Bangladesh examining incentives for shipbuilders [Finance]
Bangladeshi government has formed a committee to examine an incentive package for the country's emerging shipbuilding industry. According to a government notification, one of the incentives relates to extending counter guarantee by the central bank. ...
2009-01-20 15:36:25
ABG Shipyard orderbook may shrink 50% [Shipbuilding]
India’s largest private shipbuilder, ABG Shipyard Ltd, may see up to a 50% cancellation of orders in 2009-10 as falling ship prices have hurt demand for new vessels, DSP Merrill Lynch Ltd said in a recent report. The shipbuilder has also had to sta...
2009-01-20 15:13:07
Only three into ‘Work-out’ [Shipbuilding]
In South Korea, as banking industry’s evaluation of the credit risk of small- and medium-sized shipbuilding firms is entering the final stage, three companies have been identified to date which would face debt workout. According to financial ind...
2009-01-20 14:29:06
Norway to start global ship scrapping convention [General]
Norway is eager to be one of the first nations to sign up to the new global ship scrapping convention to show its commitment to helping develop a safe and sustainable industry. Sveinung Oftedal from Norway’s environment ministry believes the con...
2009-01-20 09:00:01
Eagle sells Handymax via resale scheme [Shipping]
U.S.-based Nasdaq listed Eagle Bulk Shipping (EBS) seems to have decided to sell a Handymax bulker newbuilding under a newbuilding resale scheme. According to foreign market reports, EBS will sell off a 56,000-dwt bulker, the Crested Eagle slated fo...
2009-01-20 08:49:26
Japanese building permits up 31%: highest record [Shipbuilding]
The Maritime Bureau of the Japanese Ministry of Land, Infrastructure, Transport & Tourism issued building permits for a total of 533 vessels of 19.75 million grt in 2008, up 31.2% over 2007. The 2008 figure, as represented in grt, hit a recent hi...
2009-01-20 08:40:08
Buyers cite 'Seller's Default': Canceling New... [Shipbuilding]
More shipowners have begun to cancel their newbuilding orders put at Emerging shipyards by invoking the "seller's default" provision in their contracts. According to market-related officials well versed in the global shipbuilding business, more ow...
2009-01-20 08:07:28
Singaporean hit by cancellations [Offshore]
Singapore's once-roaring oil rig industry has been hit by contract cancellations due to weaker energy demand and as plummeting crude prices dampen exploration. Until the global financial crisis worsened last year, oil rig builders had been riding ...
2009-01-20 08:00:52
MISC halves ship orders: SLS [Shipbuilding]
MISC Bhd has halved its planned orders for eight vessels that were to be built by SLS Shipbuilding Co Ltd of South Korea. In a filing to Bursa Malaysia yesterday, the national shipping firm said both MISC and SLS have agreed to revise the order to fo...
2009-01-20 07:55:11
Vantage Drilling names its first jack-up rig [Offshore]
Vantage Drilling, the US-listed company one-third owned by TMT boss Nobu Su, has named its first jack-up drilling rig. The Baker Marine Pacific Class 375 jack-up was named Emerald Driller at a ceremony at Singapore’s PPL Shipyard on Friday. T...
2009-01-20 07:52:04
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