Finance
Turk orders overseas in cash trouble
Up to 50% of orders placed by Turkish owners abroad may be without financing. About half of the newbuilding orders placed by Turkish shipping groups at yards outside the country may be without preconstruction or post-construction financing. Turkis...
2009-02-23 07:07:52
Daehan to win hot liquidity: KRW 70bn
South Korea’s Daehan Shipbuilding which is undergoing work-out program seems to receive hot operating fund of KRW 70bn (USD 46.5m) soon and the normalization of the shipyard operation would be accelerated. Its management supervision body has agr...
2009-02-23 06:20:56
New valuation formula: Ship fire sales
Hamburg shipbrokers are taking action to prevent a downward spiral of containership prices caused by distressed sales, with a new vessel valuation formula. In a virtually illiquid market punctuated by just a handful of forced disposals at rockbot...
2009-02-20 09:41:30
India set to revive subsidy
The Indian government is all set to revive the subsidy scheme for shipbuilding companies such as ABG Shipyard, Bharati Shipyard, Hindustan Shipyard and Pipavav Shipyard, where a part of the cost of manufacturing the ship is reimbursed at the point of...
2009-02-19 09:46:50
C& Heavy buyers poised
Two mystery investment funds have emerged as potential buyers of troubled South Korean shipbuilder C& Heavy Industries. The two private equity funds, one from Australia and the other from the Middle East, are said to have already signed letters of...
2009-02-18 08:18:29
CSSC to issue RMB3bn of bonds
Furthering its expansion plans, China State Shipbuilding Corporation will issue RMB3bn ($439m) worth of five-year bonds next week. The bonds, which will each be worth RMB100, will be sold on the interbank bond market from February 23. CSSC is the...
2009-02-18 07:47:07
CSCL plans to set up finance subsidiary
China Shipping Container Lines (CSCL), the nation's second-biggest box carrier, said it plans to set up a venture in Shanghai with its parent and three other group companies to provide financial services for their units. The company will provide 25 p...
2009-02-17 15:00:47
STX Pan Ocean gets loan for vessel purchases
South Korean bulk specialist STX Pan Ocean has confirmed that DVB Bank, Fortis Bank and state-owned Korea Development Bank have joined forces to offer the company a $41.3m five-year two-tranche loan. The facility offers a $36m senior tranche and a $5...
2009-02-17 07:31:54
Stimulus includes $100m for small shipyard grants
The just-passed American Recovery and Reinvestment Act includes $100 million for the U.S. maritime Administration to distribute as supplemental grants for the assistance of small shipyards, $60 million to states for ferry and ferry terminal projects,...
2009-02-17 07:22:56
HSH unveils E3bn net loss
HSH Nordbank, the world’s largest ship financing bank, has reported a net loss of €2.8bn ($3.6bn) for 2008. The amount includes impairments of some some €1.6bn on its credit investment portfolio and further writedowns of €900m, which beca...
2009-02-16 10:07:20
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