Finance
Trade finance almost collapsed
Trade credit has “all but collapsed” according to a survey by the International Chamber of Commerce. Risk averse finance houses are pulling the plug on credit lines to shippers, putting more downward pressure on world trade. Despite the l...
2009-04-02 07:57:35
Debt-free Asry set to ride out storm
Bahrain-based Arab Shipbuilding and Repair Yard Co (ASRY) says it is set to ride out the global economic storm in 2009 following its record breaking year in 2008. Both chairman, HE Shaikh Daij bin Salman bin Daij Al-Khalifa and chief executive Ch...
2009-04-02 07:44:06
Financial shortage of shipbuilders
After almost six months during which almost no newbuilding orders have been placed, shipyards around the world and especially in the two biggest shipbuilding nations of South Korea and China are facing acute problems. Besides their urgent need for ca...
2009-04-02 07:37:15
SPP P&S revenue hits $600m for 2008
SPP Plant & Shipbuilding of South Korea revealed in an audit report that it has achieved revenue of KRW 818.3bn ($593m), operating profit of KRW 73.7bn, ordinary profit of KRW 17bn and net profit of KRW 16.7bn last year. The shipbuilder’s busine...
2009-04-01 15:16:03
Nakilat bullish on LNG fleet expansion
Qatar Gas Transport (Nakilat) is confident it can raise a further $1bn of debt finance to help fund the world’s largest fleet of liquefied natural gas carriers despite the turmoil in global financial markets. Managing director Muhammad Ghannam said...
2009-04-01 07:48:23
CSSC profit boost by 49%
Soaring newbuilding deliveries led China’s largest shipbuilding group, China State Shipbuilding Corporation, to post a 49% surge in net profit to almost Yuan4.2bn ($617.6m) last year, up from Yuan2.8bn in 2007. Revenue soared 48% to Yuan27.7bn ...
2009-04-01 07:44:16
Jinhui sells two supramaxes for $60m
Hong Kong bulker operator Jinhui Shipping & Transportation has sold two 2008-built supramax bulk carriers for a total of $60m to Japan’s Nisshin Shipping and associate company Ratu Shipping. The two 55,496 dwt vessels, Jin Man and Jin Pu, are expec...
2009-04-01 07:33:32
Soft loan scheme in India
Indian shipbuilders have demanded that the proposed Rs 10,000-crore soft loan to shipowners - under Government consideration - should be linked to placing orders with them. “With regard to the Indian shipping companies’ demand on Rs 10,000-crore...
2009-04-01 07:29:41
HHI seeks controling stake in Hyundai Corp
South Korea's Hyundai Heavy Industries, the world’s largest shipbuilder, was said to be leading bids for group company, Hyundai Corp, according to sources. Compatriot companies BNG Steel Co and Q Capital Partners have also entered bids for a co...
2009-04-01 07:25:52
Shipbuilders fighting dwindling cash pile
Korean shipbuilders are extending their "emergency mode" to hold onto cash to cope with the prolonged economic downturn. Selling large amounts of corporate bonds seems sufficient for the time being, but doesn't ease mounting worries over liquidity...
2009-03-31 15:49:35
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