New valuation formula: Ship fire sales [Finance]
Hamburg shipbrokers are taking action to prevent a downward spiral of containership prices caused by distressed sales, with a new vessel valuation formula. In a virtually illiquid market punctuated by just a handful of forced disposals at rockbot...
2009-02-20 09:41:30
Philly delivers sixth product tanker [Shipbuilding]
Aker Philadelphia Shipyard delivered its sixth MT-46 Veteran product tanker to American Shipping Company today. The vessel will leave the yard under the operation of OSG America and will be used to transport petroleum products for Tesoro. It is t...
2009-02-20 09:37:53
Need for new, bigger [General]
India should look at building new shipyards to augment the blue-water capability of the navy, as the existing ones besides being smaller had little scope for expansion, Union minister of state for Defence(Production) said at the inauguration of the G...
2009-02-20 09:21:43
Mahindra forays into boat manufacturing [Shipbuilding]
The Mahindra Group has announced that its initial entry into boat manufacture. It will be establishing a presence in the high potential fiberglass power boat and catamaran manufacturing industry. Mr Zhooben Bhiwandiwala executive VP of Mahindra & Mah...
2009-02-20 07:59:14
China's steel output for shipbuilding tops 20m tons [Equipment]
China's annual shipbuilding steel production broke the 20 million-ton barrier. According to statistics released by the China Iron & Steel Association (CISA), Chinese steelmakers produced a total of 20,140,600 tons of steel in 2008, up 62% from 12,429...
2009-02-20 07:53:20
Austal wins order for patrol craft from Malta [Shipbuilding]
Austal has secured its first European defense contract with an order for four 21.2 m inshore patrol craft-plus training and spares support-for the Armed Forces of Malta (AFM). According to a stock exchange announcement the contract is worth € 9....
2009-02-20 07:43:04
Europe's annual LNG imports to double [General]
Europe could have up to 60 liquefied natural gas carriers calling at more than 30 terminals every week in winter months by 2020, said analysts at the International Petroleum Week in London. Europe’s 18 terminals have the capacity to receive LNG ...
2009-02-20 07:34:43
ThyssenKrupp's yards may scrap commercial sector [Shipbuilding]
Workers and the trade union IG Metall fear that up to 1,500 jobs could be in danger at ThyssenKrupp’s German shipyards should it decide to scrap merchant shipbuilding and concentrate on naval vessels. “On Monday, the management board of Thysse...
2009-02-20 07:29:11
Shipbreaking surge to continue two years [General]
The world’s largest cash buyer says more than 1,000 ships will be scrapped this year as record numbers of bulk carriers, containerships and car carriers flood breakers’ yards across the Indian subcontinent. “The next two years will probably...
2009-02-20 07:22:53
MAN Diesel faces 20% order cancellations [Equipment]
MAN Diesel, the engine making arm of Germany’s Man AG, could see up to 20% of its ship engine orderbook cancelled as it faces a difficult year. The news came as the parent group reported its annual figures for 2008, showing operating profits up 11%...
2009-02-20 07:17:20
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