Finance
GulfMark faced with default of newbuilds
GulfMark Offshore, Inc. announced that a shipyard contracted to construct three vessels for the company is in default of the contract. Construction of the vessels is no longer in progress. The vessels were previously projected to be delivered to t...
2009-04-17 07:11:18
S&M-sized yards post contrasting results
The business results for fiscal 2008 of small- and medium-sized shipbuilders in South Korea were contrasting. In terms of operating profits, all yards enjoyed wide-margin increases. In the non-operating gain/loss segment, there were companies tha...
2009-04-16 07:46:42
Emerging yards post mixed results
Of the 15 emerging South Korean shipyards that released their financial results for fiscal 2008 by April 13, eight companies suffered from deficits. Further, four yards posted reduced before-tax profits. Many of the shipbuilders chalked up operat...
2009-04-16 07:38:07
Greek ship finance to shrink this year
The international banking crisis is taking its toll on lending to Greek shipowners but the full effects will only be obvious during the course of this year, according to a leading ship finance researcher. Total bank funding of Greek shipowners is...
2009-04-16 07:06:57
Sovcomflot net profit hits record $406m
Russian tanker giant Sovcomflot reported a record $406m net profit for 2008, as it warned of a difficult year ahead for the shipping sector, with no significant improvement until 2011. The world’s fifth-largest tanker owner also reported gross reve...
2009-04-16 07:02:33
Daehan may win new loans
South Korea’s Daehan Shipbuilding, which is undergoing debt workout program, may receive new loans of some KRW 170bn ($127m) soon from its creditors. Daehan’s main creditor Korea Development Bank is now preparing a workout plan including the a...
2009-04-16 06:18:11
Wonyoung’s yard site to be auctioned off
Shipyard site of Wonyoung Shipbuilding, a South Korean shipbuilder of middle standing, is set to be put up for auction on April 23rd at the Busan District Court. It is for the first time in the country that a shipyard site is being sold by auction...
2009-04-15 13:27:28
Revenues mount, Operating profits fall: Majors
South Korea’s major shipbuilders’ revenues for the first quarter 2009 are forecast to rise but their operating profits may fall. Seoul-based FnGuide Inc. on April 13th said large shipbuilders’ Q1 revenues are expected to grow by more than 20...
2009-04-15 11:39:32
Revisit Daewoo sale in H2
Korea Asset Management Corp (KAMCO), a state debt clearer, said on Tuesday it would consider the best time later this year to sell a stake in Daewoo Shipbuilding and an energy developer. The planned sale of Daewoo Shipbuilding & Marine Engineeri...
2009-04-15 09:12:13
Syndicated loans fall drastically
The market for syndicated shipping loans continued to deteriorate in the first quarter of this year, falling to its lowest level in terms of the number of deals for at least the past four years. Statistics issued by London-based Dealogic indicate th...
2009-04-15 07:36:03
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