All Motorship articles in Web Issue – Page 845
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News
Shipbuilding capacity the culprit
It?s not the owners? fault, it?s the yards who are to blame for the likely prolonged downturn in shipping said Arthur Bowring, md of the Hong Kong Shipowners Association. Speaking at the final session of TradeWinds? Shipping China Energy conference, Bowring said: "The problem is not the excess shipbuilding orders. ...
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CSAV survival hangs on cancellation of orders
The survival of embattled Chilean shipping group CSAV could rest with South Korean shipbuilder Samsung Heavy Industries after German owners attending crisis talks in Hamburg last month attached conditions to a rescue plan. International efforts to save the line depend in part on the cancellation of an order for four ...
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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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NYC BEDC invites bids for sludge ships
The New York City Department of Environmental Protection, Bureau of Engineering Design and Construction (BEDC) has released invitation to submit sealed bids for the construction of three identical 140,000 cu. ft. self-propelled sludge ships to service its Newtown Creek Water Pollution Control Plant in Brooklyn, NY. The bid package includes ...
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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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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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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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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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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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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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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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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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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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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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Japanese to help modernise Russian shipyard
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 diversified corporations, to implement a feasibility study on constructing large-size LNG carriers at the shipyards of an OPK ...
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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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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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ExxonMobil tenders for five LNG carriers
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 tender for vessels of between 150,000 cbm and 180,000 cbm. Four or five ships will be required, depending ...
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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 ...
