Wartsila-Mitsubishi renew agreement on low-speed engines [Equipment]
Wärtsilä and Mitsubishi Heavy Industries have signed a ten-year renewal of the existing co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine diesel engines. Mitsubishi is the longest-standi...
2009-02-13 07:47:42
Eagle Bulk pockets cash windfall [Finance]
Eagle Bulk Shipping bagged a $13.7m cash windfall this week but still saw its share price drop on Wednesday. The coffers are being swelled by the settlement of foreign exchange contracts relating to three newbuildings at a Japanese yard, the Nasdaq-q...
2009-02-13 07:42:05
Namura cuts profit forecast [Finance]
Japan’s Namura Shipbuilding has slashed its annual profit forecast amid slowing growth in the first nine months of its financial year. The company said net earnings in the three quarters to 31 December were JPY 2.37bn ($26.35m), compared to JPY ...
2009-02-13 07:35:55
SIF 2 sells its holding in STX Europe’s Braila shipyard [Finance]
Romania’s SIF 2 Moldova investment fund has sold its total holding of 7.02% in STX Europe’s Braila shipyard. SIF 2, one of Romania’s five geographically-defined funds, said the block went for RON 7.2m ($2.2m). Last September, the shipbuil...
2009-02-13 07:33:36
Wilh Wilhelmsen: No newbuilding cancellation [Shipbuilding]
Wilh Wilhelmsen will not cut back its bulging newbuilding orderbook despite warning global economic turmoil would hurt its finances in the coming year, its CEO says. WW has the option to return over 30 chartered vessels in 2009 making cuts to its new...
2009-02-13 07:27:10
STX France yard workers plan strike [General]
Workers at the STX France shipyard at Saint Nazaire are to take fresh industrial action Friday to press home a claim for the maintenance of their earnings while they are working short time in March and April. Some 750 yard workers are due to be l...
2009-02-13 07:20:37
Biggest "Made-in-Vietnam" ship to be launched this year [Shipbuilding]
The Dung Quat Ship Building Company is doing its best to complete construction on and launch the biggest ever oil tanker to be made in Vietnam by June of this year. The tanker, with a capacity of 104,000 tonnes, is in its final phase of construction,...
2009-02-13 07:17:09
Idle containerships near 10% of fleet [Shipping]
Close to 10% of the world’s container vessels are currently unemployed as owners and operators take drastic steps to bring supply into line with shrinking cargo demand. New Lloyd’s MIU figures updated recently show that 427 boxships are idle,...
2009-02-13 07:09:41
Tanker market warning [Shipping]
Prospects for operators of oil, chemical, LPG and LNG tankers in 2009 looks increasingly bleak, as newly built ships continue to be delivered from shipyards at a time when market demand is diminishing and freight rates are tumbling, according to the ...
2009-02-13 07:02:42
KG companies: Hard to get funds for newbuilding payment [Finance]
Germany’s KG ship finance system has been plunged into crisis by unprecedented demands from banks that have sent containership owners scurrying to the shipyards for financial relief. Most banks are insisting that KG funds provide firm guarantees no...
2009-02-13 06:57:39
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