News

According to Germanischer Lloyd, maintenance costs represent nearly 20% of all shipping operational costs. Independent sources say that expenditure on repairs and maintenance has increased lately across all vessel categories. In respect…

An EU-funded program of research, led by BMT Group, is evaluating the effectiveness of ship evacuation models. Named Safeguard, the project is addressing requirements recently highlighted by the IMO Fire Protection Sub-Committee,…

The new version of MAN Diesel's 28/33D engine boasts an improved design and is available in 12-, 16- and 20-cylinder versions, with respective power outputs of 5,460, 7,280 and 9,100 kW. With…

Headquartered in Germany, DVB Bank AG predicts that the next several years will be tough for shipbuilders across the world and only the fittest would survive. Geir Sjurseth, the managing director and…

Brazil's state-owned oil company Petrobras recently met with South Korean shipbuilding-related delegate, comprising Kim Tae-ho, the governor of South Gyungsang province and officials from four shipbuilders in the province, in Rio de…

The two Russian-owned shipping companies Aqueda Shipping Limited and Mariora Shipping Limited have not achieved funding for the construction of two advanced trawlers within the time that was agreed in the contract…

Taiwan's largest shipbuilder CSBC Corp said it would take a harder stance toward shipowners seeking to delay deliveries. CSBC was hard hit by newbuilding delivery delays in the first seven months this…

South Korea's SLS Shipbuilding could suffer a further blow to its orderbook if Stolt-Nielsen decides to cancel its remaining two 44,000-dwt chemical tankers on order due to continued delays in construction of…

THE German government has approved, in principle, the loan guarantees of ?1.2Bn for Hapag Lloyd last week, a move that is required to ensure the continued viability of the German carrier. The…

Ethiopian Shipping Lines (ESL) is placing a newbuilding order at China's Taizhou Kouan Shipbuilding. Sources say the national shipping company has inked a letter of intent for a series of multipurpose (MPP)…

Norway's SeaMetric has cancelled the orders for two heavy transport vessels in China because construction of the vessels has suffered significant delays.SeaMetric has been building the two vessels at the China Petroleum…

Ow Chio Kiat, executive chairman of the Singapore Shipping Corporation (SSC), has signed an agreement to market a new fuel-efficient technology to 10 shipping lines for the Singapore-based Neftech.Up to 1,200 ships…

CMA CGM may soon need to pay a heavy price for the aggressive expansion program it has undertaken as it seeks to reduce its estimated $5.6Bn debt burden. The French company announced…

Japan's Namura Shipbuilding has completed its first VLCC, the 'Atlantic Pioneer', and delivered it to Mitsui OSK Lines (MOL). With this delivery, Namura has achieved its long-cherished ambition to enter the VLCC…

Hyundai Mipo Dockyard is said to have received an order for the construction of two 1,000-teu containerships from a Greek shipowner. No price or delivery dates have been announced. The South Korean…

Bulgarian owner Navibulgar has cancelled a contract for a handysize bulker at the domestic Varna shipyard. Industrial Holding Bulgaria (IHB), which controls Varna through its Bulyard subsidiary, said the deal for hull…

Italian state-owned shipbuilder Fincantieri, which is already struggling with declining workloads, faces another setback with industry sources suggesting Oceania will not exercise an option for a third cruiseship. Two years ago, Oceania…

Industry sources claim that South Korean top shipbuilders have not given the Israeli shipping company Zim approval to delay boxship deliveries by two to five years.They say both Hyundai Heavy Industries and…

Tanker market is expected to see further oversupply of Suezmaxes in the years ahead according to a report from Frankfurt-based DVB banking group.The surplus of Suezmaxes is reportedly projected to exceed 100…

Sembcorp Marine's subsidiary Jurong Shipyard has delivered a second ultra-deepwater semi-submersible rig, the Ocean Valor (previously PetroRig II), on schedule to Diamond Offshore Drilling Limited. Diamond Offshore Drilling Limited acquired from PetroRig…

COSCO International Ship Trading Co., Ltd. has agreed with COSCO (Zhoushan) Shipyard on the cancellation of their contracts for two 5,000-unit pure car and truck carriers (PCTCs).The PCTCs are the third and…

The International Chamber of Shipping (ICS), based in London, has reaffirmed its commitment to developing a consensus among shipowner organisations over emissions reduction schemes, despite growing criticism. In a recent press release,…