Finance
Greek owners in financing crisis
The banking crisis has put the brakes on lending to Greek owners, according to a new report. Eight years of strong lending growth has come to an abrupt halt, while the scale of lending is forecast to decline this year. According to Athens-based Pe...
2009-04-13 06:35:30
GSI warns Q1 net profit down 50%
China's Guangzhou Shipyard International Co (GSI) said Thursday its net profit for the first quarter is expected to drop by about 50 percent from a year earlier. "During the first quarter of 2009, the profitability of the company decreased as a resul...
2009-04-10 17:47:33
Sekwang Shipbuilding to turn a profit
Sekwang Shipbuilding & Engineering of South Korea revealed Friday in a regulatory filing that it has achieved operating profit of KRW 27.84bn ($21m) for 2008, which contrasts with operating loss of KRW 3.83bn for 2007. The shipbuilder’s revenue inc...
2009-04-10 15:05:09
Troubled IRISL newbuildings soon to be delivered
Iran’s biggest shipowner IRISL has been blocked from taking delivery of three recently-built post-panamax containerships after failing to make the final down-payments to South Korea’s Hanjin Heavy Industries & Construction. But Hanjin Heavy so...
2009-04-10 08:22:51
Kanasashi looking for new lenders
The “temporary” closure of Japanese shipbuilder Kanasashi Heavy Industries has alarmed local authorities in Shizuoka city, where the company operates.Kanasashi, which has a 25-ship orderbook including ten 33,000 dwt bulk carriers shared between H...
2009-04-10 07:25:52
GO Marine into the black: Operating profit
GO Marine Engineering & Shipbuilding of South Korea recently announced that it has attained revenue of KRW 33.972bn ($25.7m) for 2008, up 1,400% against a year earlier. The shipbuilder’s operating profit for the year came to KRW 2.524bn, up from...
2009-04-09 15:34:28
21C Shipbuilding posts remarkable results
21st Century Shipbuilding of South Korea revealed in a regulatory filing on April 8th that it has achieved revenue of KRW 519.87bn ($393m) and operating profit of KRW 115.22bn for 2008. The results are up 64.7% and 1,752% respectively against 2007...
2009-04-09 15:16:53
Daewoo CEO leads cost cutting movement
Daewoo Shipbuilding and Marine Engineering chief executive Nam Sang-tae is to return 20% of his 2008 salary as a gesture to encourage executives and staff to reduce costs by Won500bn ($369m) in 2009. DSME management and executives will return 10%...
2009-04-09 07:30:56
Rescue plans for SSW
A plan has emerged to rescue bankrupt SSW Schichau Seebeck Shipyard in Bremerhaven. A group of investors comprising SSW owners Dieter Petram and Karl Ehlerding, and Bremerhaven-based steel construction company Rönner, together with shipyard Lloy...
2009-04-09 06:50:27
Eximbank blood for shipbuilders
The Export-Import Bank of China, a policy bank led by the State Council, granted shipbuilding-related loans totaling 102.46 billion yuan ($14.99 billion) and $7.45 billion through the end of 2008. The bank also issued bank guarantees of $20.3 billion...
2009-04-09 06:29:37
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