General
ClassNK increases presence in India
Japanese ship classification society ClassNK has announced that it is to open three new dedicated offices in India next month. “In December we will be inaugurating our new offices in Kandal, Surat and Calcutta which will supplement our existing fou...
2009-11-18 06:45:51
Big 4 big hit
South Korean big 4 shipbuilders, namely Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and STX Offshore & Shipbuilding have reported ‘good’ business results for the third quarter of this year. Hyun...
2009-11-18 06:04:55
BDI likely to hit 2009 high
All eyes are on the Baltic Exchange to see if the Dry Index posts a record high for the year. Strong Chinese demand for iron ore and coal, growing port congestion in China and Australia and tight ship availability have helped drive a rally in rece...
2009-11-17 06:56:11
Chinese should focus on shipbreaking
Chinese shipyards should focus on becoming ship recycling facilities and the Chinese government should remove import taxes on ships sent to China for scrapping, a leading shipowners representative has urged. Hong Kong Shipowners’ Association man...
2009-11-16 06:48:44
Shipbuilders bow to market change
When your engineers can build the world’s biggest propeller, making wind turbines is a doddle. Hyundai Heavy Industries knows the real challenge will be selling them. At the sprawling Hyundai dockyard at Ulsan on the east coast of South Korea, a...
2009-11-16 06:33:20
SLS‘ CEO arrested
Changwon District Public Prosecutor’s Office in South Korea arrested Lee Yeocheol, vice president and CEO of SLS Shipbuilding, on Thursday on a charge of embezzling at least KRW 4.4bn won from establishing sub-contracted company by padding out work...
2009-11-13 12:42:37
STX appoints new CEO
STX Offshore & Shipbuilding has apoined Hong Kyungjin (pictured) to its new representative director. The shipbuilder on Nov 12th held a board meeting and the former chief financial officer, Hong Kyungjin, is now newly-elected representative direct...
2009-11-13 05:36:45
Suspicions of accounting fraud at SLS
There are suspicions of accounting manipulation to inflate earnings at SLS Shipbuilding. SLS Shipbuilding acquired Shina Shipbuilding, a deficit struggling company, in 2006, and made 6 billion won profit in the first year and 98 billion won profi...
2009-11-13 05:35:21
Bergen steps up its cost-cutting drive
Norway's Bergen Group is contemplating cutting costs at one yard in 2010 and at another in 2011 because of a shortage in new orders. The Oslo-listed company is also interested in selling chunks of its divisions as part of structural changes withi...
2009-11-13 05:27:03
STX Europe struggle to stay afloat
Oslo-based STX Europe was the only part of the company that secured any newbuilding orders during the third quarter of the year. At NKr400m ($71m), it constituted one of the lowest quarterly intakes for the group. However, the newbuilding orders w...
2009-11-12 05:34:31
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