Hamburg agrees HSH 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 s...
2009-02-25 07:37:30
SembCorp Marine’s orderbook rises 30% [Shipbuilding]
Singapore ship and rig builder Semb-Corp Marine’s orderbook jumped by a third to S$9bn ($5.9bn) in 2008 despite increasing global economic turmoil. New rigbuilding orders helped Semb-Corp Marine secure S$5.7bn of new contracts last year, ensurin...
2009-02-25 07:34:13
Aker Phil begins construction on its tenth tanker [Shipbuilding]
Aker Philadelphia Shipyard, a leading U.S. commercial shipyard, cut steel on Hull 014, the tenth product tanker in the series of twelve to be built for American Shipping Company. Production of this vessel begins a few days after the successful delive...
2009-02-25 07:29:47
China stimulus to benefit larger yards [Shipbuilding]
China’s shipyard stimulus package, approved by the State Council two weeks ago, could have only limited immediate effect in helping the country’s shipbuilders while harming prospects for smaller shipyards. Outlining the impact of the new policy, ...
2009-02-25 07:23:53
Cancellation attempt thwarted by weak won [Shipbuilding]
Shipowners’ efforts to secure the cancellation of billions of dollars of newbuilding contracts placed with South Korean shipbuilders are being hampered by the weakness of the won, which is threatening to result in huge currency losses for the yards...
2009-02-25 07:16:11
Newbuilding Price Falling [Shipbuilding]
The Clarkson Newbuilding Price Index as of February 20th recorded the lowest level of 160 points since March 2005, down 17 points (9.6%) from 177 points at the end of last year. The latest figure is down as much as 30 points (15.8%) from the peak ...
2009-02-25 06:19:33
Newbuilding Market Panic [Shipbuilding]
Shipbuilding ordering activity in effect ceased and jitters are growing in the newbuilding market. Shipbuilding market has been almost paralyzed since the financial crisis occurred in October. Orders for offshore units and special vessels have been ...
2009-02-24 17:33:49
Newport News shipyard may receive $50m for training [General]
Virginia, US state, may give Northrop Grumman Newport News shipyard up to $50 million in training grants over 10 years under a bill that cleared the General Assembly on Monday. The Virginia Senate unanimously passed HB 2056, which would create an ...
2009-02-24 15:57:46
Korea scarcely offers hope of delays [Shipbuilding]
Executives from Israel’s Zim Integrated Services join their container line colleagues who are visiting South Korean shipyards this week, as they thrash out a delayed delivery schedule for its substantial fleet of newbuilding containerships of 10,00...
2009-02-24 13:34:18
Shipbreaking deals stay private amid boom [General]
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 taken...
2009-02-24 13:24:02
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