VARD to Design and Build Three SOVs for Dogger Bank Wind Farm
Norwegian shipbuilder VARD has secured a contract for the design and construction of three Service Operation Vessels (SOVs) to operate at the Dogger Bank Wind Farm in the North Sea...
China CSSC Holdings Ltd. (600150.SH), the listed arm of China’s largest shipbuilder, said Saturday its profit likely shrank by 95% to 100% year on year in 2012, as the result of a sluggish shipping industry, according to China’s state-run Xinhua News Agency.
The Shanghai firm said in a filing to the Shanghai Stock Exchange the slump will largely be attributable to a substantial decline in new building prices on a lingering shipping downturn, Xinhua reported. The company’s net profit hit 2.52 billion yuan ($400 million) in 2011.
China’s shipping industry has been hit by a supply-and-demand imbalance and rising operating costs, Xinhua said.
(c) 2013 Dow Jones & Company, Inc.
Join the 67,515 members that receive our newsletter.
Have a news tip? Let us know.