Finance
Lauritzen conversion project financed
KfW Ipex-Bank and BNP Paribas are providing a $130m loan for a J Lauritzen conversion project. The Danish owner's Lauritzen Tankers has tapped Hamburg's Blohm + Voss shipyard to convert the 15,375-gt ro-ro ferry Kraka (built 1985) into a 291-berth...
2009-06-10 07:42:21
Germansh fail despite state loans
Two of Germany’s largest shipyards have sought bankruptcy protection in spite of having received substantial loans under Germany’s economic stimulus plan this year. Wadan Yards MTW, which operates shipyards in Wismar and Warnemünde on Ge...
2009-06-09 10:25:04
Siem Offshore secures $325m financing
Siem Offshore has scored a NOK 2.1bn ($325m) loan and guarantee facility to cover the remainder of its newbuilding orderbook. Its agreement with the Norwegian Export Credit Institution for Export Financing (Eksportfinans) covers seven anchor handl...
2009-06-09 07:44:29
Todd in compliance with listing standards
The New York Stock Exchange has deemed Todd Shipyards in compliance with listing standards, the US shipbuilder said Monday. As stocks plunged late last year, the exchange notified Todd Shipyard that its market capitalisation had dipped below $75m ...
2009-06-09 07:37:44
France mulling UNM rescue plan
The French government is to examine a plan to build a consortium around French naval shipbuilder and repairer DCNS to save bankrupt Marseilles shiprepairer Union Naval Marseille. UNM was put into liquidation in March after its parent, Spain’s Bolud...
2009-06-09 07:33:02
Ko-Exim supports drillship export
The Export-Import Bank of Korea said on June 8th that it provides financial support worth $300m to help Daewoo Shipbuilding & Marine Engineering export two drillships. Korea Eximbank provides a $300m structured finance, consisting of $165m loans a...
2009-06-09 06:18:39
Costa secures €550m newbuildings loan
Genoa-based Costa Crociere has finalised a €550m ($779.6m) loan from the European Investment Bank that will help finance the first four ships in a five-vessel newbuilding programme. Interviewed in Genoa, where he was hosting the naming ceremony for...
2009-06-08 07:36:50
STX set to list affiliates
South Korea’s STX Group said that it wants to raise Won2.5trn ($2bn) over the next 18 months through stock sales and listings of four affiliates. In the first phase of the plan STX Heavy Industries, STX Energy, STX (Dalian) Shipbuilding and STX...
2009-06-08 07:32:04
Yantai 2008 profits slump
Full-year profits at Yantai Raffles have plummeted 41.2% due to a combination of cost overruns and contingency provisions for certain projects. The Chinese ship and rig builder said profits were SGD25.1m ($17.4m) for FY2008 versus the SGD42.7m see...
2009-06-05 14:34:34
Teekay deep into the red
Huge write downs and derivative losses of $714.1m plunged Teekay Corp deep into the red in the fourth quarter. Impairments of $330.5m linked to its holding in FPSO firm Teekay Petrojarl and a $135.23m hit on derivatives instruments did the majorit...
2009-06-05 07:39:33
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