Cash-strapped South Korean shipbuilder Hanjin Heavy Industries & Construction Co. (HHIC) has signed a Memorandum of Understanding (MoU) on business normalization plan with its creditors, led by the Korea Development Bank, on May 10. The shipbuilder filed a request to restructure its debt with its cr
Malaysian holding company Genting Hong Kong Ltd has signed a deal for two mega cruise ships with the Lloyd Werft Group for its Star Cruises brand. The deal signed on Tuesday in Wismar, Germany also includes an order for eight river cruise vessels for Crystal Cruises. Star Cruises has designed the “G
Singapore-based owner and operator of very large gas carriers BW LPG Limited has further expanded its fleet with the eighth and final Very Large Gas Carrier (VLGC) BW Volans built by the South Korean shipbuilder Hyundai Heavy Industries. The vessel joined its owner today and wrapped up BW LPG’s newb
Samsung Heavy Industries (SHI) shipyard in Geoje Island, South Korea has launched the hull of Petroliam Nasional Berhad’s (PETRONAS) second floating liquefied natural gas (FLNG) unit, the PETRONAS Floating LNG2 (PFLNG2). The 393-metre-long hull was floated out from the Green Dock 3 on 30 April 2016
Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, reported its net income for the first quarter of 2016 at USD 10.4 million against a net income of USD 9.1 million for the three months ended December 31, 2015. The shipping company, which focuses on the
Norwegian ship-owner Ocean Yield ASA has taken delivery of the LR2 product tanker Navig8 Steadfast from South Korean shipbuilder Sungdong Shipyard. After being delivered from the shipyard today, the 110,000 dwt vessel commenced a 13 years “hell and high water” bareboat charter to Navig8 Product Tank
LNG and methanol have been singled out as top alternative fuels for maritime transport in the report released by the EU Joint Research Centre (JRC) especially due to their capability to serve as transition fuels before making a major shift to biofuels. As indicated in the report, they can drive deca
Newbuilding orders of tanker ships have seen a sharp reduction, but the slowing trend needs to be sustained for the longer-term health of the market, global shipping consultancy Drewry said in its Tanker Forecaster. After numerous orders in recent years, newbuilding activity in the tanker market dec
Californian shipbuilder General Dynamics NASSCO launched and christened on May 7 in San Diego another ECO Class tanker, the Garden State, that will join the Jones Act fleet. The Garden State is the third of five tankers within the contract between NASSCO and American Petroleum Tankers (APT), which c
Greek shipping company StealthGas Inc. has received commitment letters for two senior secured credit facilities to fund four new 22,000 cbm semi-ref gas carriers scheduled to be delivered in 2017. These facilities, with a combined amount of some USD 140 million, will cover approximately 65 percent o
Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, a joint venture between Uruguay’s state oil company ANCAP and state power company UTE, for a floating storage and regasification unit (FSRU) pro
Norwegian Odfjell is likely to cancel the four 17,000 cbm gas carriers at China’s Nantong Sinopacific, the company said, following recent discussions with the shipbuilding yard related to the delayed construction of its eight LPG/Ethylene vessels on order. Namely, the company has four 17,000 cbm gas
Prompted by only 9 orders placed during the first quarter of the year at the South Korean shipyards, the country’s shipbuilding giant Hyundai Heavy Industries (HHI) revealed its plans to close docks which operate at the lower efficiency rate if the ordering slump persists. Furthermore, in the face o
Finnish engineering company Wärtsila is to power the UK’s first dual-fuel ferries being built for Scotland-based Caledonian Maritime Assets (CMAL), the company said. Under the contract signed between the duo in December 2015, Wärtsila is also to supply extended engineering and site support services,
