver cape after launch: Bonus aw... [Shipbuilding]
Sungdong Shipbuilding & Marine Engineering, South Korea’s stalwart shipbuilder of middle standing, on February 26th delivered a 170,000-dwt bulk carrier. The ship named SC LOTTA on the day had been ordered by Greece’s Phoenix Energy Navigation...
2009-02-26 12:36:44
STX affiliates announce wage-freeze in 2009 [General]
The affiliates of STX Corporation of South Korea are taking wage-freeze policy following one after another to weather the economic crisis. STX Enpaco’s labor union yesterday announced ‘Wage Freeze for 2009’, becoming the third company in the...
2009-02-26 11:39:15
NACE International provides new opportunities vital to shipb... [General]
NACE International, the corrosion society, has released its widely anticipated training course for oversight of marine vessel coatings, NACE Coating Inspector Program (CIP) Level 2, maritime emphasis. The course was created in response to the Interna...
2009-02-26 11:14:26
Over 30% of world's fleet will be scrapped [General]
Precious Shipping, Thailand's largest shipping company by market value, expects a third of the global merchant fleet to be scrapped within two years as trade collapses amid a global recession and tighter credit, Bloomberg reported. "The banking syste...
2009-02-26 11:02:54
Capesize reaches highest level since September 2008 [Shipping]
Spot charter fees on Capesize bulkers continue to rise, and Atlantic-Pacific cross-trade contracts have reached the $60,000/day-level. This is the first time since September 2008 that a contract in excess of $60,000 was fixed on the Capesize spot...
2009-02-26 08:45:42
Toyota stores unsold cars aboard ship [General]
Toyota is currently renting a ship in the Swedish port of Malmö to store 2,500 unsold autos. "It's an emergency measure that we had to take due to storage space issues," EUobserver reports Toyota press spokeswoman Anne Gaublomme as saying. "O...
2009-02-26 08:36:29
Hamburg agrees HSH Nordbank restructuring plan [Finance]
The German state governments of Hamburg and Schleswig-Holstein have agreed to the restructuring plan for HSH Nordbank, the world’ s largest shipping bank. Both states hold stakes in the bank, as well as the US-Investors JC Flowers and regional ...
2009-02-26 08:31:36
Won woe to hit shipowners’ efforts [Finance]
Shipyards cannot afford to accept cancellations or delays as they desperately need the dollars. Shipowners' efforts to secure the cancellation of billions of dollars of newbuilding contracts placed with South Korean shipbuilders are being hampered...
2009-02-26 08:23:45
Angang inks strategic cooperation with CSIC [Equipment]
It is reported that in order to be competitive on the supply-chain amid the financial turmoil as well as avoiding risks, one of the largest Chinese steelmakers Angang, based in Northeast China's Liaoning province, signed a long term strategic coopera...
2009-02-26 08:20:58
Aussie begins yard operations in Vietnam [Shipbuilding]
The Western Australian shipbuilder Strategic Marine on February 24 opened its modern shipyard in the southern coastal province of Ba Ria-Vung Tau following 18 months of construction. “I’m very happy to see our dream come true,” chairman Mark Ne...
2009-02-26 08:17:32
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