Finance
IHI eyes less loss
Troubled shipbuilder IHI Corp has slashed its expected full-year loss in half. The Japanese yard had braced investors for a JPY 25bn ($259.11m today) reverse when in February it unveiled its loss-making result for the first nine months. The pro...
2009-03-31 07:48:31
Bailout round two: South Korea
South Korea will plough an extra $150m into supporting its embattled shipbuilders and construction firms, its financial regulator says. An additional 20 companies were given the green light to undergo a corporate workout aimed at helping them thro...
2009-03-31 07:16:14
Cido sells two newbuildings
Taiwan’s Wan Hai Lines has confirmed it has finally bought two 1,800-teu newbuildings from Korea’s Cido Shipping. The company said in a stock exchange announcement that the boxships would cost $20m each. The deal represents a 40% discount on t...
2009-03-31 07:13:28
Germany stops shipyards rescue
The German government will not step in and buy stakes in shipyards to save them from bankruptcy, according to the country’s maritime coordinator Dagmar Wöhrl. “We are going to support the maritime industry but we are not going to become ...
2009-03-31 07:08:49
Half to be cancelled
Almost half the world’s current containership orderbook runs the risk of never being turned into delivered ships because of funding problems. Gerry Wang, chief executive of Vancouver-based and New York-listed containership owner Seaspan, said th...
2009-03-31 07:05:18
Daehan faces reduction of capital
Due diligence (actual inspection) on Daehan Shipbuilding, the troubled South Korean shipyard undergoing debt rescheduling program, has been finished and the survey report was submitted to the shipbuilder’s creditors group last week. This week Korea...
2009-03-30 11:23:21
New Orient yard still on schedule
A South Korean yard claims its new facility will deliver its first vessel this year. Orient Shipyard Co/Orient Heavy Industries of South Korea is pushing ahead with construction of its new facility, Orient Gwangyang Shipyard, which aims to deliver...
2009-03-30 06:56:03
1 out & 2 workout: Korean shipbuilders
In South Korea creditor banks announced on March 27th they will cease financial support for four builders and one shipyard and put another 15 firms under debt rescheduling programs. The decision is based on the lenders' credit evaluation of 74 sm...
2009-03-28 08:47:46
Teekay LNG plans public offering
Teekay LNG Partners L.P. announced early this week that it plans to offer 4,000,000 common units representing limited partner interests in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 600,0...
2009-03-27 07:27:06
ThyssenKrupp to sell Greek shipyard
ThyssenKrupp AG is to put Hellenic Shipyards up for sale on April 1, as part of a shake-up announced last week when it was announced that a new group structure was being put in place. Now Kathimerini reports that part of the shake up will include the...
2009-03-27 06:52:22
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