Finance
Losses rose at Hitachi Zosen
Japanese shipyard and construction group Hitachi Zosen has seen losses grow in the first nine months of its financial year, but is predicting a profitable fourth quarter. The co-owner of Universal Shipbuilding Corp said it lost JPY 3.62bn ($39.62m...
2009-02-11 11:23:06
STX Pan Ocean in bond bid to raise over $100m
STX Pan Ocean is the latest large Far Eastern shipping company looking to raise cash to stave off the effects of the credit crunch and slumping demand. The South Korean diversified shipowner is looking to raise KRW 150bn ($108.45m) from the sale o...
2009-02-11 08:19:09
JES faces loss in Q4 2008
Rising costs and an escalation of the US dollar will send China’s JES International into the red for fourth quarter, the shipbuilder says. The profit warning from the Singapore-listed shipyard comes less than a month after two customers pulled o...
2009-02-11 08:13:19
Rescue deal for Wadan Yards order
Crisis-hit German shipbuilder Wadan Yards has secured finance for the final two of its 12 vessels on order. The state of Mecklenburg-West Pomerania agreed to give the yard extra time to pay back part of a €60m ($77.2m) bridging loan with which i...
2009-02-11 07:50:56
Japan shipbuilders to review forecasts: Strong yen
Three of Japan’s leading shipbuilders look set to slip into the red this year due to the growing strength of the Japanese yen. The latest fiscal estimates of operating profit and order receipts for 2008, released by five of Japan’s heavy indus...
2009-02-11 07:45:25
C& Heavy to be sold off to foreign fund
It has been finally decided that the cash strapped South Korean shipbuilder C& Heavy Industries be sold off to foreign investors. Woori Bank, main creditor bank of C& Heavy, announced on February 10th that more than 75% of the creditors of the shi...
2009-02-11 06:31:07
German shipyard Peene-Werft wins boost
Germany’s KfW IPEX-Bank has stumped up the cash to finance two Arkas containerships at Peene-Werft. The move secures employment at the German yard “in a difficult market situation”, the bank said. The two 1,600-teu ships are numbers 13 and 1...
2009-02-10 08:11:54
DryShips waived again
DryShips has received a waiver from Nordea Bank Finland after it breached the covenants of an $800m loan used to fund its takeover of Ocean Rig. The repreive on the Primelead facility, which will last for the next six months, is the second given t...
2009-02-10 08:06:55
Rongsheng delays IPO
Chinese shipbuilder Rongsheng Heavy Industries has postponed its plan for an over $2bn overseas initial public offering. According to a source, the firm, which had originally planned to raise more than $2bn in an overseas listing this year, has no...
2009-02-10 07:55:25
STX Europe set to delist from Oslo
STX Europe, formerly Aker Yards, will delist from the Oslo stock exchange on Feb. 10 and become a full division of S. Korea’s STX Group. The Korean shipbuilder began acquiring shares in Aker Yards in 2007, shortly after industrialist Kjell Inge Rok...
2009-02-10 07:52:07
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