The workers’ strike at Damen’s Galati shipyard in Romania has ended, it has been confirmed to World Maritime News by a Damen spokesperson. The strike was staged on August 29, when a number of workers held a spontaneous demonstration in front of the company’s headquarters. The workers were dissatisfi
South Korean shipping company Hyundai Merchant Marine (HMM) is moving forward with its plans to modernize fleet and has set sights on adding seven ships with options for five more. Specifically, HMM will acquire two large container vessels at a 10% lower price than the current market price as it eye
Greece-based shipping company Pantheon Tankers has been linked to an order of two 50,000 dwt tankers, in addition to two optional vessels of the same size. Namely, the company signed a letter of intent (LOI) with South Korean shipbuilder STX Offshore for the construction of the above-mentioned ships
Chinese shipbuilder Yangzijiang Shipbuilding is launching a private placement of 137 million shares setting sights at around SGD 209 million (USD 153.8 million) of cash from the sale. Singapore-listed Yangzijiang revealed it intends to use up to 50% of the net proceeds to fund new investments and bu
Workers at Damen’s Romanian subsidiary Damen Shipyards Galati have staged a protest which has shut down work operations at the yard for the third day now. As confirmed by Damen to World Maritime News, the protest was launched on the morning of August 29, when a number of workers held a spontaneous d
Amid poor ordering activity and accompanying work shortage, South Korean shipbuilder Hyundai Mipo Dockyard will be closing a dock in Ulsan for three months to save money, the Korean daily Pulse informed. The dock number four, the smallest of the shipyard’s four units with 350,000DWT capacity, is sai
Nine people have been charged with negligence within the framework of an investigation into the deadly explosion that occurred ten days ago at South Korean STX Offshore and Shipbuilding yard in Changwon, South Gyeongsang Province. The blast took place on board a petrochemical product tanker Persepol
COSCO Shipping International (Singapore) has received an approval from its shareholders for the sale of equity interest in its shipyard assets, proposed in May 2017. The company said that it organized an Extraordinary General Meeting (EGM) to seek shareholders’ approval for the proposed disposal. Th
Hungry shipyards and shipping companies being eager to be top dog is a toxic cocktail which, combined with market optimism amid higher freight rates, is likely to distort the low ordering activity in the container shipping sector, according to shipowners’ association BIMCO. Container shipping majors
Image Courtesy: Dream Cruises Genting Cruise Lines celebrated the float out of World Dream, the newest cruise ship built for its brand Dream Cruises, at the Meyer Werft shipyard in Papenburg, Germany, on August 26. “Genting Cruise Lines is extremely proud to commemorate the float out of World Dream,
German container carrier Hapag-Lloyd doesn’t plan to make any investments in ordering of new vessels over the next couple of years, the company said during a conference call today. “In terms of Capexes, we said that we don’t anticipate any material Capexes in new vessels in the upcoming couple of ye
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) said that it would not be selling off its defense ship business. The move was considered in May 2016 as part of the company’s cost cutting measures aimed at restoring financial liquidity. “In order to normalize the business,
Over the past four months owners have been busy ordering new tankers, keeping the crude oil tanker fleet expansion on course for a six-year-high, measured in DWT, BIMCO said. However, the fleet growth percentage is down from last years’ 5.9%, to 4.7% for the full year of 2017. The order book include
Pakistan’s Gadani yards could start receiving tankers, with more stringent requirements, from next month, GMS, a cash buyer of ships for recycling cited market rumors. So far, Pakistan has only been able to focus on dry units, including containers, whilst the embargo on wet units remains in place fo
