Finance
Western Marine secures financing worth $23m
Bangladesh shipbuilder Western Marine Shipyard has signed a financing deal with BRAC Bank worth BDT 1.57bn ($22.72m). The cash will help deliver two 5,200-dwt ice-class cargoships for an unnamed German owner by December 2010. Reports from Bangl...
2009-06-19 08:07:08
Poland yards buyer provides guarantees
The mysterious buyer of Poland’s Gdansk and Szczecin shipyards has provided bank guarantees for the deal, as wild rumours fly about its links to Israel’s secret service, Mossad. Polish treasury minister Aleksander Grad said United Internationa...
2009-06-19 08:03:41
Loans at risk as owners seek to delay repayments
Financially pressed owners are increasingly escalating their negotiations with banks, from seeking waivers on covenants to pleading for moratoria on the repayment of loan instalments as cash-flow drains away, according to senior banking sources. The ...
2009-06-19 07:40:10
EU, Croatia strike deal on restructure of shipyards
The European Commission struck a deal with Croatia Wednesday on the restructuring of its ailing shipyards, a reform sought by the EU as part of membership talks with Zagreb, a spokesman said. "There were discussions today on the terms of the rest...
2009-06-18 10:35:16
Hegemann secures $12.5m ship guarantee
German shipbuilding group Hegemann has secured a state guarantee of €9m ($12.5m) for a 2,500 teu containership being built at its shipyard Volkswerft Stralsund in Rostock-Warnemünde. Hegemann spokeswoman Michaela Götz-Brinkmann said t...
2009-06-18 06:59:16
Time to sell: Yangzijiang's stock
China's Yangzijiang Shipbuilding has been downgraded by analysts at Singapore’s DBS Bank in anticipation of a decline in drybulk rates. Yangzijiang's stock is up nearly 80% since early May Its stock has risen by almost 80% since the beginning ...
2009-06-17 15:40:48
Crisis of Germanish
The hardships of shipyards in Germany, the largest shipbuilding country in Europe, are being highlighted under the current global financial crisis, with four companies having already folded since 2008. Newbuilding orders involving German yards are al...
2009-06-17 10:45:57
Discounts, Cash Flow Hiccups Mar?
STX Shipbuilding has been under fire for undercutting rivals with lower prices. Other Korean shipbuilders are crying foul over the latecomer's pricing tactic, arguing that it would eventually undermine their competiveness. On Monday, STX Offsho...
2009-06-17 10:33:19
Wadan financial situation worse than expected
The financial health of Germany’s bankrupt Wadan Yards is worse than originally thought. A report from insolvency administrator Marc Odebrecht says the number of orders that are fully financed is far smaller than previously thought, but the amou...
2009-06-17 07:42:33
Nakilat LNG program funding close to $7bn
Qatar Gas Transport (Nakilat) has now secured almost $7bn of ship finance to help fund the world’s largest fleet of liquefied natural gas carriers following the finalisation of a latest tranche of close to $1bn. The company said its wholly-owned su...
2009-06-16 07:18:54
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