STX Engine cooperates with L-3 for DPS [Offshore]
STX Engine of South Korea recently signed a contract for teaming agreement on DP&CS (Dynamic Positioning & Control Systems) with L-3 Communication DP&CS of the US, in a bid to diversify its business. The Dynamic Positioning System (DPS) is core hi...
2009-02-05 11:23:13
Sinopec expanding offshore [Offshore]
China Petrochemical Corp. (Sinopec Group) announced on February 3 that its new BMPC 375 jack-up drilling rig recently started building in a Singapore-based shipyard. It means that traditional onshore oil giants like Sinopec Group are accelerating the...
2009-02-05 08:17:35
Car carriers are now ‘car parks’ [Shipping]
Car carriers are increasingly being used to store unwanted vehicles in the economic downturn. In an echo of the use of VLCCs by oil companies to store crude, the Financial Times reported that the move by manufacturers was a boost for a sector that...
2009-02-05 08:11:15
Odessos shipyard profit climbs but it faces tougher times [Finance]
The Odessos shipyard in Bulgaria has doubled profit in 2008, but is warning of tougher times in 2009. The Varna-based facility said net earnings were more than BGL 15m ($9.94m) to 31 December, compared to BGN 8m the year before. Revenues grew to B...
2009-02-05 08:05:51
STX Pan Ocean wins $20m COA [Shipping]
S. Korea’s STX Pan Ocean has won a $20m deal with a domestic power company to ship coal. The three-year contract of affreightment (COA) with Korea South-East Power Co calls for the transport of 1m tonnes of steaming coal per year. It will load t...
2009-02-05 07:58:57
CGG seismic newbuilding award goes to Grandweld shipyard [Shipbuilding]
United Arab Emirates shipyard Grandweld has won a deal to build a new workboat for seismic survey player CGGVeritas of France. The 25.9-metre aluminium vessel will have two Scania diesel engines driving folding hydraulic thrusters to allow for sha...
2009-02-05 07:51:44
StatoilHydro cancels contract due to delay in delivery [Offshore]
StatoilHydro has cancelled a three month charter for a Troms Offshore newbuilding after the vessel was delayed at a Norwegian shipyard. Brokers say delivery of the 4,823-dwt Troms Castor from Hellesoy was held up by up to two months preventing it ...
2009-02-05 07:43:27
Laid-up Capes Returning [Shipping]
A bounce-back in dry-cargo rates has halved the number of capesize vessels in lay-up with almost all idle capes expected to be back in action soon, leading analysts claim. Rising iron ore prices and increasing Brazilian exports are driving the res...
2009-02-05 07:37:36
Tanker values face dramatic fall [Finance]
Seconhand tanker prices appear poised to plummet, with a five-year-old aframax offered for sale at nearly half its value two months ago, and 21% below the current Baltic assessment price. The Nissen Kaiun-owned 105,985 dwt 2003-built Trident Hope ...
2009-02-05 07:33:08
Russian shipbuilding expected to rise [Shipbuilding]
Russia's shipbuilding industry will see a 20% rise in sales this year to 180 billion rubles ($5 billion) compared with 150 billion rubles in 2008, the industry and energy minister said on Wednesday. Viktor Khristenko said warships and related militar...
2009-02-05 07:26:52
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