In Brazil, Another Shipyard Goes Bust as Work Goes to Asia

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...]