Struggling South Korean yards exhibiting at this year’s Posidonia event in Greece seem to be on a roll over the past few days as they clinch the badly-needed new orders. One of those shipbuilders is certainly Sungdong Shipbuilding & Marine Engineering Co. (Sungdong), which has won its first order fo
The Netherlands-based shipbuilder Ferus Smit launched yesterday a newbuilding Arklow Cadet for a shipping company from Ireland, Arklow Shipping. The vessel was launched at the Westerbroek yard near Groningen. Arklow Cadet is the first vessel in a series of ten that will be delivered to the abovement
John Fredriksen’s oil tanker giant Frontline Ltd. revealed today that it has acquired two VLCC newbuildings under construction at Hyundai Heavy Industries at a purchase price of USD 84 million each. The vessels are due for delivery in September and November 2016. The company has also secured options
Business seems to be thriving for regional ship repair operators participating in this year’s Posidonia Exhibition, in particular for shipyards from Turkey and Portugal which have used the event to seal several business deals. “We have concluded three major deals during the first two days of Posidon
Classification society DNV GL has launched a joint industry project LPGreen for the design of a next generation LPG carrier, with partners including Hyundai Heavy Industries (HHI), Wärtsilä, MAN Diesel & Turbo and Consolidated Marine Management (CMM). The project aims to develop a safer vessel for t
Two Ukrainian sailors have been found dead on board a Maltese-flagged ship that arrived for maintenance on Wednesday to Istanbul’s Desan shipyard. The two sailors, both reported to be in their mid-thirties, were found dead in their rooms, according to the ship’s captain, Turkish daily the Hurriyet w
Maran Tankers Management (MTM) and Maran Gas Maritime, oil tanker and gas shipping units of the Angelicoussis Shipping Group Limited (ASGL), have placed an order for four new ships with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME). Based on the terms of the contract sig
Greek company Helengi Engineering has debuted its LNG bunker feeder vessel Amaltheia at the exhibition Posidonia 2016 being held in Athens, at the same time when Greece is said to be entering the ‘LNG era in the Med and Aegean’. The vessel is designed and engineered by the company in collaboration w
Dutch shipbuilder Ferus Smit has delivered MV Ireland, the second LNG-powered cement tanker to its owner, JT Cement, a joint venture between Swedish shipping company Erik Thun AB and KG Jebsen Cement from Norway. Prior to its delivery, the vessel underwent a program of trials and tests in which the
As the shipping industry continues sailing in a sluggish market, the shipowners are weighing the decision whether to buy ships while the prices are still low, it was said during the shipping exhibition Posidonia, taking place from June 6 to 10 at the Athens Metropolitan Expo. Seven shipowners, which
Offices of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) were raided Tuesday by the country’s prosecutors within an accounting probe. Some 150 officials have reportedly seized computer hard drives, accounting books and documents from DSME’s headquarters in Seoul an
South Korea is launching a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks intended for the country’s ailing shipbuilding and shipping industries, the government announced on Wednesday. The banks being targeted by the fund are Korea Development Bank (KDB) and the Export-Import Bank
After it received approval to carry out its self-rescue plan from creditors, the South Korean shipbuilder Hyundai Heavy Industries (HHI) said that it intends to implement a KRW 3.5 trillion (USD 3.02 billion) worth management improvement plan by 2018. In an effort to rebuild trust in the market, imp
China’s shipbuilder Jiangsu Hantong Ship Heavy Industry Co.,Ltd. (HT) held a naming and delivery ceremony for its first 38,000 dwt chemical stainless steel tanker on June 6. The tanker, which was named SC Aquarius, was built for Hong Kong-based shipping company Goldwin Shipping. In late May the vess
