After the Pakistani shipbreaking market officially reopened following three high profile accidents, it was hit by another hurdle as the Environmental Agency in Gadani revoked all No Objection Certificates (NOCs) issued for recently beached vessels. The market was previously closed after it three acc
Driven by the decrease in new shipbuilding orders, the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) said that it plans to undertake a KRW 2.5 trillion (USD 2.1 billion) self-rescue plan during 2017, according to Yonhap News Agency. Larger than last year’s KRW 1.6 tril
German shipping company Hapag-Lloyd named its second new 10,500 TEU containership Cartagena Express at the Hyundai Samho Heavy Industries shipyard in Samho, South Korea, on January 23, 2017. Scheduled to be deployed in the company’s SW service, Cartagena Express is the third ship of the Post-Panamax
The previous year was very weak for newbuild ordering as contracting activity fell to its lowest level in over 30 years in numerical and tonnage terms, according to Clarkson Research. Low levels of newbuild demand have continued to limit ordering across the majority of vessel sectors, and the majori
Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, held the naming and delivery ceremony of its new liquefied natural gas (LNG) carrier Seri Cenderawasih in Ulsan, South Korea. The 150,200 cbm carrier is the second in a series of five MOSS-type LNG carriers
Cruise shipping giant Carnival Corporation & plc has signed a memorandum of agreement with Italian shipbuilder Fincantieri for the construction of two new cruise ships with final contracts expected to be executed in early 2017. Valued at over EUR 1 billion (USD 1.06 billion), the new ships are desig
Norwegian shipbuilder and ship designer Ulstein delivered Island Venture, an offshore construction vessel (OCV), to Island Ventures 5 LLC, a joint venture between Edison Chouest Offshore from the USA and Island Offshore from Norway on January 17, 2017. The 14, 248 dwt Island Venture is said to be Ul
Croatian shipbuilder Uljanik has delivered Palanca Cadiz, a 15,000 dwt asphalt carrier, to Swedish shipping company Wisby Tankers. The tanker was launched at Uljanik’s 3. Maj shipyard in mid-April 2016, according to the shipbuilder. The Marshall Islands-flagged newbuilding features a length of 133 m
NYSE-listed Scorpio Tankers has received commitments for a loan facility of up to USD 172 million from a group of financial institutions which will be used to finance up to 60% of the market value of eight MR product tankers under construction at Hyundai Mipo Dockyard in South Korea. The eight newbu
China’s Minsheng Shipping ordered four roll-on/roll-off (RoRo) vessels from its compatriot shipbuilder Chongqing Chuandong on December 26, 2016, according to information provided by VesselsValue. The value of the order was not revealed. All four ships will have a capacity of 7,500 gross tons, with o
Ko Jae-ho, the former head of the ailing South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), has been sentenced to 10 years in prison by a lower court in Seoul over accounting fraud, Yonhap News Agency reports. The Seoul Central District Court found Ko, who held the position
Cosco Corporation’s subsidiary from China, Cosco (Dalian) Shipyard, has delivered a salvage lifting vessel and a Panamax bulk carrier to their buyers. De Bo 3, the 17,000 dwt salvage lifting vessel, was handed over to China Yantai Salvage, VesselsValue’s data shows. With a gross tonnage of 32,300 to
MISC Berhad, a subsidiary of Petronas, has marked the start of the floating, storage and offloading (FSO) Benchamas 2 conversion project with the arrival of the donor vessel at MMHE West Yard, Pasir Gudang, Malaysia. The arrival of Bunga Kelana 5 as the donor vessel for this project is a key milesto
Norway-based owner and operator of floating liquefied natural gas (LNG) import terminals Höegh LNG Holdings has signed contracts with two South Korean shipbuilders for the construction of two floating storage and regasification units (FSRUs), with an option for additional three FSRUs. The first ship
