Month: April 2009

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…

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…

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,…

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.…

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…

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…

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…

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…

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…

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…