Nicaragua Canal Construction Works Poised to Start in August The construction on the fuel terminal and a ship wharf within the USD 50-billion Nicaragua canal project is set to start in August, Bloomberg reports citing the project con… Read More US-Built Fleet Much Older than Global Fleet due to Jone
Korea Exchange-listed shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) has reported a lower full-year loss following an audit of the company’s financial figures. The company said in an exchange filing today that its full-year loss for 2015 was cut to KRW 3.31 trillion (USD 2.83 b
South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) has sealed a deal with its creditors on the shipbuilder’s self-rescue plan that will see the two parties enter joint management of the company. However, the agreement, set to enter into force in the coming month and a half, sti
The Sanna stands tall as it boasts its freshly painted hull following completion of maintenance and survey works at Dutch shipbuilder Damen. The bulker was refitted within a project that included four bulk carriers recently bought at auction by Dutch shipping company CN Bulkers. The vessels ranging
Gdansk-based shipyard Remontowa Ship Repair Yard received a contract to upgrade two Spirit-Class ferries to dual fuel so they can operate on LNG for Canadian ferry operator BC Ferries. Under the USD 140 million contract, beginning in the fall of 2017 and completing in the spring of 2019, the shipyar
Italian cruise ship builder Fincantieri has delivered today at its shipyard in Ancona the Viking Sea, the second of six cruise ships Viking Ocean Cruises has ordered from the yard. Viking Sea, as its sister ships, is placed in the small cruise ship segment as it features a gross tonnage of about 47,
Oslo-listed shipowner and dry bulk transporter Pioneer Marine has cancelled newbuilding contracts for five Green Dolphin 38,400 dwt Handysize bulkers following a mutual agreement with Chinese Yangzhou Guoyu Shipyard. The company opted for the move due to an “unprecedented downturn in drybulk freight
Shanghai-listed shipping company China Merchants Energy Shipping (CMES) has placed an order for ten VLOCs at three compatriot yards. Eight 400,000 dwt VLOCs will be built by Shanghai Waigaoqiao Shipbuilding (SWS) and Qingdao Beihai Shipbuilding Heavy Industry, four each for a total of USD 680m, wher
Being the most profitable shipping industry at the moment, tankers are expected to experience a further rise in the third and fourth quarters of 2016, however, according to IHS Maritime & Trade, the tanker industry could have already seen its peak. Namely, significant growth of the tanker fleet was
Japanese LPG company Astomos Energy held a naming ceremony for its newest very large gas carrier which will be able to sail through the expanded Panama Canal, according to Platts. The 47,300-ton ship, named VLGC Sumire Gas, was built by Kawasaki Heavy Industries. The ship will enter a time-charter u
The US Port of New Orleans is considering the purchase of an abandoned shipbuilding yard Avondale, the port confirmed, which might result in converting the yard into a terminal. The facility was put up for sale in August 2015, after US shipbuilder Huntington Ingalls Industries and Kinder Morgan aban
U.S. shipbuilder Philly Shipyard, formerly known as Aker Philadelphia Shipyard, reported a net income of USD 17.4 million, a slight increase from a net income of USD 13.6 million seen in 2014. During the year the company’s operating revenues reached USD 286.3 million, mainly due to continued progres
With 12 weeks of 2016 now over, the dry bulk market is still looking bleak, BIMCO says, seeing that the current low demand for transportation of commodities continues. The market is doing what it can by scrapping old ships and restraining from ordering new ones despite 12-year low newbuilding prices
South Korean shipbuilder Hyundai Heavy Industries (HHI) signed a joint project with US-based technology conglomerate General Electrics (GE) and international classification society Lloyd’s Register (LR) to develop gas turbine powered, electrically driven, 14,000 container ship design. Gas turbines a
