Finance
Korea Line sells capesizes for liquidity
Major South Korean bulk operator Korea Line has sold ships and issued asset-backed loans to boost liquidity. Korea Line said it was selling five capesize vessels aged between 15-20 years to Tiger United of Panama for $162m. The company said it inten...
2009-04-22 06:56:31
European banks dispose of ship loans
Financial institutions in Europe are faced with the need to cut the balance of their credited loans amid the lingering global financial woes. Some of the banks, which accepted official aid to avert a possible liquidity crisis, have a large portio...
2009-04-21 07:53:55
Bankrupt Kanasashi has $106m in deposits
It seems that the deposits bankrupt Kanasashi Heavy Industries of Japan, now seeking court-led rehabilitation, has received from owners ordering newbuildings from it, amount to as much as Y10.5 billion ($106m). According to TSR Information, among the...
2009-04-21 07:36:23
ASRY posts record-breaking figures for 2008
Bahrain-based Arab Shipbuilding and Repair Yard Co (ASRY) has posted record-breaking figures for 2008. Both Chairman, H.E. Shaikh Daij bin Salman bin Daij Al-Khalifa and Chief Executive Chris Potter were pleased that the yard’s sales in 2008 bro...
2009-04-20 15:07:07
No ‘Earnings Surprise’ for Q1
South Korea’s large shipbuilders, which came into the spotlight with ‘Earnings Surprise’ in the fourth quarter 2008, are expected to see their business results decline in the first quarter of this year from the previous quarter. This is beca...
2009-04-20 14:35:57
The worst has passed
Chen Qiang, chairman of Jiangsu Rongsheng Heavy Industries, says that the worst of the shipbuilding market has passed and inquiries from owners are picking up. Similar, it seems, to the housing market in the US, mismanagement of which helped plun...
2009-04-20 07:49:28
Royal Caribbean secures Oasis of the Seas financing
Royal Caribbean Cruises Ltd. (NYSE: RCL, Oslo) today announced it has arranged commitments for unsecured financing in the amount of $1,050,000,000 or 80 percent of the contract price of Royal Caribbean International's Oasis of the Seas. The facil...
2009-04-19 06:40:34
China approved shipbuilding fund
China’s National Development and Reform Commission approved a 20 billion yuan ($2.9 billion) shipbuilding-industry investment fund, the 21st Century Business Herald reported. The fund will have a registered capital of 200 million yuan, of whic...
2009-04-17 09:25:12
NOL warns of $240m loss for Q1
Neptune Orient Lines is forecasting a hefty $240m first quarter loss after a sudden contraction in the container trades during the early weeks of the year. The warning was contained in a brief statement to the Singapore Exchange on Thursday eveni...
2009-04-17 07:23:39
Uni-Asia tries to recoup installments from Kanasashi
Singapore-listed Uni-Asia Finance is demanding the repayment of installments made on three handysize bulkers ordered from Kanasashi, after the shipbuilder sought protection from creditors. The Hong Kong-headquartered shipping and property fund manage...
2009-04-17 07:20:33
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