by Nikki Ekstein (Bloomberg) Richard Fain, the chief executive officer of Royal Caribbean Cruises Ltd., is willing to bet $5 billion that he can take everything you know about cruising and flip it upside down. Or at least outside in. On Monday, he and Lisa Lutoff-Perlo, CEO of Celebrity Cruises—one of three brands in the Royal Caribbean family—announced a new class of ship … [Read more...]
China Launches Titanic Replica Project
by Tom Phillips (TheGuardian) He was one of the key salesmen of New Labour, a Westminster wheeler-dealer whose backstage machinations and silver tongue saw him nicknamed Britain’s svengali of spin. Now, Tony Blair’s former communications chief Peter Mandelson is pushing a rather different project: the New Titanic, a 1bn yuan (£116m) bid to rebuild the doomed … [Read more...]
Philly Shipyard Delivers Jones Act Tanker To Kinder Morgan
Philly Shipyard, Inc. (PSI) today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. This delivery is the 25th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker … [Read more...]
Petrobras Cancels 17 Tanker Orders
By Marta Nogueira (Reuters) - The transportation unit of Brazil's state-controlled oil company Petrobras said on Thursday that it planned to cancel orders for 17 tankers and other vessels designed to upgrade the largest shipping fleet in the Americas. "We decided to revoke the contracts for those ships," Antonio Silvino, head of Transpetro, told reporters during a … [Read more...]
Samsung Heavy Raises Nearly $1 Billion
By Joyce Lee (Reuters) South Korea's Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue as the shipbuilder struggles to cope with a prolonged downturn. Samsung Heavy, part of the Samsung Group conglomerate, has been planning to sell share as it copes with … [Read more...]
Samsung Heavy Stock Down On Heavy Loss
by Kyunghee Park (Bloomberg) Samsung Heavy Industries Co., the world’s third-largest shipbuilder, reported a quarterly loss that was bigger than estimates as a delay in the delivery of a rig and worker compensation amid a revamp escalated costs. Net loss, excluding minority interest, narrowed to 185.7 billion won ($166 million) in the three months to June, from 1.15 … [Read more...]
SPOTD – China’s Brand New “Flagship” Research Vessel
The scientific expedition vessel "Xiangyanghong 03" was launched on Saturday and joined China's oceanic research team in Xiamen, Fujian Province. At a cost of 580 million yuan (89 million U. S. dollars), the research ship was built by China's State Oceanic Administration (SOA) and Wuchang shipbuilding industry group. Xiangyanghong 03 is able … [Read more...]