• 2008 October 27 13:10

    Bankruptcy threat stalks Asian shipyards

    According to executives, bankers and analysts, Asian shipbuilders face an abrupt downturn in demand that could result in some yards going bankrupt as ship owners cancel or postpone orders.
    The problems could be particularly acute in China, which is now challenging South Korea as the world's leading shipbuilding nation but where many of the new yards are privately owned and rely on additional funding for their expansion. The shipbuilders' problems stem from those of both the shipping and banking sectors, as a slowdown in trading is compounded by the inability or reluctance of banks to extend financing for orders.
    Mr Arthur Bowring MD of Hong Kong Shipowners' Association said that "We are now seeing banks withdrawing financing options for new ships. To have built up such a large shipyard capacity is quite worrying in such doubtful economic times."
    Mr Michael Birley MD of shipbroker Wallem said that "Activity has come off very rapidly right across the board, with the big ships affected most. I am sure that there are orders now which are not being completed."
    Bankers said that as many as seven Chinese shipbuilders had earmarked initial public offerings to fund their rapid growth. Some have instead been seeking hundreds of millions of dollars in institutional funds.
    However, banks are adding stringent covenants when financing vessels, as well as lowering the advance rate of their financing to about 60% of shipbuilding costs from about 80%. Shares in Korean shipbuilders plunged yesterday, led by Daewoo Shipbuilding & Marine Engineering, amid concern that the downturn could force Korea Development Bank and Korea Asset Management to cancel the sale of their 50.4% stake in Daewoo Shipbuilding.
    Analysts also point to an abrupt slump in the second hand market. Second hand ships had been trading at a premium to new buildings because of the long lead time before delivery.

2024 August 31

16:03 Salvage of stricken oil tanker in Red Sea expected soon – Reuters
15:41 MSC enhances Santana and Carioca services for improved connectivity
14:13 LR commences IECRE certification of Carnegie Energy's CETO Wave Energy Converter
12:28 MSC MARIE ship sets record for largest cargo capacity – ACP
10:57 ONE launches BT2 service for extended coverage in Eastern Black Sea market (BT2)

2024 August 30

18:08 Dutch shipping firm Amasus installs WAPS on general cargo vessel
17:36 Japan coast guard plans to build its largest patrol vessel
17:06 Hexagon Purus Maritime supplies Freire Shipyard with hydrogen fuel system for new Greenpeace vessel
16:39 APSEZ acquires 80% stake in global OSV operator Astro Offshore for USD 185 mln
16:23 TT calls for concerted effort to arrest ship fire proliferation
15:44 COSCO SHIPPING builds twelve 14,000 TEU dual-fuel methanol container vessels
15:13 MAERSK SHEKOU collides with the tall ship in Australia
14:45 Global schedule reliability drops by 2.1 percentage points in July
14:15 New generation Parramatta class ferry enters service in Sydney
13:44 ClassNK publishes estimated leak frequencies of ammonia fuel from onboard components for ammonia-fueled ships
12:52 TMC wins large contract to equip 17 LNG vessels
12:23 ClassNK awards first-ever notation for safe transportation of EVs to MOL’s car carrier “CERULEAN ACE”
11:42 Samskip joins TECO 2030’s Horizon Europe project “HyEkoTank”
11:25 LR awards approval in principle for two Shiptec zero-emission hydrogen passenger ferries
10:58 Holland Shipyards Group secures contract for innovative floating hotel
09:58 Brunvoll to upgrade propulsion systems of two ice-class vessels of Utkilen AS

2024 August 29

18:00 Brunvoll signs contract with Aas Mek Verksted for the delivery of a propulsion, manoeuvring, and positioning system for new live fish carriers
17:31 Cepsa commences supply of biofuels to Norwegian Cruise Line Holdings at the Port of Barcelona
17:17 Uniper opens new storage facility for green hydrogen in Krummhorn, Bavaria
16:47 Mainstream Renewable Power and Ocean Winds project awarded Environmental Impact Assessment for 1.1 GW floating offshore wind farm in South Korea
16:24 Low water hampers Rhine river shipping in Germany
15:58 NKT finalizes the Shetland HVDC Link supporting the transition to renewable energy of Great Britain
14:42 Panama Canal Authority sees Rio Indio project as answer to future droughts
13:42 TotalEnergies launches a floating offshore wind pilot project to supply renewable electricity to an offshore oil & gas platform in the North Sea
13:22 Hapag-Lloyd takes delivery of dual fuel LNG Hamburg Express
12:37 Bunker price trends in the world's four largest hubs, Aug 26-30 – MABUX
12:34 Noatum acquisition propels AD Ports Group into global top 20 of container port operators in new industry ranking
12:10 New Times Shipbuilding orders MAN main engines for 12 container vessels for Eastern Pacific Shipping
11:39 Guangzhou Shipyard orders energy efficient compressors for hospital ship
11:20 OOCL and partners collaborate to advance low-carbon shipping with biofuel
10:40 Celsius takes delivery of new LNG carrier from Samsung Heavy Industries
10:09 Asia Pacific Shipping orders two LPG carriers from Chinese Jiangnan Shipyard
09:40 Hengtong Group takes delivery of the 1600T Wind Power Installation Platform
09:04 The Panama Canal introduces modifications to the Transit Reservation System Tariffs

2024 August 28

18:04 DNV awards AiPs to DSIC for two types of LCO2 carriers
17:45 GasLog takes delivery of the first of four LNG carriers from Hanwha Ocean
17:28 Kotug International to support ENI’s Congo LNG project with advanced marine services
16:36 ClassNK releases “FAQs on the FuelEU Maritime (3rd Edition)”
16:15 Silverstream reaches over 200 orders with new 18-strong LNG carrier deal
15:46 Vard to build a second hybrid Ocean Energy Construction Vessel for Island Offshore
15:21 ABS Wavesight kicks off 24th Annual Nautical Systems User Conference
14:20 Iran’s trade with 15 neighboring states up 16% in 5 months
13:20 NYK participates in AZEC ministerial meeting
12:41 WinGD takes hundredth order for VCR technology for dual-fuel X-DF engines
12:20 UK to spend 10.5 million pounds to prepare ports for new EU border checks
11:41 CMA CGM AIR CARGO announces delivery of third Boeing 777-200F and launches new Trans-Pacific service
11:02 Two of Utkilen AS’s ice classed vessels to receive upgrades from Brunvoll
10:30 Anemoi partners with NAPA to maximise Rotor Sail benefits with voyage optimisation
10:07 Zeabuz signs LOI to deliver Norway’s first green autonomous ferry
09:45 Technip Energies to design groundbreaking low-carbon hydrogen facility for bp in the United Kingdom

2024 August 27

18:00 Several trade agreements signed between Panama and China
17:31 Bunker suppliers in Japan brace for Typhoon Shanshan impact
17:02 BIMCO: Container ship contracting spree now exceeds 10 million TEU
16:44 Royal Caribbean signs agreement with Meyer Turku for the next Icon Class ship
16:24 RS completes review of a multipurpose nuclear support vessel design
16:15 Panama Canal to implement a new long-term slot allocation methodology from October 1, 2024, except LNG and LPG
15:37 SITC signs the tripartite strategic cooperation memorandum with SIPG and Hisense
15:13 Port Houston container volume down 5% in July 2024
14:49 R/V Professor Gagarinsky sets on its mission to study the consequences of the Fukushima nuclear waste water discharge
14:45 First LR class notation for onboard carbon capture system assigned to Eastern Pacific Shipping tanker
14:25 Kongsberg Maritime’s rim-drive thruster achieves Silent-E notation for quieter offshore operations
13:24 COSCO orders Kongsberg Maritime technology package for fifth Cadeler jack up newbuild
12:53 “K” Line, MOL, NYK, Mitsubishi Shipbuilding, Imabari Shipbuilding, JMU, and Nihon Shipyard start a joint study to establish standard specifications and designs for LCO2 carriers
12:26 Robert Allan delivers first Z-Tech tug to PSA Marine
11:58 OOCL сelebrates the naming of its last newbuilding in the 24,188 TEU Series