Finland’s largest shipbuilder Meyer Turku is getting an €80 million ($85 million) financial lifeline from the Finnish government to overcome liquidity challenges caused by the ongoing geopolitical situation caused by Russia’s war in Ukraine. The European Commission approved the recapitalization meas
Dutch shipping company De Bock Maritiem has signed contracts for the construction of two diesel-electric seagoing vessels that will enable the company to halve its CO2 emissions. The 3,600-tonne vessels were designed by the Dutch Conoship International and they will be built by the Holland Shipyards
South Korea’s defense and energy conglomerate Hanwha Group has signed a $1.5 billion deal for the acquisition of a controlling stake in compatriot shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME). The troubled shipbuilder has been controlled by the state-run Korea Development Bank (KDB)
Japanese shipping major Kawasaki Kisen Kaisha (K Line) has entered into bareboat and time charter contracts with Northern Lights JV DA for two 7,500 m3 liquefied CO2 ships under construction in China. China’s Dalian Shipbuilding Industry Co. (DSIC) launched the construction of the two LNG-powered, w
Guangzhou Yuanhai Car Carrier Transportation, a joint venture recently set up by Cosco Shipping Specialized Carriers, SIPG Logistics and Anji Logistics, has placed an order for six 7,500 CEU dual-fuel LNG car carriers. The vessels will be built by Fujian Shipbuilding’s Xiamen Shipbuilding Industry a
Bermuda-based bulk carrier company Himalaya Shipping has entered into a time charter agreement with an undisclosed ‘major’ Japanese counterpart for one vessel under construction at New Times Shipbuilding in China. Under the agreement, the vessel will commence a two-year time charter upon delivery fr
South Korean shipping major HMM is preparing an order for new containerships powered by alternative fuels as part of its future growth strategy. The strategy was announced in July this year with HMM assigning $11.3 billion for future investments, including expansion of its eco-friendly ships from th
Car carrier newbuild ordering has increased significantly in 2021 and 2022 on record markets and the resumption of owners’ fleet renewal programmes, including efforts to support manufacturers to become ‘green through the supply chain’. The market recovery is primarily driven by post-covid car trade
Italian shipbuilder Fincantieri has laid out its strategy for the upcoming period putting a major focus on building up its competencies in the construction of digital and net zero ships. The company’s 2023-2027 Business Plan aims to create greater synergies between the company’s cruise, defense, and
Chinese shipbuilder Hudong-Zhonghua Shipbuilding has delivered the second of three liquefied natural gas (LNG) carriers to compatriot COSCO Shipping Lines and energy firm China National Petroleum Corporation (CNPC).
German shipbuilder Meyer Werft has handed over the LNG-fuelled cruise ship Arvia to the British shipping company P&O Cruises. Arvia is a sister ship of the Iona, built-in 2020. Both vessels have been described as ‘future proof’ as they will be able to run on carbon-neutral liquefied natural gas (eLN
China Classification Society (CCS) has issued approval in principle (AiP) for an 85,000-ton methanol dual-fuel dry bulk carrier developed by Huangpu Wenchong Shipping, a subsidiary of China State Shipbuilding Corporation (CSSC). The approval was awarded on 14 December for the vessel with a length of
Proman Stena Bulk, the joint venture between tanker company Stena Bulk and methanol producer Proman, has taken delivery of its fourth methanol-fuelled tanker, Stena Prosperous. The 49,990 DWT vessel was built by Guangzhou Shipyard International Co Ltd (GSI) and will now enter commercial operation ru
Two newbuild liquefied natural gas (LNG) carriers built for exclusive use by Polish ORLEN Group are being prepared to enter service in early 2023. The two vessels ordered by PGNiG Supply & Trading, an ORLEN Group company specialising in LNG trading, were named “Lech Kaczyński” and “Grażyna Gęsicka”
