South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) said that it would not be selling off its defense ship business. The move was considered in May 2016 as part of the company’s cost cutting measures aimed at restoring financial liquidity. “In order to normalize the business,
Over the past four months owners have been busy ordering new tankers, keeping the crude oil tanker fleet expansion on course for a six-year-high, measured in DWT, BIMCO said. However, the fleet growth percentage is down from last years’ 5.9%, to 4.7% for the full year of 2017. The order book include
Pakistan’s Gadani yards could start receiving tankers, with more stringent requirements, from next month, GMS, a cash buyer of ships for recycling cited market rumors. So far, Pakistan has only been able to focus on dry units, including containers, whilst the embargo on wet units remains in place fo
Chinese shipbuilder Jiangsu New Yangzijiang has reportedly won an order for up to six Panamax bulkers from Greek shipowner Angelakos Hellas. The order, placed on August 25, includes four firm 82,000 DWT bulk carriers and options for two additional newbuilds, data from VesselsValue indicates. The Pan
The current order book for bulk carriers stands at 60.4 million DWT, which is the lowest in 13 years, based on the data from BIMCO shipowners’ association. Despite the market turmoil stemming from hectic activity in the sales and purchase market, the ordering activity remained subdued for some time.
Swedish ferry company Stena Line has held a steel cutting ceremony for the first of four RoPax vessels ordered in China. The steel cutting was held at the AVIC Weihai Shipyard on August 25, 2017. The vessels have a planned delivery timetable during 2019 and 2020 with Stena having an option to order
Video Courtesy: Teekay Teekay has held a triple naming ceremony for its new shuttle tankers at the Samsung Heavy Industries (SHI) shipyard in South Korea. Beothuk Spirit, Norse Spirit and Dorset Spirit were officially christened and named on August 25. Once delivered, the shuttle tankers will be ope
Wes Amelie, the world’s first containership retrofitted with a liquefied natural gas (LNG) engine was launched on August 23, 2017. Since May 2017, the 1,000 TEU feeder, owned by Wessels Reederei based in Harem/Ems, has undergone an LNG engine conversion at the German Dry Docks in Bremerhaven. Wes Am
Bahri Dry Bulk Company, a majority-owned subsidiary of the National Shipping Company of Saudi Arabia (Bahri), has inked contracts with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of four bulk carriers. Bahri said that the total price tag for the four newbuildings is
South Korean shipbuilder Samsung Heavy Industries (SHI) has sealed the order for two Suezmax-size DP2 shuttle tankers with Teekay Offshore Partners (TOO). The shipbuilder said today in an exchange filing that it has signed a sales and supply contract with Teekay for the tanker pair. The contract, wo
Dutch shipbuilder Ferus Smit has launched Symphony Spirit, the fifth in a series of six vessels that will be delivered to compatriot company Symphony Shipping. The launching of the general cargo vessel took place on August 25 in Leer, Germany. The 10,500 dwt Symphony Spirit has a hold volume of 429,
Due to insufficient workload, South Korean shipbuilder Hyundai Heavy Industries (HHI) has been faced with over 5,000 of idle workers. As a result, the company has asked its union to convince the workers to take an unpaid leave starting September, the Korea Times reports citing a statement from the c
Austal Philippines, part of Australian shipbuilding group Austal, has received the fifth high-speed commercial ferry order in just over twelve months. Namely, VS Ferries Corporation of Samar in the Philippines has awarded an AUD 5.5 million (USD 4.3 million) contract to Austal for the construction o
Switzerland-based cruise line MSC Cruises and Italian shipbuilder Fincantieri have celebrated the float out of MSC Seaview, the second of two identical ships in the Seaside generation. The ceremony took place on August 23 at the Monfalcone shipyard in Italy, where the ship is being built. MSC Seavie
