General
Ferry market to see casualties
A leading player in the Mediterranean ferry market has warned that there will be casualties before the year is out as the economic recession continues to hit consumer demand. “There are too many companies in the western Mediterranean and the la...
2009-06-25 07:51:09
Hyundai Corp sale to be delayed
The sale of Hyundai Corporation of South Korea seems to be postponed again. An official from Korea Exchange Bank (KEB), the company’s main creditor bank, said, “Hyundai Corporation’s subsidiary Qingdao Hyundai Shipbuilding’s value is now m...
2009-06-25 06:24:00
Fredriksen ups his stake in Golar LNG to 46%
John Fredriksen has upped his stake in Golar LNG, the LNG shipping company in which he is already the biggest shareholder. Mr Fredriksen’s indirectly-controlled World Shipholding has purchased 138,900 shares in Oslo-listed Golar LNG at a price o...
2009-06-24 09:18:06
ABG-Bharati bidding war for Great Offshore
India’s ABG Shipyard has launched a counter offer for a major stake in compatriot shipowner Great Offshore. The country’s biggest private shipyard is offering INR 375 ($7.68) per share for a 33.85% holding, compared to rival Bharati Shipyard’s...
2009-06-24 09:01:04
Slovakian shipyard to cut 198 jobs
Slovakia's Slovenske Lodenice Komarno (SLK) shipyard is to lay off 198 workers of its 685-strong workforce amid the shipbuilding slump. The jobs will go by the end of this year, the Danube shipyard said. The first phase will take place from the e...
2009-06-24 08:43:17
Asry adapts to changing shiprepair demand
Bahrain is pushing ahead with further investment in Arab Shipbuilding and Repair Yard (Asry), which was opened in the late 1970s to serve the growing number of large oil tankers in the region. Although tankers now account for 25% of the repair work,...
2009-06-24 08:31:14
Sobrena-Harris Pye set up shiprepair JV
France’s Sobrena Shiprepair has signed an agreement with UK marine specialist Harris Pye Group to focus on repairing cruise and offshore vessels. The two companies teamed up to cover the refurbishment, repair, upgrade, conversion and life extens...
2009-06-24 08:02:40
Lindo Shipyard to axe 2,000 jobs
By the coming of next summer, Lindo Shipyard will be cutting almost 2,000 jobs away as the orderbook becomes smaller and smaller. Though the management has not lost hope, it is hard to believe that new orders suddenly will change the situation. "...
2009-06-23 11:18:24
Greek player behind MR orders at STX
Standard Development, described by brokers as a "new name" in shipping, is said to be behind an order at STX Offshore & Shipbuilding for up to eight medium-range (MR) tankers. The contract is interesting because it is said to be a Greek-controlled...
2009-06-23 07:55:12
Safe Bulkers complains of bulker quality
Structural problems in newbuilding bulk carriers are likely to haunt the industry as trading of newbuilding contracts leaves a supervision vacuum, a leading bulker owner has warned. “We are not happy with the quality of work we are seeing in ce...
2009-06-23 07:24:17
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