The Shipbreaking Workers Union Gadani (SBWUG) called off their planned strike action on August 4 after reaching a deal, which includes a wage increase, with the employers association. The union earlier planned to start an indefinite strike on the back of a number of incidents at Pakistani yards, the
Shanghai-listed China Shipbuilding Industry Corporation (CSIC ) has signed a debt-for-equity swap agreement with eight state-backed investors worth up to RMB 21.9 billion (USD 3.28 billion). The shares to be sold relate to CSIC’s two subsidiaries, Dalian Shipbuilding Industry (DSIC) and Wuchang Ship
There is no incentive to order new ultra large containerships from a cost perspective right now, despite extremely low prices of newbuilding tonnage, according to Søren Skou, Chief Executive Officer of A.P. Møller – Mærsk A/S. The comment was made in an earnings call anent the CMA CGM 22,000-TEU meg
The second quarter of the year saw a total of 32 product tankers ordered as owners rushed to quench their thirst for newbuilding tonnage amid attractive asset prices. A total of 10 Handysize vessels and 22 Middle Range (MR) tankers have been ordered along with 18 Long Range (LR) 2 vessels, which cor
Taiwan’s shipping company Wan Hai Lines has decided to terminate a shipbuilding contract for eight feeder vessels, ordered from Japanese shipbuilder Naikai Zosen. The deal was cancelled due to changes in newbuilding rules and environmental regulations, Wan Hai said in a stock exchange filing. The co
India’s Cochin Shipyard has raised INR 14.4 billion (USD 224.8 million) from its initial public offering (IPO) after being listed in Bombay Stock Exchange and National Stock Exchange on August 11, 2017. The country’s Ministry of Shipping said that the company issued the IPO which was a combination o
Golar LNG, owner and operator of LNG carriers and FSRUs, together with its affiliates Keppel Shipyard and Black and Veatch, has entered into a deal to sell equity interests in Golar Hilli LLC to Golar LNG Partners. Upon closing of the deal, which is subject to meeting of certain conditions, Golar LN
UK-based maritime classification society Lloyd’s Register (LR) has joined the Quadriga sustainable shipping project, an initiative from Hamburg-based Sailing Cargo, which aims to build the world’s biggest sailing cargo ship. The project outlines a plan to build a 170-meter car carrier, capable of ca
Video Courtesy: Royal Caribbean Miami-based cruise company Royal Caribbean International has marked the official start of construction of its new Quantum Ultra-class ship by cutting the first piece of steel at the Meyer Werft shipyard in Papenburg, Germany. As disclosed, the newbuilding will be name
SITC Shipowning, a subsidiary of SITC International Holdings, has placed an order for four more containerships at South Korea’s shipbuilder Dae Sun. The company informed that it decided to exercise options for the construction of two container vessels, which were a part of an earlier placed vessel o
German shipbuilder MV Werften has launched construction work on a new hall complex, under an investment of some EUR 80 million (USD 93.8 million). The future shipbuilding complex, said to be one of the largest company investments in the region in the past decades, will be 385 metres long, 99 metres
The Center for Strategic Development will evaluate Russia’s demand for next-generation super-heavy nuclear-powered icebreakers for the purposes of freight transportation along the Northern Sea Route (NSR), The Arctic said. The survey has been ordered by Atomflot (Rosatom Flot), a company owned by th
The continuing delivery of containerships could affect the competitive dynamics, forcing some carriers to pursue increased market share, SeaIntel Maritime Analysis informed. The delivery of ultra-large tonnage will force especially COSCO and Evergreen to attempt to grow their market share significan
Italy-based shipping company Mednav Srl has denied broker rumors related to the order of two MR2 tankers. Namely, brokers’ data indicates that Mednav has ordered two 45,000 dwt ships at CSSC OME shipyard in China. Under the alleged deal, the company was to pay USD 34 million for each of the two newb
