Hyundai wins $120m newbuilding contract [Shipbuilding]
South Korea’s Hyundai Corporation won a newbuilding contract despite global economic recession. Hyundai Corporation announced on Thursday that it has received an order for the construction of ten 5,000-dwt dry cargo vessels for some $120m. Russi...
2009-02-12 15:00:59
Bulker values rise as rates strengthen [Shipping]
Strengthening bulker freight rates continue to have a positive knock-on effect on secondhand vessel values. Prices for a five-year-old capesize have risen by $4.3m to $48.5m in the past week, according to the latest Baltic Sale & Purchase Assessme...
2009-02-12 08:14:57
SCI in need of emergency funding for newbuilding projects [Finance]
State-owned Shipping Corp of India (SCI) is seeking emergency funding of INR 100bn ($2.05bn) to pay for its big newbuilding programme. India’s Financial Chronicle cited SCI boss Sabyasachi Hajara as saying its plans to secure new ships have been...
2009-02-12 08:07:47
Tsuneishi expands in the Philippines [Shipbuilding]
Japanese shipbuilder Tsuneishi Heavy Industries is ready to invest PHP 11bn ($233.88m) on upgrading its yard in Cebu, the Philippines. The expansion at West Cebu Industrial Park in Balamban will require an additional 90 hectares of land and will a...
2009-02-12 08:02:53
Laid-up capesizes diminish to 60 [Shipping]
The number of capesize bulkers that had to be laid up due to the sudden reduction in transport demand is now on a downward trend. This is largely attributable to the recovery in transport demand for China-bound cargoes from Brazil. According to J...
2009-02-12 07:57:04
INSA asks New Delhi for emergency funding [Shipping]
The Indian National Shipowners' Association (INSA) has sought government help to set up a 100-billion-rupee fund to help finance new vessel buys, an official from the industry body said Tuesday. Finance streams have been drying up due to the globa...
2009-02-12 07:52:52
LNG from Tangguh to start exporting in May [Offshore]
The BP-led Tangguh LNG project in the Indonesian province of Papua came on stream at the end of January, BP's head of country confirmed Tuesday. The Indonesian government is planning to begin making Tangguh liquefied natural gas (LNG) shipments in...
2009-02-12 07:47:36
Safedor promotes low-risk design and system [General]
A four year European project has yesterday concluded promising to open the door for the development of ship designs and marine systems that are currently hindered by international regulations. The €20m ($26m) Safedor project, which included €12m ...
2009-02-12 07:43:35
Trico wins contracts worth $80m [Offshore]
US shipowner Trico Marine has gained $80m of contacts for its offshore vessels and services in Europe, Australia and Latin America. The New York-listed company said all of the contracts were with subsidiaries DeepOcean of Norway and British firm ...
2009-02-12 07:35:05
ArcelorMittal expects steel industry to recover [Equipment]
ArcelorMittal, one of the most prominent defaulters of dry bulk shipping contracts, has forecast a second-quarter recovery in the steel industry, citing recent iron ore restocking that has seen some freight rates double in the last week. The world’...
2009-02-12 07:29:35
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