Italian shipbuilder Fincantieri and China’s shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) have signed an agreement for the constitution of a joint venture aimed at developing and supporting the growth of the Chinese cruise industry. Under the agreement, the joint venture will
After a period of very limited tanker fleet growth across all but the MR sector, the tanker fleet has surged over the past twelve months by another 203 units amounting to 21.9 million dwt, according to Gibson Shipbrokers. The strength of the tanker market during the low oil price regime meant that o
Estonian shipping company Tallink Grupp christened its new liquefied natural gas (LNG) driven fast ferry Megastar at the Finnish shipyard Meyer Turku on July 1. The process of completing the ship is now almost half way done after 18 months of design and production works, according to the CEO of AS T
Hapag-Lloyd, UASC Agree on Merger Terms German shipping major Hapag-Lloyd and United Arab Shipping Company (UASC) have reached an agreement on the terms and conditions of a Business Combination Agreement (BCA)… Read More DSME’s Former CEO Taken into Custody Daewoo Shipbuilding & Marine Engineering’s
Silver Muse, a new cruise ship being built by Italian shipbuilder Fincantieri for Monaco-based cruise company Silversea Cruises, was launched on July 1 at Fincantieri’s Genoa Sestri Ponente yard. Fincantieri introduced the launching by holding a coin ceremony that consisted of welding a silver comme
South Korea’s three major shipbuilders could be exempt from the government’s plan to inject KRW 750 billion (USD 653.7 million) into the shipbuilding sector in an effort to prevent major layoffs at over 7,800 companies related to the industry, according to Korea Times. The three cash-strapped shipbu
The European Commission has opened an in-depth probe to verify whether direct grants of EUR 44 million (USD 48.8 million) from Italy to the Port Authority of Naples were in line with EU state aid rules. The grants were used to renovate the dry-docks rented out by the Port Authority of Naples to Cant
South Korean shipbuilding company STX Offshore & Shipbuilding Co. has initiated discussions to terminate shipbuilding orders in an effort to reduce losses, Yonhap News Agency cited industry sources. The company could soon cancel the construction of four ships for the tanker shipping company Frontlin
US shipbuilder General Dynamics NASSCO has received a contract for the detailed design and construction of six John Lewis-class (TAO-205) oilers for the US Navy. Designed to transfer fuel to the navy’s surface ships operating at sea, the oilers will have the capacity to carry 156,000 barrels of oil,
Miami-headquartered cruise line Regent Seven Seas Cruises, a brand of Norwegian Cruise Line Holdings, has taken delivery of a new cruise ship Seven Seas Explorer from the Italian shipbuilder Fincantieri. The 55,200 gross ton vessel was constructed at Fincantieri’s shipyard in Sestri Ponente, Genoa.
Demolition of containerships almost tripled in the first five months of 2016 in comparison to the same period of 2015 as the shipowners attempt to counter the fundamental imbalance between supply and demand under poor container shipping market conditions, according to BIMCO. A total of 150,863 TEUs
US-based Gener8 Maritime has entered into an amendment to an existing senior secured credit facility to finance the delivery of the Chiotis and the Miltiades, the last two ECO VLCC newbuild vessels to be delivered from China’s Shanghai Waigaoqiao Shipbuilding (SWS). “Following this amendment, we hav
Crude oil shipping company Gener8 Maritime has taken delivery of another ECO VLCC, the Gener8 Constantine, from South Korean shipbuilder Hyundai Samho Heavy Industries on June 27. The Gener8 Constantine is the eleventh of 21 ECO VLCCs to be delivered to the company. Upon delivery, the 299,019 dwt Ge
Brazil’s oil and gas transportation company Transpetro, a subsidiary of Petrobras, has decided to abandon orders for seven seven dynamic positioning ships which were placed at its compatriot shipbuilder Atlantico Sul Shipyard (EAS), local media reported. Valued at USD 1.22 billion, the orders were f
