South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) plans to slash its workforce by 12,000 to 30,000 by 2019 within its cost cutting measures. “We are planning to reduce the number of employees to a similar level to 2009 and 2010 when management efficiency was the highest,” DS
Athens-based dry bulk specialist Paragon Shipping has decided to sell all of its six dry bulk vessels to unnamed third parties as it aims for a full and final settlement of the outstanding amount of the company’s debt. The vessels in question are the M/V Coral Seas, the M/V Golden Seas, the M/V Pros
With an aim to boost shipbuilding in the country and attract investment in its maritime industry, the Government of Panama has presented a new bill dedicated to the development of the mentioned industries, the Panama Maritime Authority (AMP) informs. The bill focuses on fulfilling the country’s need
Hamburg-based shipowner Hammonia Reederei and Intermarine, a charterer from New Orleans, have launched a retrofit project on 3 vessels featuring multiple efficiency technologies. The project is expected to enable 25% fuel savings per each vessel that will be shared among the two partners. Carbon War
The economies of scale that have been a key feature of the liner industry, may be running out, shows Drewry’s study of the operational and financial impacts on lines, terminal operators, ports and other supply chain stakeholders as vessel size increases up to and beyond 18,000 teu. Since 2009, leadi
Six people have been arrested by Argentinian authorities over fraud allegations of public funds linked to the country’s shipbuilder Rio Santiago Shipyard (ARS). According to La Prensa, the arrested are former government officials and executives, including the former chairman of the yard Hector Scavu
UAE-seated logistics group Tristar is taking over the Abu Dhabi’s Emirates Ship Investment Company (ESHIPS) from Egon Oldendorff GmbH & Co. KG, a part of German dry bulk company Oldendorff Group for USD 90 million. Under the terms of the agreement, Tristar will acquire a fleet of seven ocean going c
Damen Shiprepair Dunkerque has been very busy with a major refit and rebranding project on DFDS Seaways’ ferries. Five vessels have been completed until now and two ferries, the Calais Seaways and Malo Seaways remain at the Dunkirk-based repair yard for final works. In just three weeks, three of DFD
Belgian LNG and LPG carrier owner and operator Exmar NV said that a liquefaction and storage deal for the delivery of a floating liquefaction unit (FLNG) has been terminated by a Canada-based oil and gas company Pacific Exploration and Production (PEP). Under the contract, which was signed in March
The first 3 months of 2016 are shaping up to be the busiest quarter on record for bulk carrier demolition as owners fight to restore balance in supply-demand capacity, data from Clarksons Research shows. In the first 9 weeks of the year, 120 bulk carriers of 10.1m dwt have been reported sold, a pace
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) posted a KRW 5.13 trillion (USD 4.3 billion) worth loss for the full year of 2015. DSME’s sales fell by 23% when compared to the previous year standing at KRW 12.97 trillion and the company’s operating loss amounted to
Canadian shipowner and operator Fednav has ordered four more dry bulk carriers from a Japanese shipbuilder Oshima Shipbuilding, according to Clarksons Platou Shipbroking. Under the contract, the shipyard will construct four 34,500 dwt bulkers which will be fitted to operate on the Great Lakes of Nor
Image Courtesy: DSME In today’s spotted we present you with the floating liquefied natural gas (FLNG) being built for the Malaysian oil and gas company Petroliam Nasional Berhad (Petronas). The vessel was named PFLNG Satu at Daewoo Shipbuilding & Marine Engineering (DSME) yard in Okpo, South Korea,
Malaysia-based offshore services provider Bumi Armada Berhad has decided to take legal action against the Australian oil and gas company Woodside following a notice to terminate the charter contract for the company’s Armada Claire floating production storage and offloading (FPSO) unit. In a recent s
