Finance
Financial crisis claims Japanese shipbuilder
Tsuji Heavy Industries, the leading Japanese deck manufacturer which recently broke into the shipbuilding market, has filed for bankruptcy. The Sasebo-based company filed for court protection with Tokyo District Court last Friday. According to loc...
2008-12-16 08:14:30
STX targets KRW 30trn of sales
STX Group, South Korea's mid-sized conglomerate whose main cash-cow is shipbuilding, has set next year's sales target at 30 trillion won (USD 22.4 billion) ― an increase of 11 percent from this year's estimated 27 trillion won. The group plans t...
2008-12-15 08:50:20
RCL benefits from selling & chartering back
Thailand’s Regional Container Lines (RCL) has raised money by selling a 1985-built boxship and chartering it back for three years. The 1,008-teu Piya Bhum (built 1985) has gone for $5.9m to the unknown Triple Ford Shipping of Singapore, with which ...
2008-12-15 08:41:22
Global shipbuilding orders down
According to the authority of the international shipbuilding industry advisory body Kelakesong, the world's shipbuilding enterprises newly received orders approach to floor quantity.
 Statistics reveals that for October orders, only 15 bulk...
2008-12-15 07:55:07
C& Heavy will eventually secure the funds
Although the negotiation for the new funding of the C& Heavy Industries which entered into workout is ongoing, the creditors of C& Heavy Industries are anticipated to support the funds of KRW 15bn (about USD 10m) in the end. This is because when work...
2008-12-15 07:48:50
Davie Yards lays off 1,100 workers
Davie Yards Inc., which owns and operates the Davie shipyard in Quebec, Canada, said Thursday that it would temporarily lay off 1,100 shipyard employees at its facility in Levis to preserve limited cash reserves in order to allow time and the necessa...
2008-12-12 11:08:22
Sabah Shipyard is finally out of 'red'
Malaysia's Sabah Shipyard, which for years had been swimming in "red" ink and placed under Danaharta, has finally been turned around by its new owners, Labuan Shipyard & Engineering Sdn Bhd (LSE), which is fully owned by Realmild Sdn Bhd. Announci...
2008-12-12 10:17:30
MBC enters offshore sector
Malaysian Bulk Carriers (MBC) has gained approval from its shareholders for a move into the offshore oil and gas sector. The bulker owner will now acquire a 22.08% stake in Singapore’s PACC Offshore Services Holdings (POSH) for $221m. In a filin...
2008-12-12 09:41:45
Handysize B/C going cheaper
Hong Kong-based Pacific Basin has reportedly sold another two handysize bulkers. The 28,600-dwt Prince Rupert (built 2000) and the 28,300-dwt Captain Corelli (built 2001) are both sold to an Indian buyer for $18.5m and $19m respectively. This comp...
2008-12-12 08:32:41
China Exim Bank extends funding to shipyards
The Export-Import Bank of China (China Exim Bank) is extending help to the shipbuilding industry by arranging credit facilities to domestic commercial banks. According to reports, the state-owned bank is making arrangements to secure up to $10bn wort...
2008-12-09 08:50:17
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