Euro Banks to Increase Bad Shipping Loan Provisions by Quarter European banks need to increase their provisions for bad shipping loans by 25%, to EUR 7.3 billion (USD 9.25bn), according to the European Central Bank’s (ECB) year-long examination of the resilience and positions of the 130 largest bank
Seoul Central District Court has sentenced Kang Duk-soo, the founder and the former head of South Korea’s shipping and shipbuilding conglomerate STX Group, to six years in prison for a number of corporate crimes, Yonhap reports. Kang Duk-soo, who headed the group from 2003 to February 2014, was conv
Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines. The renewal was signed on the 66th anniversary of the signing of the licence by Diesel United for Sulzer low-speed ma
The CMA CGM Group will retrofit 10 of its vessels’ bulbous bows in order to continue improving its fleet’s energy efficiency and reduce environmental footprint. The bulbous bows exchanges that are performed within a week in repair yards’ drydocks reduce significantly the ship’s fuel consumption and
Compañía Sudamericana de Vapores (CSAV) has christened the first two out of seven 9,300 TEU container ships ordered at Samsung Heavy Industries. CSAV said that the latest additions, named Copiapó and Cautín will have the main engine fuel consumption approximately 7% less than the vessels received fr
The world’s biggest shipbuilder Hyundai Heavy Industries (HHI) recorded the worst quarterly net loss so far, amounting to USD 1.4 billion for July-September period. Growing competition from Chinese shipbuilders and slumping demand from European owners has brought HHI’s operating loss to 1.93 trillio
Archer Daniels Midland Company (ADM), a US-based specialist in grain processing, has taken delivery of the first new bulk carrier developed by Mitsubishi Heavy Industries, Ltd. (MHI) that uses air bubble lubrication system. MHI’s proprietary Mitsubishi Air Lubrication System (MALS) reduces frictiona
Drybulk operator Baltic Trading Limited has taken delivery of the Baltic Hornet, a 64,000 dwt Ultramax newbuilding. The Baltic Hornet is the first of four Ultramax vessels to be delivered to the company under previously announced agreements with Yangfan Group Co., Ltd. The Baltic Hornet is expected
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has won orders for three container ships with a total value of USD 466.4 million from an unnamed European shipowner, the company said in a Korea Exchange filing. The announcement comes one day after the company sealed the deal to build tw
American shipbuilder Vigor Industrial held a christening ceremony on Saturday, October 25th for its new drydock, the Vigorous. According to Vigor, the 960-foot vessel is the largest floating drydock in North America and opens Portland to new markets such as cruise ships and post-Panamax vessels. Two
India’s Cabinet Committee on Economic Affairs has approved the acquisition of a Polar Research Vessel for the Ministry of Earth Sciences at a total cost of Rs. 1051.13 crore (USD 171 million) within a period of 34 months. The Ministry of Earth Sciences felt necessary to have the country’s own polar
Some 124 vessels are expected to enter the oil tanker trading fleet in 2014, while 60 tankers were forecast to be sold for demolition or conversion, according to the latest report by McQuilling Partners. Through 3Q 2014, based on the forecast, 93 vessels should have delivered to the fleet and 60 tan
Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering (DSME) has won an order for two LNG carriers, worth a total of approximately USD 408 million. According to DSME’s filing to Korean Stock Exchange, the client behind this order is an unnamed European shipowner. The vessels are slate
Trieste-based shipbuilder Fincantieri and Vittoria Shipyard, located in Adria (Rovigo), specialized in naval vessels, and cargo ships up to 100 meters in length, signed a cooperation agreement during the 24th edition of Euronaval. The agreement was signed by Paolo Frino, Senior Vice President After
