Finance
Fincantieri drops Lloyd Werft
Fincantieri has decided not to exercise its option to take a controlling stake in German ship repairer Lloyd Werft, citing conditions in the shipbuilding market and the wider economy. The Italian state-owned shipbuilder snapped up a 21.05% stake in L...
2009-01-07 07:18:05
US Shipping faces collapse after default
US Shipping Partners, the troubled Jones Act tanker company, is on the brink of collapse after it revealed that it has defaulted on its senior credit facility. The company said it remains in “good faith” negotiations with lenders over $332.6m...
2009-01-07 07:11:45
Stena secures financing
Citibank has arranged a huge $850m pre- and post-delivery financing deal for a new Stena drillship being built at Samsung in Korea. The package involves Norwegian and Korean export credit support as well as commercial bank financing. It is the ...
2009-01-07 07:03:23
IFLC provided CNY 110m loan
December 22, 2008, International Fareastern Leasing Company provided Fujian province Shishi city-based Mintai Shipping CNY 110m of loan for construction of 32,000dwt bulk carrier. International Fareastern Leasing Company which has been engaged in the...
2009-01-05 07:11:31
Fincantieri takes US shipyards
Diversified U.S. industrial manufacturer Manitowoc Co Inc. said on Friday it had closed its $120 million cash sale of its shipbuilding business to Italy's Fincantieri Marine Group Holdings Inc. The sale leaves the Manitowoc, Wisconsin-based company, ...
2009-01-05 06:24:14
Hyundai, 2008 sales reach $16bn
Hyundai Heavy Industries, the world's largest shipbuilder, said on Wednesday its estimated 2008 revenue would reach 19.63 trillion won ($15.64 billion), up 26 percent from 2007. The South Korean company said in a filing with the Korea Exchange th...
2009-01-05 06:01:21
Restructuring Rules : Too Rigid?
The Korea Federation of Banks, which consists of local banks, has come up with a set of guidelines to evaluate business conditions of ailing smaller shipbuilders. Banks will finish placing some 50 shipbuilders into four categories A, B, C and D by th...
2009-01-05 05:39:10
Set to Remove or Survive
Minor shipbuilders in South Korea will soon be examined for possible restructuring or liquidation, financial authorities and creditors said yesterday. Financial authorities and banks said a task force set up for restructuring debtors, led by the ...
2009-01-02 06:44:09
Credit crisis hit shipbuilding activity
With the freight market plunging near record-lows in just a couple of months, Shipbuilders around the world came across a not so unusual problem (freight rates have crushed in the past as well), but this time around the issue has more variables. Firs...
2008-12-31 11:20:13
C& Heavy fails to receive hot liquidity
C& Heavy Industries failed to secure new loans from its creditors due to the disunion among creditors regarding allotment of the financial support. As a result, it is worried that C& Heavy’s collaborative enterprises and equipment suppliers as w...
2008-12-30 11:38:22
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