General
STX special finances
South Korea’s STX Pan Ocean is establishing three special purpose companies (SPCs) to borrow money for bulker newbuildings. The entities, named POS Maritime SY, POS Maritime RY and POS Maritime QY, will finance existing orders. STX will guarante...
2009-12-22 07:27:27
Yantai Raffles acquisition plan probed
Singapore’s Securities Industry Council is probing the planned $213m takeover of Yantai Raffles Shipyard by China International Marine Container (Group) after one of the shipbuilder’s minority shareholders, Airtrust (Singapore) voiced concerns ov...
2009-12-21 07:49:59
Dry dock reopens for shipbreaking
Tyneside ship repairer A&P is preparing to open up its dry dock for ship-breaking work in 2010 as it looks to build upon an eventful 2009 which saw it change hands and land a £55m MoD contract. A&P was taken over last July by the Cardiff-bas...
2009-12-18 07:24:29
Laid-up LNG carrier faces demolition
Japanese shipowners are said to be close to taking a decision to break a 25-year-old LNG carrier that is currently laid up, foreign media reports. Informed sources say the 125,199-cbm Kotowaka Maru (built 1984) is likely to be sent for scrap in th...
2009-12-17 14:52:58
Guangdong vessel exports decline
Shipyards in Guangdong province, one of China’s three main shipbuilding hubs, saw the value of ship exports fall by 4.2% to $1.5bn up to the end of November. The Guangzhou Customs Bureau partly attributed the decline to rescheduled deliveries, ...
2009-12-17 07:11:25
GL bags Zhejiang Shipbuilding contract
Global offshore engineering and marine service company Noble Denton, a subsidiary of Germanischer Lloyd, has been awarded a six-figure contract by Zhejiang Shipbuilding Co, Ningbo its failure mode and effects analysis (FMEA) and trials for a dynamic ...
2009-12-17 07:00:36
Majors get back
Newbuilding market is expected to be led by large shipbuilders next year which have been comparatively inactive this year in terms of order intakes. Newbuilding prices, which have fallen about 40% against a year earlier, are now believed to have r...
2009-12-17 06:20:15
Fincantieri hit by strikes
Workers at two Fincantieri shipyards occupied the yards’ offices Monday evening in protest at the company’s decision not to award end-of-year efficiency bonusses. As of Tuesday morning, the offices – at the company’s Sestri Ponente ya...
2009-12-16 07:25:38
Time to invest in containerships
Now could be a good time to consider investing in containerships despite the poor state of the liner and containership charter markets, said chief executive of DVB Bank’s shipping division Dagfinn Lunde. He said that the bank has recently agree...
2009-12-16 07:20:06
Samsung single representative
Samsung Heavy Industries vice-chairman Kim Jing-wan (left in the picture) is stepping down as the representative director of the shipbuilding company. Samsung announced management shuffle on Tuesday and said Mr Kim Jing-wan has resigned from co-re...
2009-12-15 15:29:29
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