Finance
Bangladesh examining incentives for shipbuilders
Bangladeshi government has formed a committee to examine an incentive package for the country's emerging shipbuilding industry. According to a government notification, one of the incentives relates to extending counter guarantee by the central bank. ...
2009-01-20 15:36:25
German SSW files for insolvency
Germany’s Schichau Seebeck Shipyard (SSW) has gone into administration. The district court of Bremerhaven said that managing director Karl-Heinz Jahncke had filed insolvency papers and given the yard’s inability to pay its bills and massive de...
2009-01-20 07:38:10
STX to attract $86m foreign fund
STX Norway which has a stake in STX Europe (ex-Aker Yards) has succeeded in issuing massive structured bonds. STX Business Group of South Korea on January 19th issues variable-rate bonds of $86m on the basis of the STX Europe stake which STX Norwa...
2009-01-19 11:05:31
German Crisis: Over 20 cancelled, Further 55 in limbo
Tougher financing conditions from banks are putting a further 55 units in limbo. The number of newbuildings threatened with cancellation in Germany continues to rise as banks demand tougher financing terms from owners. Funding for around 55 vesse...
2009-01-19 09:33:30
Korea Eximbank to support shipyards
The Export-Import Bank of Korea (Korea Eximbank) Chairman Chin Dong-soo said the state-run lender would come to the rescue of struggling shipbuilding companies. ''I've recently been asked why Korea Eximbank doesn't offer loans to the nation's sma...
2009-01-19 09:04:34
Hyundai set KRW23trn sales: USD10bn ship orders
Hyundai Heavy Industries (HHI) informally revealed that its revenue and order receipt (shipbuilding) targets of this year are 23trn won ($16.9bn) and over $10bn each. HHI President Choi Kil-seon on January 16th said at the New Year’s Greetings M...
2009-01-19 06:01:44
The fate of Daewoo sale to be decided next week
The sale of Daewoo Shipbuilding & Marine Engineering to Hanwha Group is on the verge of collapse as funding for the acquisition has become much more difficult amid the global credit crisis. The Korea Development Bank, major shareholder of the ship...
2009-01-16 18:21:47
STX to best benefit from Donkuk’s steel price cut
As Dongkuk Steel Mill, a South Korean steelmaker, decided to lower the prices for shipbuilding steel plates by 250,000 won (181 dollars) per ton from January 19th, STX Shipbuilding was analyzed to be the greatest beneficiary from the move. On Janu...
2009-01-16 17:21:07
Scorpion wins loans for ‘Offshore Freedom’
Scorpion Offshore, which cancelled a rig order last week, has secured fresh funding from Bayererische Hypo-und Vereinsbank AG (HVB). The new $169m credit facility covers the remaining construction payments on Scorpion’s Offshore Freedom and refi...
2009-01-16 07:29:57
NWS buys Okskaya Shipyard
Russia’s North-Western Shipping (NWS) has purchased a third of domestic shipbuilder Okskaya Shipyard The 33.4% slice is costing the bulker owner RUB 420.8m ($13.47m) through a private offering of additional shares, NWS said. Okskaya, based in Ni...
2009-01-15 07:47:49
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