By Sabrina Valle (Bloomberg) -- If there’s one industry where all of Brazil’s political and economic upheavals come together, it’s shipbuilding. A Rio de Janeiro shipyard, where suspended president Dilma Rousseff once promised to employ an army of welders, electricians and engineers to make offshore oil platforms, is all but shut. Every other day, 50 workers on average … [Read more...]
MHI-Led Group Exiting Stake in Brazil Shipyard Declaring Loss -Report
RIO DE JANEIRO, Jan 5 (Reuters) - A group of Japanese shipbuilders led by Mitsubishi Heavy Industries Ltd (MHI) plans to exit its 30 percent stake in Brazilian shipbuilder Ecovix and declare the investment as a loss, Valor Economico newspaper reported on Tuesday. The group led by MHI plans to sell its stake in Ecovix, which it bought in 2013 for about $300 million, to … [Read more...]
Japanese Shipbuilders Acquire Footprint in Brazil, Led by MHI
Five Japanese shipbuilders – Mitsubishi Heavy Industries, Ltd. (MHI), Imabari Shipbuilding Co., Ltd., Namura Shipbuilding Co., Ltd., Oshima Shipbuilding Co., Ltd. and Mitsubishi Corporation – have signed a Share Purchase Agreement (SPA) today to acquire a stake in ECOVIX -Engevix Construções Oceânicas S.A. (ECOVIX), a Brazilian shipbuilder focused on supporting … [Read more...]
Kingfish Cancels 11 Tanker Order at OSX Brasil’s Açu Shipyard
London-based Kingfish Trading has cancelled an order for 11 tankers that were to be constructed at OSX Brasil's Açu shipyard, OSX said in statement late Friday. Kingfish ordered the 11 medium-range, 45,000 DWT tankers from OSX in March 2012 for $732 million. The vessels were to be built at OSX's Açu port complex, which is under construction in northern Rio de Janeiro … [Read more...]
OSX Shares Take a Big Hit After Brazilian Shipbuilding Plans Are Canned
(Bloomberg) -- OSX Brasil SA, the shipbuilder controlled by billionaire Eike Batista, fell to the lowest in more than four months after Petroleo Brasileiro SA canceled a contract for five drillships it was expected to build. OSX, based in Rio de Janeiro, fell 6.7 percent to 8.96 reais at 1:02 p.m. in Sao Paulo. Earlier it slid as low as 8.85 reais, the lowest intraday … [Read more...]
Sete Brasil Orders 7th Brazilian-Built Drillship from Sembcorp Marine
Sembcorp Marine's 7th Brazilian drillship newbuild order has just been secured at a contract value of US$806.4 million. Ordered by Sete Brasil Participações S.A. (Sete Brasil), this rig, and her 6 other sister ships will be built at Sembcorp Marine's new Brazilian shipyard at Estaleiro Jurong Aracruz Ltd. The wholly-owned locally incorporated 82.5-hectare new Brazilian … [Read more...]
Brazil Subsidizes Uncertain Shipyard Success
By Anna Miars, Unlike the samba beats that punctuate the late night air in Rio de Janeiro, it’s the clamor of construction equipment and hum of machinery that dictate the rhythm of daily life in the Brazilian state of Pernambuco. About 1,200 miles to the northeast of Rio, late nights in this part of the country are harder to come by outside of Carnival. The din of … [Read more...]