Finance
State shake-up on PT Pal
Indonesian shipyard PT Pal and container line Djakarta Lloyd are on a list of companies to be restructured under the control of the state asset management agency. A total of 14 state-owned firms are in line for a shake-up under the auspices of Per...
2009-03-24 07:29:22
KG model in crisis
Germany’s KG shipfinance system is slipping deeper into crisis as investors are asked to authorise the sale of vessels at rockbottom prices rather than risk bankruptcy of some shipping funds. Financier Gebab is recommending the fire sale of a sh...
2009-03-24 07:01:23
Hanjin eyes KRW 4.83trn in orders
Hanjin Heavy Industries & Construction (HHIC) of South Korea held a general meeting of stockholders on March 20th. At the meeting it revealed that it had achieved revenue of KRW 3.848trn ($2.762bn), operating profit of KRW 510.4bn and net profit o...
2009-03-20 11:26:59
Cochin Shipyard IPO back on?
India's ministry of finance has resurrected the possibility of an IPO for Cochin Shipyard. The yard is one of six state-owned companies on a privatisation list, according to a senior government source cited by the Financial Express newspaper. H...
2009-03-20 07:38:00
China Shipping sees profit boost
China Shipping Development Co (CSDC), the nation's largest oil carrier, said its 2008 profit rose 16.9%, boosted by strong demand for energy-related bulk shipping services, writes China Daily. Net income climbed to 5.37bn yuan ($839m), on sales of 17...
2009-03-20 07:22:06
Ezra to be reimbursed advance payments
Ezra Holdings has been reimbursed the advance payments made for two newbuildings, which were subsequently cancelled. The Singapore offshore vessel operator said it had received the full refund guarantee amounts totaling NOK186m ($27.5m). The funds...
2009-03-19 08:05:05
China stimulus plan criticized
A leading analyst has ripped into China’s plan to lean on domestic owners to take over cancelled newbuilding orders at its shipyards. The move, potentially part of a state-support package for struggling yards, will “exacerbate the long term overc...
2009-03-19 07:55:39
Maersk seeks further $1bn of cuts
AP Moller-Maersk is aiming to cut costs by a further $1bn this year as the Danish shipping and energy group strives to secure its future. In a message to staff, group chief executive Nils Andersen (pictured) has set out the risk of failing to con...
2009-03-19 07:18:34
Maersk leaves empty-handed
Executives from Denmark’s Maersk Tankers appear to have spent a wasted journey to South Korea after negotiations with STX Shipbuilding for new terms on very large crude carrier orders broke down. In a recent interview with Maersk Tankers’ chi...
2009-03-19 07:05:08
Clarkson divi up despite profit fall
Clarkson has seen its full-year profit sliced 57% after settling a legal dispute with two Russian shipowners. It took a £21m ($29.69m) hit to resolve a high-profile clash with Sovcomflot and Novoship, dragging its bottom line down to £7.8...
2009-03-18 14:06:55
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