Latest News – Page 792
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Century plans second facility
Century Shipyard is reportedly planning to build a second shipbuilding facility in Kerala on the south-west coast of India, at an investment of between $70m and $75m.The greenfield yard will construct offshore vessels including small and medium-size anchor-handlers of up to 80-tonnes bollard pull and 4,500-bhp offshore-supply vessels (OSVs).Officials say ...
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Naikai on track
The two-yard, three-slipway system of Naikai Zosen Corp. in Japan has started to get on track. In 2008, Naikai resumed operations at No.2 slipway of its Innoshima shipyard positioned at its main factory. The first ship at the resumed slipway, a 2,500-TEU containership, is to be launched in October 2009 ...
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Cosco cancels bulker orders
Market sources say the Beijing-based China Cosco Holdings has cancelled at least five of the 23 ships of 57,000 dwt on order at subsidiary Cosco Shipyard Group (CSG). A source adds that the move is not recent. "CSG cancelled the ships three to four months ago, when the market was ...
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Eitzen resales MR trio
Eitzen Chemical has sold three chemical tanker newbuildings for $124m. The company said it reached an agreement with Sweden's Laurin Maritime to sell the 46,000 DWT vessels, under construction at the Brodotrogir shipyard in Croatia, through a novation agreement.This means the buyer has assumed all rights and obligations Eitzen Chemical ...
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Daehan debt workout underway
Daehan Shipbuilding will receive new funding totalling 170 billion won from a group of creditors to stave off disaster and start its debt workout program. Daehan's main bank, the Korea Development Bank (KDB), has signed a memorandum of understanding with Daehan and will defer the settlement of obligation until 2013, ...
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CNOOC signs for Wuchang pair
Chinese oil giant CNOOC recently signed an agreement with Wuchang Shipbuilding Industry Company for the construction of two anchor handing, tug and supply vessels. Wuchang will build the two UT788 CD deepwater vessels with overall construction value of 1.4 billion yuan. The newbuildings will measure 93.4m in length, 22m in ...
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Metrostar stalls delivery of Suezmaxes
Metrostar Management in Greece has further mitigated its exposure to a hefty newbuilding orderbook after the cancellation last year of 10 handysize bulkers at troubled South Korean shipbuilder Jinse. In the new move, the Theodore Angelopoulos-controlled group has negotiated delays to the last two units in a series of Suezmax ...
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Danaos delays newbuildings
Danaos Corp has delayed 15 newbuildings, and the owner reported a decline in quarterly profits that its chief executive still called "highly satisfactory." The New York-listed containership owner forged a deal with China Shipbuilding Trading Co to delay five 8,530 TEU boxships by 200 days per ship.Another deal with South ...
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HHI develops world's first WiBro shipyard
Hyundai Heavy Industries (HHI) is pushing to promote a digital shipbuilding yard by using WiBro, a wired and wireless communication service, at production sites for the first time in the world. HHI recently signed a contract with KT, Korea?s telecommunication service provider, at its Ulsan headquarters and agreed to complete ...
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Bergen Group reduces Swedish business
Bergen Group has decided to reduce the business in Landskrona, Sweden. The company Bergen Group Landskrona (Landskronavarvet AB) became a part of the Bergen Group as a consequence of the acquisition of Fosen. The company focuses on construction of ship hulls but only has work through the first half of ...
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More than 80 million GT with GL
With the classification of the gas tanker "MT Gaschem Nordsee", Germanischer Lloyd (GL) has passed the 80 million gross tons threshold. More than 6,870 ships are currently surveyed on a regular basis by GL and, as a result, the fleet in service for GL has grown by 10 million gross ...
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SAFEDOR project completed
SAFEDOR, the maritime research project on risk-based ship design and approval, has been concluded after four years of intensive study. Representatives from the 53 project partners of all sectors of the maritime industry and guests met recently at the IMO for the final conference. The maritime experts deal with theoretical ...
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Incat delivers Dover-Boulogne fast ferry
Tasmania-based shipbuilder Incat Australia has delivered a 112-metre high-speed catamaran to France?s LD Lines. The largest ever fast ferry to operate on the cross channel routes between England and France will enter service between Dover and Boulogne next month. Named ?MGC 66?, the newbuilding will be the first-ever freight-carrying, high-speed ...
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Korea unveils distressed ship fund
The South Korean government said it would provide Won4.7trn in loans to help build domestically-owned ships that are under construction or on order at local shipyards. The loans will be made available through state-owned Korea Export Import Bank and will be split between the shipyards and owners, with Won3.7trn going ...
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Nok Bong?s workout collapses
South Korea's troubled shipyard Nok Bong Shipbuilding's debt rescheduling procedure has ended on 23 April and it seems to file for court receivership. An official at Shinhan Bank, the shipbuilder's main creditor, said, "At the creditors meeting held on 23 April, the plan to delay redemption of the shipbuilder's debt ...
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Turkey climbs to 5th position
Due to projects implemented by the Turkish ministry of transport in the last 4 years to increase shipyard capacity, Turkey?s worldwide market share in shipbuilding has risen from 0.9% to 1.4% making Turkey 5th in shipbuilding behind Germany who occupies 4th place with a share of 3.6%. With these developments ...
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Cosco to cancel or delay orders
China's Cosco plans to cancel or postpone some of its vast portfolio of ship orders, scotching speculation that the state-controlled shipping line might be forced to increase its orderbook to support China's shipyards. The company, the world's biggest operator of dry bulk ships, recently announced its plans alongside results showing ...
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Japanese discount for extra orders
Some Japanese shipbuilders are reported to be accepting price cuts on existing newbuilding orders in exchange for owners ordering an extra vessel. The deals hinge on the fact that shipyards costs such as raw materials have come down, in particular steel which accounts for around 40% of the cost of ...
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Only nine orders in March
Amid global newbuilding order drought, just nine newbuilding orders were placed in March worldwide amounting to 0.2m cgt and 0.7m dwt . A total of 26 contracts of 0.5m cgt and 1.3m dwt have been reported in the first quarter 2009 which accounts for just 3% of those reported in ...
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Wärtsilä warns of order cancellations
Finnish marine engine maker Wärtsilä has reported ?51m ($68m) in engine cancellations from its ship power division during the first quarter 2009, and said a further ?1bn of orders could be axed. The Helsinki-listed company reported net sales growth of 46% to ?1.2bn and operating profit up 60% to ?130m ...
