Creditors of the financially troubled Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME), led by Korea Development Bank, have reportedly cleared the shipbuilder’s USD 4.47 billion-worth self-rescue scheme, Yonhap reports citing industry sources. As disclosed, the plan would see D
South Korean shipbuilding company STX Offshore & Shipbuilding Co. has received approval to go into court receivership, the Korea Times reports citing a local court ruling from today. The cash-strapped shipbuilder filed for court receivership with the Seoul Central District Court, on Friday, May 27th
After the Danish shipping giant Maersk Group said it would scrap more vessels in the coming years, the company’s plan to avoid European environmental law on ship recycling by flagging ships to non-EU flags was described as “undermining its credibility as a responsible ship operator” by the environme
Iran has been linked to shipbuilding orders worth up to USD 2.4 billion at South Korean yards, providing them with the much-needed boost as they scramble for new orders. Specifically, Islamic Republic of Iran Shipping Lines (IRISL) and oil producer Iranian Offshore Oil Co. (IOOC) are said to have re
The steel cutting ceremony of Seabourn Ovation, the second of two ultra-luxury vessels which Fincantieri is currently building for the shipowner Seabourn, a brand of Carnival Corporation, took place today at the shipyard in Sestri Ponente, Genoa. The sister ship, Seabourn Encore, is currently under
Classification society ABS has joined forces with Arista Shipping, Deltamarin, Technigaz (GTT) and Wärtsila in the ‘Project Forward’ joint development program (JDP) to develop a dry bulk carrier concept that employs LNG as fuel. Project Forward is led by Athens-based Arista Shipping. It began in May
Jinling Shipyard, a shipbuilding arm of CSC Sinotrans, has signed a construction contract with Shanghai-based Zhonggu Shipping for four 2,500 TEU container ships. The boxships will be designed by Shanghai Merchant Ship Design & Research Institute (SDARI) and will feature the latest energy-saving fea
Norwegian shipowner Ocean Yield ASA has taken delivery of the Pure Car Truck Carrier (PCTC) Höegh Trapper of 8,500 car capacity from Chinese shipbuilder Xiamen Shipbuilding Industry. After being delivered from the shipyard on Monday, the vessel commenced a 12-year “hell and high water” bareboat char
Prompted by difficulties in accessing new finance, shipyards are likely to reduce further the newbuilding prices in the tanker sector in the face of stiff competition between yards for new orders. The move is seen as the probable course of action aimed at inciting new investments especially on the b
In light of the overcapacity issue currently causing the majority of woes in the shipping industry, this year could be the busiest year on record in ship recycling, as the total amount of scrapped tonnage in 2016 is likely to increase to some 40 million dwt, compared to 30 million dwt which were dem
Despite a 20 percent capacity reduction and closure of over 500 shipyards, ordering levels for new ships are well below world capacity, Martin Stopford, Non-Executive President of Clarksons Research Services said while speaking ahead of the SMM maritime trade fair in Hamburg. As a result, shipyards
The Chinese Guangzhou Wenchong Shipyard has received an order for two 1,100 TEU feeder vessels from the US-based transporter Tropical Shipping. The two vessels are expected to join their new owner in July and September 2017, respectively, according to data provided by VesselsValue. The parties did n
Singapore-based Triyards Holdings Limited has formed a new shipbuilding and repair subsidiary in Singapore, according to the company’s announcement. Triyards’ wholly-owned subsidiary, Triyards Fabrication Services Pte. Ltd. (TFS), has been incorporated with a paid-up capital of USD 2 comprising of 2
International classification society Lloyd’s Register (LR) has issued an approval of principle (AiP) for Hyundai Mipo Dockyard (HMD) design for 6,600 cubic meter LNG bunkering vessel based on Zeebrugge LNG terminal requirements that could supply LNG to 20,000 TEU containerships. Compliant with the r
