Vale’s production cut by a quarter [Equipment]
As it adjusted to "global demand shock", Vale slashed mining production by more than a quarter in the last three months of 2008. The Brazilian miner has reported that fourth-quarter iron ore output dropped by 26.3% compared to the prior quarter. T...
2009-01-23 07:34:57
C& Heavy deciding on next step [Shipbuilding]
In light of the decision of South Korean financial institutions to cut off support to compatriot shipyard C& Heavy Industries (C&HI), the builder will now be faced with the choice of court-controlled reorganization, independent reconstruction or the ...
2009-01-23 07:31:59
Davie Yards' restructuring plan in jeopardy [Finance]
Canada’s largest shipbuilder Davie Yards recently announced that it has been advised by its largest client, Cecon ASA, that it has received a notice of cancellation of its $200 million senior secured credit facility from the participating lenders a...
2009-01-23 07:23:52
DryShips ditches 12 capes [Shipping]
DryShips has dumped its 12-ship capesize expansion plans in a bid to slash capital expenditure and strengthen its financial position. The moves include non-cash cancellation of the acquisition of nine capsizes from boss George Economou’s privat...
2009-01-23 07:20:04
Vinashin 2008 pretax profit up 19% [Finance]
State-run Vietnam Shipbuilding Industry Group, or Vinashin, had a pretax profit of VND860 billion ($50.6 million) last year, up 19% from the previous year, state media said Thursday. Vinashin's revenue rose 48% to VND32.54 trillion last year, said on...
2009-01-23 07:17:08
Greek newbuilding orders plummet [Shipbuilding]
Newbuilding orders placed by Greek shipowners in 2008 fell to just one-third of the figure booked in the previous year but the amount invested fell much less dramatically. The annual round-up prepared by Piraeus-based George Moundreas & Co shows that...
2009-01-23 07:12:13
Flex LNG defers delivery of world's first LNG-FPSOs [Offshore]
Flex LNG, a pioneer of floating liquefied natural gas solutions, has deferred delivery of the world’s first floating LNG liquefaction vessels by at least six months, the company disclosed on January 22th. The vessels, which are being constructe...
2009-01-23 07:08:26
Restructuring into higher gear [Shipbuilding]
In South Korea’s shipbuilding industry, the scale of restructuring appears to be widening for the entire shipbuilders. While many say the first round of restructuring ended in an anticlimax, it is highly likely that large-scale second phase of r...
2009-01-23 06:15:59
KDB formally ends Daewoo sale negotiation [Finance]
Korea Development Bank on January 22th officially announced that it ended talks to sell Daewoo Shipbuilding & Marine Engineering’s major stake to Hanwha consortium and it will confiscate the deposit money of some KRW300bn (USD217.9m). Jung In-se...
2009-01-22 16:26:28
CSCL forecasts 50% profit plunge [Shipping]
China Shipping Container Lines (CSCL) warned of more than a 50% drop in profit in 2008. The company issued a profit warning last night that its net profit for last year could fall to Yuan1.66bn ($243m) or lower. CSCL, the country’s second lar...
2009-01-22 15:49:39
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