South Korea’s Big Three shipbuilders have cut their joint workforce by some 3,000 workers during the first half of the year as the shipbuilding industry was hit by global oversupply and lack of demand, Yonhap News Agency reported. Namely, the country’s shipyards Hyundai Heavy Industries (HHI), Samsu
South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering (DSME) has returned to the red as it reported a net loss in the second quarter of 2016 at KRW 1.2 trillion (USD 1 billion), compared to a net profit of KRW 31.4 billion seen in the first quarter of the year. The company’s net
Greek tanker owner and operator Tsakos Energy Navigation (TEN) has taken delivery of the Aframax crude tanker Thomas Zafiras from Romania-based shipbuilding company Daewoo Mangalia Heavy Industries (DMHI). The 112,700 dwt vessel will immediately enter a long term charter contract with oil and gas ma
Less than a week after it sold one of its oldest vessels, the crude oil shipping company Gener8 Maritime managed to reach an agreement to sell another oldie for a price of USD 28 million, according to data released by VesselsValue. The vessel in question is the 2001-built Very Large Crude Carrier Ge
China’s shipbuilder Jiangsu Hantong Ship Heavy Industry held a steel cutting ceremony for a 38,000 dwt stainless steel chemical tanker being built for its compatriot shipping company Sinochem Shipping. The steel cutting, conducted on August 8, was for a vessel classified by LR and CCS, the shipbuild
German shipping company Marlink Schiffahrtskontor has placed an order for six Feedermax vessels with an option for another six ships at China’s shipyard Fujian Mawei Shipbuilding, according to data provided by VesselsValue. Five containerships from the batch, with a capacity of 1,162 TEU, are schedu
Florida-based shipping company Crowley Maritime Corporation took delivery of MT West Virginia, the fourth new, Jones Act product tanker built by Philly Shipyard (PSI) in Philadelphia. The company is scheduled to christen the LNG-ready product tanker, designed by South Korean Hyundai Mipo Dockyards (
Norwegian shipbuilder and ship designer Vard Holdings Limited (VARD) has confirmed that contracts for the construction of four luxury expedition cruise vessels for French cruise company Ponant have become effective. In March this year, the two companies signed a Letter of Intent that was subject to
Greece-based tanker owner and operator Top Ships has taken delivery of its sixth and final newbuild vessel, the 50,000 dwt fuel efficient ECO MR product tanker M/T Nord Valiant. The ship, which features a length of 183.1 meters and a width of 32.2 meters, was constructed by Vietnam’s Hyundai Vinashi
Norwegian RoRo shipping company Höegh Autoliners concluded sea trials on its fifth Pure Car Truck Carrier (PCTC) in the New Horizon class series on August 9 in Xiamen, China. New Horizon hull 462E is part of a series of six Post-Panamax vessels that Höegh Autoliners will take delivery of within this
A total of 182, out of 212 end-of-life ships which were sold for breaking in the second quarter of 2016, ended up on the South Asian beaches, according to the data collected and analysed by the NGO Shipbreaking Platform. This represents 86 percent of end-of-life vessels which reached the shores of
In an effort to attract investments into the Malaysian shipbuilding and ship repairing industry, the country has decided to introduce new incentives for the sectors, according to the Malaysian Ministry of International Trade and Industry. The incentives would provide new companies with either a Pion
Excess shipyard capacity and a slowing but still considerable orderbook are the negative factors overhanging brighter prospects for shipping demand growth, according to Maritime Strategies International (MSI). MSI has forecast a structural change to future shipping cycles, “with shorter, sharper cyc
Chemical shipping company Navig8 Chemical Tankers Inc. has expanded its fleet with its newest addition, the 25,000 dwt stainless steel chemical tanker Navig8 Sky. The newbuilding was delivered from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. Navig8 Sky is the second of six vessels contracte
