South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has laid off 25 per cent of its executives as a first step within the framework of its massive job-cutting plan, expected to include up to 3,000 jobs. HHI embarked on an ambitious restructuring plan in 2014 which is expected to include s
South Korea’s shipbuilder Samsung Heavy Industries has received a contract termination for three floating liquefied natural gas (FLNG) units from oil and gas giant Shell, the shipbuilder said in a stock exchange filing. The deal for the three vessels, worth a total of KRW 5.3 trillion (USD 4.6 billi
The new offshore installation vessel of the Jan De Nul Group was christened today by Her Majesty the Queen of Belgium in the Port of Ostend, which is the base camp for Jan de Nul Group’s project team for the Bligh Bank Phase 2 project, better known as the Nobelwind project. The vessel was given [&he
Despite the historically low level of newbuilding orders seen in 2015, and a continued weak ordering streak in 2016, the South Korea’s three largest shipbuilders, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, and Samsung Heavy Industries, still hold the largest orderbooks, data
Out of 239 end-of-life ships sold for breaking in the first quarter of 2016 a total of 79 per cent of ships ended up on South Asian beaches, according to the data collected and analysed by the NGO Shipbreaking Platform. The figure makes this quarter one of the worst ones in the last years for non-be
South Korean government is launching a corporate restructuring plan targeting its financially-troubled industries, including its shipping and shipbuilding sectors. The move comes amid the need to push harder the restructuring of vulnerable industries hit by a global slowdown to reduce overcapacity a
Genting Hong Kong has concluded the EUR 230.6 million (around USD 260 million) acquisition of Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, Germany, the company said. The takeover is aimed at enabling the company to build a cruise fleet for its three brands – Crystal Cruises, Dr
Vessels built in China have a higher claims frequency than those of other major shipbuilding nations, according to an analysis of tanker, bulk and container vessels built in Asia in the period 2007-2015 conducted by the Nordic Association of Marine Insurers (Cefor). In 2015, shipyards in South Korea
Maritime companies BW LPG Limited and BW Pacific have found work for seven new vessels as the companies signed time charter deals with Japanese shipping firm Mitsui & Co. Ltd. Under the contracts, signed on April 22, three very large gas carriers (VLGCs) and four medium range (MR) product tankers wi
South Korean shipbuilding major Hyundai Heavy Industries (HHI) has wrapped up its first profitable quarter after nine quarters of posting losses. According to a regulatory filing, HHI booked an operating profit of KRW 325.2 billion (USD 283.2m) while the company’s sales totaled in KRW 10.2728 trilli
CSSC (Hong Kong) Shipping, a ship owning and leasing arm of China State Shipbuilding Corporation (CSSC), has entered into a USD 245 million ten-year club senior secured loan to finance the construction of six Newcastlemax bulk carriers. Led by Standard Chartered Bank and Bank of America, who were jo
After four years of delay, a new hybrid ferry owned by the German-Danish ferry operator Scandlines reached its berth in Rostock yesterday. The M/V Berlin is to be deployed on the route Rostock-Gedser. Scandlines ordered the two vessels in March 2010 from P+S Werften in Stralsund, Germany and in 2012
The second asset auction of Shenzhen-listed shipbuilder Jiangsu Sainty Marine has failed as the sale of the company’s assets did not attract any buyers. The 24-hour auction period, which started yesterday morning, was held on China’s online auction website Taobao. The starting bid price was set at C
The Netherlands and Indonesia have signed a maritime collaboration agreement in an effort to strengthen ties in the field of port development, shipbuilding, and fishery logistics. The agreement between the two countries was signed by the Dutch Minister of Infrastructure and the Environment, Melanie
