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Finance
Titan posts $205m loss for 2008
Shipbuilding, tanker and oil storage company Titan Petrochemicals posted a HK$1.6bn ($205m) loss last year on the back of a HK$1.2bn loss from its discontinued oil trading business. Last year’s loss compared with a HK$31m loss in 2007. Revenue ...
2009-04-28 07:20:52
Hyundai provides liquidity to collaborators
South Korea’s Hyundai Heavy Industries, the world’s biggest shipbuilder, will help its collaborative small and midsize companies which are taking a hit with the global economic downturn, in co-operation with Korea Export Insurance Corporation (KE...
2009-04-28 06:21:45
Daehan’s workout plan confirmed
Creditors of Daehan Shipbuilding, which had been decided to undergo debt rescheduling program in the first round of restructuring, have confirmed the workout plan of the shipbuilder on April 24th and decided to provide liquidity of KRW 170bn ($127m)....
2009-04-27 11:52:53
Aker Phil profits rise 6.6%
Aker Philadelphia Shipyard reported a 6.6% rise in profits but has admitted difficulty in finding new orders. "Securing new orders beyond Hull 016 remains the shipyard’s biggest challenge as the global financial crisis continues to delay potenti...
2009-04-27 07:38:01
COSCO given $15bn credit line
As part of Beijing's dramatic stimulus plan the world's richest bank ICBC has given COSCO a $15bn credit line, delegates attending the 2nd Asia Maritime Law Conference in Singapore were told. China COSCO Holdings reported full year earnings down 40% ...
2009-04-27 07:27:14
Cecon needs more funds for newbuildings
Norwegian shipowner Cecon still needs to raise $80m of finance despite gaining a $200m loan from Export Development Canada to complete a newbuilding campaign in Quebec. Cecon needs finance to pay for three subsea construction vessels being built ...
2009-04-27 07:08:50
Ship construction financing mounts
South Korean shipbuilders, suffering from liquidity squeeze due to new order drought, are obtaining loans to finance ship construction. According to banking industry, STX Offshore & Shipbuilding has received construction financing of KRW 120bn ($8...
2009-04-27 06:27:25
Hellenic banks cooperate with shipowners
The Association of Banking and Financial Executives of Hellenic Shipping elected a new board, led by President Alexandros Tourkolias. Also, among the members elected was Mr. George Xiradakis as Secretary General. Mr. Xiradakis commented on the curren...
2009-04-24 11:40:36
Keppel seeks to cut costs: ‘No sacred cows’
Singapore’s Keppel Corp has warned there are “no sacred cows” as it aims to cut costs amid a “shaky start” to the year for world markets. The shipbuilder and repairer stressed the outlook for the rest of the year is “uncertain” altho...
2009-04-24 07:57:17
GSI profit cut in half
China’s Guangzhou Shipyard International (GSI) has seen first quarter profit slashed in half as costs rose. The company said net earnings to 31 March fell to CNY 129.2m ($18.92m), from CNY 258m in the same three months of 2008. Steel costs we...
2009-04-24 07:52:54
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