General
Samsung enters wind turbine market
Samsung Heavy Industries, the world’s second-largest shipyard, plans to enter the wind turbine market in 2010. The move is further evidence of a burgeoning trend by South Korea’s major shipyards to diversify revenue streams amid a dearth in n...
2009-05-21 07:37:47
Samsung-Cielo LOI: Wind power generators
Samsung Heavy Industries of South Korea on May 21st signs a Letter of Intent (LOI) with an energy firm Cielo of the US for the installation of three 2.5MW wind power generators in Texas by 2011. Samsung Heavy had developed 2.5MW wind power electri...
2009-05-20 16:10:20
Restructuring stars Gdansk
Polish prime minister Donald Tusk has said European Union approval for Gdansk Shipyard’s restructuring plans is close to being achieved. Approval that would save thousands of jobs at the birthplace of the Solidarity movement could be won “with...
2009-05-20 08:03:15
No renegotiation of orders : Yangzijiang
China’s largest privately owned shipbuilder Yangzijiang Shipbuilding says it has had no order cancellations or renegotiated contract prices. Despite many shipowners either cancelling their orders or renegotiating prices with Chinese shipbuilder...
2009-05-20 07:38:48
Sembcorp to oppose Petromena suit
Sembcorp Marine says it will “vigorously resist” an application in the New York courts by Petromena to stop it selling the $454m semi-submersible rig PetroRig I over a breach of contract. The Singapore shipyard group axed the contract for the rig...
2009-05-20 07:34:06
Triple troubles at Daewoo
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) is suffering from troubles from within and without. Amid global new orders drought the shipbuilder posted remarkably deteriorated results in the first quarter 2009. DSME’s Q1 rev...
2009-05-20 06:39:04
‘Open dialogue’ for contracts adjustment
Shipowners and shipyards in dispute over breaches in shipbuilding contracts should have an 'open dialogue', a Singapore-based lawyer has said. The global economic turmoil and collapse in freight rates have led to more defaults by shipowners who f...
2009-05-19 11:34:03
Shipbreaking yards busier
Scrapping sales activity has picked up as Pakistan leads the way in pushing up prices. US cash buyer GMS said all four major markets picked up deals last week, with Pakistan showing a rise in prices in a pre-budget purchasing frenzy. Buyers took t...
2009-05-19 07:54:52
STX Europe appoints new CEO
Torstein Dale Sjotveit has quit at CEO of shipbuilder STX Europe. Sjotveit, who took over the reins prior to STX’s takeover of Aker Yards last year, will be replaced by Sang-Ho Shin. Sjotveit did not offer any explanation for leaving, saying ...
2009-05-19 07:45:40
Massive boxships could be absorbed by ambitious liners
The fate of around 120 containerships are threatened if Compania Sud Americana de Vapores (CSAV) goes belly up. Yet many believe the vessels would find a home even if the Chilean liner company were to go to the wall. They suggest that the doomsday...
2009-05-18 15:57:47
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