Mitsui reviewing investment plans [General]
Tamiyoshi Iwasaki, managing director/general manager of the Ship & Ocean Project HQ of Mitsui Engineering & Shipbuilding (MES), held a press briefing on Feb. 20, where he disclosed that the company is reviewing its equipment investment plan for fisca...
2009-02-25 10:09:26
New standard for ship prices [Shipping]
Hamburg shipbrokers want to establish a new standard for the determination of ship prices to prevent a downward spiral of containership prices caused by distressed sales. In a virtually illiquid market punctuated by just a handful of forced dispo...
2009-02-25 10:05:41
Payment delays hit Cosco [Finance]
Cosco Corp’s annual profits dropped 10% after it made a S$61m ($40m) provision following requests for shipbuilding payment delays by several shipowners. “In light of the adverse global economic climate, the group made provisions for impairment...
2009-02-25 10:02:21
Alang heads for record: Demolition deals [Equipment]
The shipbreaking industry continues to maintain a frenetic pace, with offers for demolition tonnage remaining steady and even firming, in spite of a large quantum of tonnage, particularly in the bulk sector, becoming available. Transparency has ta...
2009-02-25 09:59:50
Too early to speak about shipyard bids [General]
The Finance Minister yesterday said it is too early to say whether or not the bids for the shipyards meet the government's expectations. "We have not yet drawn up a preliminary shortlist of bidders and have not even started negotiating with the bi...
2009-02-25 09:54:28
Workers turn to prayer to save Polish shipyard 

 [Finance]
The shipyard is likely to face massive layoffs in the midst of the global economic crisis. Workers at Poland's Gdynia shipyard -- deep in debt and earmarked for privatisation -- are literally praying for divine intervention to save their jobs. ...
2009-02-25 09:50:30
No order cancellations: Yangzijiang [Shipbuilding]
China’s largest private shipbuilder, Yangzijiang Shipbuilding, says it has had no order cancellations and is planning acquisitions in the economic downturn. “We have not had any cancellation so far. However, since times are tough in lieu of the p...
2009-02-25 09:43:55
SOCAR expects STX’s steps on Caspian Shipbuilding [General]
State Oil Company of Azerbaijan Republic (SOCAR) did not re-consider its approach towards realization of the Memorandum on Ship-Building Factory signed in Baku on 19 May 2008 between SOCAR, Korea’s STX Shipbuilding and Azerbaijan Investment Company...
2009-02-25 08:05:52
FPSOcean files for bankruptcy [Offshore]
Norwegian FPSO start-up FPSOcean has filed for bankruptcy after funding dried up without any prospect of a contract for its one unit. “The company’s plan to restructure its capital base and attract new financing has failed,” it said in a sta...
2009-02-25 07:47:47
Sharjah yard delivers first F&G Super M2 jack-up [Offshore]
Maritime Industrial Services says that SeaWolf Oilfield Services of Nigeria has accepted delivery of the SeaWolf Oritsetimeyin (Hull 104), the first Friede & Goldman Super M2 design to be delivered and the first offshore jack-up drilling rig to be bu...
2009-02-25 07:43:12
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