An accounting probe launched into the financials of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) has found an accounting fraud in the amount of some KRW 1.5 trillion (USD 1.28 billion), The Korea Herald reported. The inspection also revealed that the company’s man
South Korea’s Samsung Heavy Industries (SHI) has unveiled details of its self-restructuring plan which reveals that the financially troubled shipbuilder plans to make the necessary workforce cuts through an early retirement scheme and to require from its executives to return part of their salaries,
Four new vessels, ordered last week by Maran Tankers Management (MTM) and Maran Gas Maritime, oil tanker and gas shipping units of the Angelicoussis Shipping Group Limited (ASGL), will each be fitted with MAN engines, according to the company’s statement. Angelicoussis Shipping’s units ordered two M
South Korean shipbuilding company Hyundai Mipo Dockyard has decided to sell its shares in a Korean chemical and auto parts manufacturer KCC Corporation, according to a South Korea stock exchange filing. Namely, the company sold all of its 397,000 shares in KCC Corporation, raising KRW 142.1 billion
The unionized workers at the financially troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) are planning to launch a strike as the majority of the workers voted in favor of a walkout. The Korea Herald wrote that the strike would be launched against the company’s se
Baku-based shipping company Azerbaijan Caspian Shipping said that it commissioned four 5,490 dwt dry bulk vessels which are expected to start working in the Black and Mediterranean Seas, according to the company. Featuring a breadth of 16.5 meters, the new vessels were named Poet Vaghif, Poet Sabir,
One of the “Big Three” shipbuilders of South Korea, Samsung Heavy Industries (SHI), will reportedly be invited to take part in the construction of India’s first Floating Storage Regasification Unit (FSRU) LNG terminal. According to oil and gas company Fox Petroleum Limited, which will manage the fac
Norwegian ferry owner and operator Fjord1 has signed a newbuilding contract with Turkey-based Tersan Shipyard for two battery-powered ferries that will be fully electrically operational. The two ferries are expected to start operating from January 1, 2018, until 2027 on E39 Anda-Lote on the west coa
A consortium made up of India’s Cochin Shipyard Limited and Global United Shipping India is in talks with the country’s gas utility GAIL India Ltd, to consider late submission of the bid to build liquefied natural gas (LNG) vessels, after the companies failed to meet the application deadline, accord
With close to 70% of all vessels being recycled in South Asia, the shipbreaking yards in Alang, India are one of the most important centers for ship recycling, therefore responsible practices at the site should be encouraged rather than dismissed, according to the European Community Shipowners’ Asso
Interview: Most Ship Owners Still Opt for Worst Yards As 2016 could be the busiest year on record in ship recycling, World Maritime News spoke to NGO Shipbreaking Platform’s Executive Director, Patrizia Heidegger, to find out more about the major issues behind South Asian beaching… Read More Report:
Struggling South Korean yards exhibiting at this year’s Posidonia event in Greece seem to be on a roll over the past few days as they clinch the badly-needed new orders. One of those shipbuilders is certainly Sungdong Shipbuilding & Marine Engineering Co. (Sungdong), which has won its first order fo
The Netherlands-based shipbuilder Ferus Smit launched yesterday a newbuilding Arklow Cadet for a shipping company from Ireland, Arklow Shipping. The vessel was launched at the Westerbroek yard near Groningen. Arklow Cadet is the first vessel in a series of ten that will be delivered to the abovement
John Fredriksen’s oil tanker giant Frontline Ltd. revealed today that it has acquired two VLCC newbuildings under construction at Hyundai Heavy Industries at a purchase price of USD 84 million each. The vessels are due for delivery in September and November 2016. The company has also secured options
