Latest News – Page 804
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Hanwha's Daewoo deal turns sour
The 6.3 trillion won deal to sell a controlling stake in Daewoo Shipbuilding & Marine Engineering to Hanwha Group collapsed yesterday on differences over payment terms. Korea Development Bank decided to scrap the planned sale after Hanwha insisted on easing of the initial payment schedule. "We came to the judgement ...
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China rescues endangered yards
Shipbuilding has been identified as one of ten mainstay industries that the Chinese State Council will pump urgent cash into in order to stave off disaster, local media has reported. China has made plain its aims to be the largest shipbuilder by 2015 and has a huge raft of new ...
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Davie Yards client loses credit line
The Quebec-based shipbuilder Davie Yards Inc has been advised by its largest client, Cecon ASA (Cecon), that it has received a notice of cancellation of its $200 million senior secured credit facility from the participating lenders and DnB NOR Bank ASA as agent. As a result, Cecon has advised that ...
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SCI puts new orders on hold
State-run Shipping Corp of India (SCI) has put orders for new vessels on hold till March although its long-term plan to buy 40 vessels by the end of 2011 is still on track according to Chairman and Managing Director S. Hajara. "We have decided not to order till March but ...
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MISC halves tanker order
Malaysia's largest shipping company, MISC Bhd, has halved its orders of chemical tankers to be built by South Korea?s SLS Shipbuilding from eight to four vessels. MISC said the revision was mutually agreed between the company and SLS after amicable negotiations. MISC did not reveal the final contract sum for ...
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Japan newbuilding export orders plummet
Japan received orders for export ships totalling 274,970 cgt in December, down 91.1% from the same month a year ago according to figures released by the Japan Ship Exporters? Association. It is the third consecutive monthly decline in export gross tonnage for Japan. The decline follows export orders that fell ...
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Jurong completes first Larsen semisub
Named Petrorig I, the first unit of a series of four Larsen Oil & Gas ultra-deepwater semi-submersible drilling rigs on order with Sembcorp Marine?s subsidiary Jurong Shipyard in Singapore, has completed its turnkey construction within schedule and is well on track for her maiden assignment in the Gulf of Mexico.The ...
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UK shipping company put into administration
Coastal Bulk Shipping, based in Rochester, UK, has ceased trading at the end of December 2008. The company operated a fleet of 13 vessels (between 1,200 dwt and 2,250 dwt) and employed 90 sea and shore staff. Its ships operated under the British flag. Managing Director Tim Lowry cited problems ...
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New SNAME book
The latest research developments covering aspects of ship powering prediction and the performance of ?unconventional propulsors? are highlighted in Marine Powering Prediction And Propulsors, now available from the Society of Naval Architects and Marine Engineers (SNAME). Written by Neil Bose, Professor of Maritime Hydrodynamics and Manager of the Australian Maritime ...
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LR advises on ship recycling
Speaking at the Ship Recycling Forum in Dubai yesterday (January 19), Lloyd's Register?s Robin Townsend explained to delegates just how the new standard for ship recycling, ISO 30000, can help meet the challenges facing the ship demolition industry once the new IMO International Convention for the Safe and Environmentally Sound ...
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Odense shipyard alters course
The board of Odense Staalskibsv?rft A/S in Denmark has agreed on a new business model and has confirmed that it will continue building ships at Lind?, but at the same time the board is completely aware that new conditions require new solutions. In the new business model, Lind? is changed ...
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Chouest confirms acquisition of Tampa Shipyard
Edison Chouest Offshore has assumed management and operation of its recently acquired Tampa Bay Shipbuilding and Repair, now known as Tampa Ship LLC.yard. The Tampa shipyard is a full service conversion, overhaul and repair facility that was previously owned by a group associated with Mobile, Alabama-based Bender Shipbuilding and Repair. ...
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Alang scrapyards booming
The global slump in the shipping industry is turning out to be a boon for the ship breaking industry in Alang, according to local industry sources, around 100 ships have been beached for dismantling in the last two months and the trend is likely to continue because of global recession. ...
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Compact device claimed to cut NOx, SOx, PM and CO2
Ecospec Global Technology Pte Ltd (Ecospec), a research and technology company specialising in advanced water and oil treatment technologies, has developed a new green technology for the shipping industry which it believes will appeal to both shipowners and regulators and in the process, remove pollutants that contribute to global warming ...
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Gloomy forecast for dry-bulk shipping companies
Pacific Basin Shipping Ltd., Hong Kong?s biggest operator of commodity vessels, expects more shipping companies to fail after the global recession caused freight rates to plunge 92 % last year. "More dry-bulk companies may fall," Deputy Chief Executive Officer Klaus Nyborg said. "The market change was so sudden and so ...
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Korea supports shipyards
The Export-Import Bank of Korea (Korea Eximbank) Chairman Chin Dong-soo said the state-run lender would come to the rescue of struggling shipbuilding companies. "I've recently been asked why Korea Eximbank doesn't offer loans to the nation's small- and medium-sized enterprises,'' Chin said at a press conference held at the Bankers' ...
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'Big 3' lower annual order target
The three major South Korean shipbuilders, commonly referred to as the ?Big 3,? are thought to be lowering annual targets despite their top technical skills because of tightened conditions in the global shipbuilding business. Samsung Heavy Industries disclosed that it planned to win $10 billion worth of orders for vessels, ...
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NASSCO delivers tanker
U.S. Shipping Partners L.P. announced that its joint venture for the construction of five U.S. flag product/chemical tankers took delivery of the product tanker 'Golden State'. The joint venture is owned by U.S. Shipping Partners and third parties led by affiliates of The Blackstone Group. The 184.60 metre long newbuilding ...
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Chinese yard enters boxship market
CSC Chongqing Dongfeng Shipbuilding Corporation and an undisclosed US shipowner signed a contract for the construction of a 4,368TEU containership. The contract is for a 106.68 metre-long ship with a 20.6-metre beam, 5.8-metre depth and 4.2-metre draught. This newbuilding will be the first Dongfeng-made ship to officially enter the international ...
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Damen launches twin ferries
Damen Shipyards Gorinchem has completed two Damen Fast Ferries 4212 at the Afai Southern Shipyard in China. Singapore-owned Bintan Resort Ferries ordered both catamaran ferries which have been named ?Wan Sendari? and ?Wan Seri Beni?. Sea trials for both vessels are planned in the second half of January 2009. After ...
