South Korea’s Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, racked up KRW 1.36 trillion (USD 1.13 billion) in net loss, a 38.2 % drop from a year earlier when HHI posted KRW 2.21 trillion loss. HHI’s sales reached KRW 46.2317 trillion, 12.1 % decline from the previous year while o
The fifth in a series of eight Handysize 35,000 dwt bulk carriers, being built at Chinese Jiangdong Shipyard, has been delivered to an undisclosed owner. The newbuild vessel, named M/V North Star, was delivered to the owner following the bulker’s sea trials. M/V North Star departed the shipyard on F
International certification body and classification society DNV GL has entered into a bilateral framework agreement for cooperation with the Russian Maritime Register of Shipping (RS). DNV GL’s Maritime CEO Knut Ørbeck-Nilssen and Konstantin Palnikov, Director General of RS, signed the cooperation a
January was a very slow month for South Korean shipbuilders as the country’s big three failed to book any new ship orders, Yonhap reported citing industry sources. As disclosed, this is the first time that no orders were received in January, despite the fact that this is typically a very slow month
Japanese shipbuilder Mitsui Engineering & Shipbuilding (MES) has cut the financial forecast for fiscal year ending March 31, 2016 due to losses in both consolidated and non-consolidated financial results during the 3rd quarter ended December 31, 2015. The forecasts were downgraded amid losses of JPY
Sweden’s tanker shipping company Stena Bulk has decided not to exercise an option to order two MR tankers at CSSC Offshore & Marine Engineering (CSSC OME) in Guangzhou. The company spokesperson told World Maritime News that the decision was made following a conclusion that the current number of ship
South Korean shipbuilder Samsung Heavy Industries (SHI) posted a KRW 1.2 trillion (USD 998 million) net profit loss for the financial year ending December 31st, plunging from last year’s KRW 147 bn profit. The company’s operating profit loss dropped to KRW 1.5 trillion against KRW 183 billion profit
Spanish shipping company Baleària has signed a contract with LaNaval Shipyard to build a liquefied natural gas and solar-powered ferry. Scheduled to start operations in 2019, the ferry will be the largest operating in the Mediterranean and among the largest in the world, the company said. The announ
The Indian government has called for the expression of interest from merchant bankers to manage the initial public offering of Cochin Shipyard’s shares, the government said. Under the sale, the Indian government will relinquish its 10 percent stake in the shipyard in order to raise funds for infrast
Turkish shipping company Atlantis Tankers Group and its management company Armona Denizcilik AS have ordered EX-approved ballast water treatment system (BWTS) for ten vessels from Norway-based BWTS firm Optimarin. The vessels include two newbuilding and eight existing vessels in the Turkish managed
Japanese shipbuilder Mitsui Engineering and Shipbuilding is setting up a business section within its Ocean Business Promotion Department that will be engaged in Floating Production, Storage & Offloading vessels (FPSO) chartering businesses. The new business arm is becoming effective February 1 and w
If dry bulk ship-owners collectively removed half of all capesize ships over 12 years old, equating to around 20 million dwt of capacity, it would enable earnings to return to profitability by 2018, according to the latest estimates from Drewry. The shipping consultancy believes that dry bulk shippi
French marine engineering company Gaztransport et Technigaz SA (GTT) has not been notified of an inquiry into its commercial practices reportedly launched by the Korean Fair Trade Commission, the company said in a comment to market rumors. Korean media said that GTT was being investigated by the Com
The American Maritime Partnership (AMP) disagrees with the findings of the recent report published by the Alliance for Innovation and Infrastructure’s (Aii) entitled Jones Act: Protectionism v. Global Trade. The report called the Jones Act outdated, especially as the United States is entering new gl
