News

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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,…

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…

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…

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…

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…

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.…

Three Japanese companies, Mitsubishi Heavy Industries, Ltd. (MHI), Nippon Yusen Kabushiki Kaisha (NYK Line) and Mitsui & Co., Ltd., have signed an agreement with United Industrial Corporation (OPK), one of Russia's largest…

ExxonMobil has sent out tender documents to shipowners and yards for up to five LNG newbuildings to serve its Papua New Guinea (PNG)-based liquefaction project. Shipbuilding sources say they are reviewing a…

During a Transportation Safety Board of Canada accident investigation, the agency found that safety significant information is often no longer kept on a vessel due to a change in management. The Board's…

Orders for new ships tumbled 45.2% to the equivalent of 6 .7 million cgt in fiscal 2008, according to data released by the Shipbuilders' Association of Japan. With shipping firms less willing…

Kanasashi Heavy Industries in Japan, which filed for court protection under Japan's Corporate Rehabilitation Law, will continue for the time being to construct the three newbuildings currently being outfitted, and two ships…