The European Union and Japan have raised concerns over Daewoo Shipbuilding & Marine Engineering’s (DSME) rescue plan as the shipbuilder secured the necessary approvals for the aid, according to Yonhap News Agency. Namely, the South Korea’s latest restructuring plan for the ailing shipbuilder was app
The recent booming of the cruise industry in the Asian market has proved to be a great business opportunity for first movers such as Genting Hong Kong, Colin Au, the Group President reveals in an interview with World Maritime News. According to Cruise Lines International Association’s (CLIA) 2016 As
Finnish engineering company Wärtsilä has been selected to equip the first liquefied natural gas (LNG) fuelled offshore construction vessel, being built at the Cosco shipyard in China, with propulsion machinery. Ordered by Belgian ship operator Dredging International (DEME), the vessel will feature W
Italian shipbuilder Fincantieri has signed a memorandum of agreement for the construction of two additional cruise ships, with an option for another two, with Viking Ocean Cruises. The 47,800 gross ton newbuilds, which will be sister ships to the six already ordered vessels, are expected to enter th
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) will soon receive a cash injection from its creditors as the company’s remaining investors approved the latest debt rescheduling proposal, Yonhap News Agency said. Namely, the investors, which hold some KRW 1.3 trillion worth of DSME bond
China’s shipbuilding industry has experienced a 25.4 percent plunge in newbuilding orders during the first three months of 2017 compared to the same period a year earlier, according to data provided by the China Association of the National Shipbuilding Industry (Cansi). Namely, the country’s shipbui
The main debt holder of Daewoo Shipbuilding & Marine Engineering (DSME), South Korea’s National Pension Service (NPS), gave its nod to the ailing shipbuilder’s latest debt restructuring plan on April 17, Yonhap News Agency reported. The decision on the new measures, which are expected to keep the fi
South Korea’s National Pension Service (NPS), one of the main debt holders of Daewoo Shipbuilding & Marine Engineering (DSME), has decided to work with the shipbuilder’s creditors in an effort to find common ground, Yonhap News Agency reported. The negotiations come on the back of DSME’s latest debt
Italian shipbuilding company Fincantieri signed on Wednesday the Heads of Terms for the acquisition of shares in STX France with the French State, represented by the Agence des Participations de l’Etat (APE). The signing comes on the back of an agreement in principle Fincantieri reached with the Fre
The Russian state-owned shipping company Sovcomflot has chosen Winterthur Gas & Diesel’s (WinGD) low-speed dual-fuel engines with X-DF low-pressure gas admission to propel the first ever gas-fuelled Aframax crude oil tankers. Under a contract signed in March 2017, SCF Group’s series of four LNG-fuel
Finland’s technology group Wärtsilä and COSCO Shipping Heavy Industry Co (CHI) have joined forces in the development of a natural gas operating fleet concept, a design which has now received Lloyd’s Register’s (LR) Approval in Principle (AiP) certificate. The development project was carried out unde
Danish container shipping major Maersk Line has taken delivery of Madrid Maersk, a 20,568 TEU boxship, from South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME), the shipping company told World Maritime News. The ultra large container vessel (ULCV) has become the largest boxship
Greece-based ship owner DryShips Inc. has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax drybulk vessels. A total gross backlog of USD 7.1 million is expected from the contract, which is scheduled to commence upon the delivery of the vessel befo
Japanese shipyard Japan Marine United (JMU) has put Sunflower Furano, a new ferry being built for compatriot ferry operator MOL Ferry, part of Mitsui O.S.K. Lines (MOL), through its paces during sea trials. The newbuilding will replace a ferry having the same name which is currently in service. Sunf
