JES faces loss in Q4 2008 [Finance]
Rising costs and an escalation of the US dollar will send China’s JES International into the red for fourth quarter, the shipbuilder says. The profit warning from the Singapore-listed shipyard comes less than a month after two customers pulled o...
2009-02-11 08:13:19
China’s appetite for dry bulk is picking up [Shipping]
Chinese shipping behemoth Cosco has set pulses racing in the dry-bulk sector as it splashed out a relatively enormous $59,000 per day for a capesize spot trip. The deal is just the latest sign that Chinese steel mills are well and truly whirring w...
2009-02-11 08:08:07
Capesize charter rates recover to $30,000 level [Shipping]
Continued growth in the Capesize market has driven the charterage level to recover, significantly pushing past the break-even charter rates of Japan's Big Three operators. Fixtures being closed at present, however, are for cargo loadings in late-...
2009-02-11 07:57:34
Rescue deal for Wadan Yards order [Finance]
Crisis-hit German shipbuilder Wadan Yards has secured finance for the final two of its 12 vessels on order. The state of Mecklenburg-West Pomerania agreed to give the yard extra time to pay back part of a €60m ($77.2m) bridging loan with which i...
2009-02-11 07:50:56
Japan shipbuilders to review forecasts: Strong yen [Finance]
Three of Japan’s leading shipbuilders look set to slip into the red this year due to the growing strength of the Japanese yen. The latest fiscal estimates of operating profit and order receipts for 2008, released by five of Japan’s heavy indus...
2009-02-11 07:45:25
Gazprom investment decision on track [Offshore]
Russian gas giant Gazprom says the Shtokman development in the Barents Sea, which includes what could prove to be the world’s most challenging liquefied natural gas project, is on track for an investment decision early next year. “The investment ...
2009-02-11 07:38:31
Prolonged downturn will ‘jeopardise ship safety’ [Shipping]
The economic downturn will lead to an increase in ship incidents and pollution, the new chairman of the European Maritime Safety Agency (EMSA) has predicted. Maritime companies are now more likely to postpone maintenance and the installation of new e...
2009-02-11 07:34:05
NOL saves $250m by newbuildings delay [Shipping]
Neptune Orient Lines has delayed the delivery of all eight of its 10,000 teu newbuildings, and some chartered-in tonnage, as part of plans to save at least $250m in 2009 as it sinks into the red. NOL said that it had delayed the delivery of both ...
2009-02-11 07:27:48
Mitsubishi and Petrobras ink $830m drillship [Offshore]
Mitsubishi and Brazilian state firm Petrobras have agreed to build an $830m drillship to drill on South American deepwater oil fields. Japanese group Mitsubishi said it would own half of the drillship, which would be delivered in June 2010 and Pe...
2009-02-11 07:20:16
C& Heavy to be sold off to foreign fund [Finance]
It has been finally decided that the cash strapped South Korean shipbuilder C& Heavy Industries be sold off to foreign investors. Woori Bank, main creditor bank of C& Heavy, announced on February 10th that more than 75% of the creditors of the shi...
2009-02-11 06:31:07
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