John Fredriksen-controlled Flex LNG is looking to secure funds for the purchase of two MEGI LNG carriers currently under construction at South Korean Daewoo Shipbuilding and Marine Engineering (DSME). The funds would be secured through a private placement of over 89.4 million new shares at a subscri
GasChem Beluga, a new liquefied ethylene gas (LEG) carrier operated by German companies Hartmann Reederei and GasChem Services, was named on Teesside on April 27. The eco-friendly sea vessel will carry shipments of ethane gas from Houston in the US to SABIC’s Olefins Cracker at Wilton on Teesside, t
Norwegian Cruise Line today took delivery of Norwegian Joy, the brand’s fifteenth ship and the first custom-designed for the Chinese cruise market, from German shipbuilder Meyer Werft during an on board ceremony in Bremerhaven, Germany. At 167,725–gross-tons and accommodating 3,883 guests, Norwegian
Another six shipbuilders are set to enjoy financial support from China in the forthcoming period as they have been added to the country’s White List of shipbuilders, the Ministry of Industry and Information Technology informed. The shipbuilders in question are the Huatai Heavy industry (Nantong), Ji
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has managed to return to the black in the first quarter of 2017, following stringent self-rescue efforts which included workforce reduction and asset sales. The company’s operating profit for the period bounced back to KRW 29
Japanese ferry operator MOL Ferry, part of Mitsui O.S.K. Lines (MOL), has taken delivery of newbuilding Sunflower Furano from compatriot shipbuilder Japan Marine United (JMU). Following final checks, the new ferry is expected to start its first voyage on May 13, sailing from the Port of Oarai to the
South Korean shipbuilder Hyundai Heavy Industries (HHI) has reported an operating profit KRW 618.7 billion during the first three months of 2017, representing a jump by 90.3 percent from KRW 325.2 billion seen last year, as the company posted profits for five straight quarters. The shipbuilder’s net
Japanese shipbuilder and ship designer Mitsui Engineering & Shipbuilding (MES) delivered the 60,000 dwt bulk carrier MV Ocean Makmur on April 27. The shipbuilder said that the vessel, which was constructed at its Tamano shipyard, features a length of around 200 meters and a withd of 32 meters. With
Tokyo-based Mitsubishi Heavy Industries (MHI) has revised the estimates of its consolidated financial results, saying that it now expects an operating income of JPY 150 billion (USD 1.3 billion) for the fiscal year 2016. The expected operating income is 37.5 percent lower than the earlier estimated
South Korean shipbuilder Hyundai Heavy Industries (HHI) has won 18 ship orders worth USD 900 million in April alone, pushing its order intake to USD 2.3 billion secured so far this year. Since the orders include options exercisable by owners to order additional vessels, the total orders in April “wi
Latvian Shipping Company’s (LSC) subsidiary LSC Shipmanagement added to its fleet Elandra Eagle, a 157,000 dwt oil tanker newbuilding, on April 19. LSC Shipmanagement will provide the technical management for the Suezmax vessel owned by Singapore’s Elandra. “LSCSM adds the next ship to the fleet und
Japan’s shipping company NYK Group has taken delivery of a new coal carrier, the 56,825 gross ton Isuzu Maru, from its compatriot shipbuilder Oshima Shipbuilding. The 249-mete-long and 43-meter-wide ship, which was handed over on April 14, will be operated by NYK Group’s Singapore-based subsidiary N
Despite the strong rebound of freight rates in March this year that saw the Baltic Dry Index (BDI) pass 1,282 point mark on 27 March 2017, BIMCO expects the sector’s fully-fledged recovery to start taking shape in 2018 and 2019. The BDI going up brought earnings into profitable levels for a couple o
A total of 128 end-of-life ships were sold for scrap to the South Asian beaches during the first quarter of 2017, according to the data collected and analysed by the NGO Shipbreaking Platform. The number represents 65 percent of ships which reached the shores of Bangladesh, India and Pakistan, out
