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Finance
CSAV secures fresh funds
CSAV’s leading shareholder, the Claro Group, has kickstarted the process of injecting new funds into the beleaguered group, taking 12.5% of a $130m rights issue. Maritima de Inversiones (Marinsa), the investment vehicle controlled by the Claro ...
2009-06-04 07:04:39
Jiangsu Rongsheng secures $1.7bn credit pact
Jiangsu Rongsheng Heavy Industries, one of China’s largest shipbuilders, has secured a Yuan11.2bn ($1.7bn) integrated credit pact from Bank of China. Under the terms of the strategic cooperation agreement inked by the two companies, the shipbui...
2009-06-04 06:46:46
Smaller hit by dishonor rumor
Shipbuilders are suffering from severe orders drought, cancellations, delivery delays and, significantly, small and midsize shipyards are rumored to be in crisis. ‘S’ Heavy Industries in Ulsan, South Korea, is said to have failed to repay some...
2009-06-04 06:11:15
Go ahead for drillship newbuildings
Pride International says it is issuing $500m in senior notes that may be used to pay for its four drillship newbuildings. The drilling unit owner also revealed in a securities filing that a contract for the 13,062-gt Pride Venezuela (built 1982) w...
2009-06-03 08:09:10
Hamworthy operating profit rises 42%
Hamworthy, the London-listed marine engineering group, has announced a 42.3% increase in operating profit to £23m ($37.7m) for the year ending March 31 as it pushes its efforts outside shipbuilding. But the company said it had been forced t...
2009-06-03 07:57:20
Bergen tries to delay bond repayments
Norwegian shipyard owner Bergen Group is trying to delay bond repayments to prevent the onset of liquidity issues and increase investment at an offshore service base. The Oslo-listed company is meeting with bond holders to renegotiate terms and e...
2009-06-03 07:54:37
State aid for HSH Nordbank approved
The European Commission has approved government aid for HSH Nordbank. The world’s largest ship financing bank has asked for guarantees worth €10bn ($14.2bn) and for a capital injection of €3bn from the state governments of Hamburg and Schles...
2009-06-03 07:48:00
Bangladesh yards seek relief from bank guarantee
Export-oriented shipbuilders seek a waiver from depositing a 25 percent bank guarantee against the duty value of imported raw materials under the bonded warehouse facility. "Bank guarantee blocks a huge amount of our funds with banks and increases o...
2009-06-03 07:34:26
Brussels approves Gdansk privatisation
The privatisation of Gdansk Shipyard in Poland is expected to be fully approved by Brussels by the summer. A spokesman for Polish Treasury Minister Aleksander Grad confirmed that European competition commissioner Neelie Kroes had told the ministe...
2009-06-03 07:22:18
Zhejiang approves shipbuilding funding
China’s Zhejiang provincial government, Zhejiang Maritime Safety Administration and the provincial financial bureau have given the go ahead for a collateral mortgage scheme in a bid to buoy cash-strapped shipbuilders in the province. An estimat...
2009-06-02 06:07:28
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