Japan yards retreat on steel prices
Japanese shipbuilders are close to submitting to steel plate prices demanded by domestic steel suppliers. Negotiations for annual steel plate contracts began at the beginning of May and have lingered on during the summer as shipbuilders demanded ...
Mitsui to market low emission vessels
Japan’s Mitsui Engineering & Shipbuilding is aiming to capitalise on the eventual upturn in demand for newbuildings by introducing vessels that emit 30% less in CO2 emissions than vessels currently deployed. MES spokesperson Inui Masatosai said tha...
Ship prices fall despite steel costs
Analysts believe the price of Chinese newbuildings will continue to decline in the second half of this year, despite a 33% surge in the country’s steel price between April and June. The China Iron and Steel Association earlier reported that the ...
Vale sees dry bulk market to recover
Brazilian miner Vale said global industrial production is on the rise with China at the forefront, driving increases in coal and iron ore shipments while unveiling a vastly-decreased second-quarter results. “Spot iron ore prices have risen stron...
The world’s largest crankshaft produced
South Korea’s marine engine component manufacturer STX Enpaco, a subsidiary of STX Corporation, has built the world’s largest crankshaft. The company said Thursday that it has produced an ultra large crankshaft to be installed in a diesel engi...
High steel costs hit Korean majors
South Korean large shipbuilders Samsung Heavy Industries and Hyundai Mipo Dockyard saw their second quarter results hit by high steel costs and a decline in orders. Samsung posted some 10% drop in net profit to Won150.8bn ($121m) between April an...
CSIC initial public offering approved
Chinese marine equipment maker, China Shipbuilding Industry Co, a subsidiary of China’s second largest shipbuilding group, China Shipbuilding Industry Corporation, had its planned initial public offering (IPO) approved by the China Securities Regul...
Shipbuilders making the best of vacances
Shipbuilding companies in South Korea are set to embark on repair and maintenance works on a variety of equipments and facilities during the summer vacation period. They deploy up to 2,000 people for the maintenance works and some companies also p...
Wartsila minimizes job cuts
About 50 employees at Wärtsilä’s ship power business in Finland are expected to be redeployed within the group rather than be made redundant. Ship Power group vice-president Jaakko Eskola said that 80 staff in Finland had faced redund...
Wartsila could lose orders worth $1.1bn
Up to €800m ($1.1bn) worth of marine engine orders are at risk of being cancelled at Finnish engine maker Wärtsilä as shipowners cancel newbuilding contracts. Wärtsilä chief executive Ole Johansson said the firm had already ...
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