Chinese COSCO (Zhoushan) Shipyard, a subsidiary of COSCO Shipyard Group, has delivered a 111,000 dwt oil tanker to John Fredriksen-controlled oil tanker shipping company Frontline Ltd. Featuring a length of 252 meters and a width of 44 meters, the new Marshall Islands-flagged vessel was named Front
After experiencing cost overruns in its cruise ship sector, Japanese shipbuilder Mitsubishi Heavy Industries (MHI) is now reviewing its future position in the cruise shipbuilding industry, The Financial Times said. MHI has been discussing its future involvement in cruise shipping with its customers,
The Netherlands-based BigRoll Shipping has taken delivery of the second MC Class vessel, the BigRoll Bering. The BigRoll Bering was delivered on June 17 by Chinese Cosco Dalian Shipyard. The vessel will immediately enter into a multi-year contract with Yamgaz, the consortium of Technip, JGC Corporat
Taiwan’s shipping company Wan Hai Lines has decided to expand its fleet as it ordered eight new containerships from a Japanese shipbuilder, according to the company’s stock exchange filing. The eight vessels, which will feature 1,900 TEUs, are worth between USD 212 million and USD 326 million. Wan H
Liquefied natural gas (LNG) shipping company Golar LNG Limited has teamed up with private equity firm Stonepeak Infrastructure Partners to set up a joint venture company in an effort to grow in the FSRU and LNG fueled power market. The 50/50 joint venture company, Golar Power Ltd, will offer integra
Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities. The company said that the re-financing covers eight on-the-water vessels, whi
The financially troubled South Korean shipbuilder Hyundai Heavy Industries (HHI) could be hit by another hurdle as the company’s unionized workers are planning to launch a strike, according to The Korea Times. Namely, the workers said that this year’s wage negotiations with the company are behind th
COSCO Vessel Sets Sail to Make History in Panama The Neopanamax container vessel COSCO Shipping Panama has set sail from the Greek Port of Piraeus on its way to Panama where it will make the inaugural transit of the Expanded Panama Canal… Read More DSME Workers Vote for Walkout The unionized workers
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) stayed at the top of the list in terms of the balance of order backlog for 19 consecutive months, The Korea Economic Daily reported. The shipbuilder’s current backlog stands at 111 vessels, representing over 7.47 milli
Russia’s largest shipping company SCF Group (PAO Sovcomflot) and its compatriot VTB Bank signed a USD 260 million loan agreement to finance the construction of an Arctic LNG tanker for the Yamal LNG project. The new tanker will be able to carry up to 172,600 cubic metres of liquefied natural gas (LN
Russia’s shipbuilder Baltic Shipyard launched the largest nuclear-powered icebreaker Arktika on June 16 in Saint-Petersburg, according to the company. As the first vessel in a series of three of the Project 22220, Arktika is set to replace nuclear ships of the previous generation. The project, which
Shanghai-based shipping company China Merchants Energy Shipping Co., Ltd (CMES) has received a financial package as part of the Chinese government’s scrapping subsidy program, the company said in a Shanghai Stock Exchange filing. Namely, the shipping firm received an amount of some RMB 763.4 million
After South Korea launched a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks, the country’s lenders could need more help to absorb the enormous shipbuilding losses, Bloomberg reported. According to data provided by Bloomberg, ten of South Korea’s shipbuilders have together accumulat
Chemical and product tanker Stenaweco Impulse, jointly owned by Swedish Stena Bulk and Danish Weco Shipping, was named on June 13 at Langelinie Pier in Copenhagen. The 50,000 dwt Stenaweco Impulse is the sixth in a series of 13 IMOIIMAX MR newbuilding tankers. Three of the 13 IMOIIMAX tankers are wh
