Navig8 has turned to Norway’s over-the-counter (OTC) market to bankroll a new order of four chemical tanker newbuildings at STX Offshore & Shipbuilding. The company managed to raise USD 110 million to support the order, but would not comment on the equity raise source, stating that it is a ”private
China’s two shipping giants China Merchants Energy Shipping Co Ltd (CMES) and Sinotrans & CSC Holdings are setting up a USD 1.1. billion joint venture aimed at boosting the country’s crude importing capacity, CMES said in a filing to Shanghai stock exchange. Under the deal, CMES will have the majori
Lilly Johanne, a live fish carrier, capsized in Celiktrans shipyard in Tuzla, Turkey, on August 7, iLaks reports. At the time of the accident, the 50-meter brand-new vessel was undergoing completion works, and was scheduled for delivery next week. The sources close to the matter confirm that the ves
“The industry saw a disappointing first half and a more encouraging second half in 2013. Moving into 2014, there has been cargo volume increase and a generally more positive sentiment than last year. In total, it is expected that the container transportation industry posted improved results for the
A bulk carrier adopting NSafe®-Hull first in the world has recently been launched for Mitsui O.S.K. Lines, Ltd. NSafe®-Hull (a highly ductile steel plate for shipbuilding with improved collision safety) was developed by Nippon Steel & Sumitomo Metal Corporation (NSSMC) and adopted through the collab
Egypt to Build New Suez Canal Egypt is looking to build a new Suez Canal parallel to the existing one in a USD 4 billion project aimed at boosting the trade along the Canal, which offers the fastest …Read more Exclusive: Workers Left High and Dry as GoAGT Goes Insolvent Maritime security company GoA
China Ocean Shipbuilding has entered into a RMB508m (USD 82.5 million) joint venture agreement with two investment companies in Zhoushan to invest in shipbuilding and related ocean engineering business in the city, the company said in a release. The joint venture, Zhoushan China Ocean Investment Fun
The Australian Shipowners Association (ASA) supports Premier Jay Weatherill’s call for a coordinated and constructive approach to be developed between the states and key industry associations to ensure major defence projects are not tendered overseas. Teresa Lloyd, Executive Director of the Austra
Brazilian mining giant Vale is looking to expand its shipping fleet as it eyes doubling of iron ore shipments to China, according to Jose Carlos Martins, Vale’s head of ferrous metals. To support the export volume increase Vale is reviewing its options which include adding new extra large carriers,
India’s Cochin shipyard ltd (CSL) is interested in constructing LNG ships for India’s gas utility Gail India Ltd. Gail announced earlier this month that it will shortly come out with an LNG ship charter hire tender specifying that one ship out of every lot of three ships each would be built in India
South Korean shipbuilding company Daewoo has brought a whiff of the future into its shipyards by introducing the concept of outfitting the shipyard workers with exoskeletons for lifting heavy objects, New Scientist reports. The company claims that it is not out of the realm of possibility to see w
The Finnish Government bought 30 percent of STX Turku shipyard, specializing in building cruise vessels such as the world’s biggest Allure of the Seas and Oasis of the Seas, with 70 percent going to the German company Meyer Werft. Meyer Werft GmbH is taking over the stake in the shipyard from Sout
One of China’s top shipbuilders Yangzijiang Shipbuilding (YZJ) has recorded the strongest quarterly earnings of RMB 1.24 billion based on the shipbuilder’s latest results, up 52 % year on year. Despite having 9 vessels delivered in 2Q 2014 compared to 11 vessels in 2Q 2013, the shipbuilding relate
The 180 million GT, ‘A’ rated North P&I Club has warned its members to check their new ships very carefully before accepting delivery. In the latest issue of its loss prevention newsletter Signals, the Club says it has become aware of several of instances of poor construction that is potentially dan
