COSCO cancels five handymax orders
China's COSCO Shipyard Group has had orders for at least five 57,000-dwt Handymax bulker newbuildings cancelled by group operator COSCO, according to a foreign newspaper report. The ships were due for delivery in 2010-2011. Ship prices and cancel...
Shipyards liquidity position worsening
Shipbuilders may not be bending on price but moves out of South Korea show that funds may be drying up. An unprecedented backlog of orders has given shipyards the confidence to sit out the downturn in the newbuilding market and resist pressures fr...
Cash needed to keep newbuilding projects alive
Owners who splashed out on tankers are looking nervously at charter rates and values as they prepare to pay for and take delivery of expensive newbuildings. Those taking delivery this year will at least know the ships were ordered before prices re...
Free up cash for yards, ease rules for investors
South Korea is continuing to assist its shipping and shipbuilding industries by relaxing regulations and increasing the stimulus package for the sector. Informed sources say Seoul, in an attempt to encourage more ship-investment management compani...
A third of bulker orders in doubt
An estimated 30% of the world’s dry bulk orderbook risks not being delivered at all, as shipowners in the sector struggle with financing troubles and a lack of cargoes, Eagle Bulk chief executive Sophocles Zoullas said. This figure could be as h...
Joining Nor-Shipping 2009
CEOs of South Korea’s shipbuilders visit Nor-Shipping 2009, one of the world’s biggest ship exhibitions, to be held in Norway from 9th to 12th June. According to industry sources, chief executives of big 4 shipbuilders all participate in the c...
Samsung focus only high value-added ships
Despite the severe economic downturn that began to bite in the middle of last year, Samsung Heavy Industries beat its main competitors Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering to the last newbuilding order in January. ...
SPP orderbook stands at $7bn
From 2002 to October 2004, SPP Shipbuilding was known as Dongyang Shipbuilding although in practice it only built mega blocks for the country’s more illustrious shipyards. In October 2004, it made the leap into shipbuilding and the company signe...
Hanjin more vulnerable due to boxship focus
Hanjin Heavy industries and Construction perhaps had a more difficult year than its peers at least in terms of new orders. By mid-September the shipyard had achieved just 31% of its 2008 order target of $4bn. Then, of course, newbuilding orders virtu...
Korean suffer most order cancellations
Korean shipyards topped a list of newbuilding cancellations, at 194 ships. Research from Norwegian classification society Det Norske Veritas estimated that more than 19.2m dwt on order at South Korea’s yards would not be built, representing 39....
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