South Korean shipbuilder Samsung Heavy Industries says it has been awarded an order to build eight New-Panamax containerships for an undisclosed Asian owner. The order is valued at about $752 million (820 billion KRW), the shipbuilder said. The eight vessels will be delivered by May 2021 and will serve on a route between Asia and North America. The shipowner is said to … [Read more...]
Global Fleet Capacity to Swell as More Containerships are Delivered in 2018
By Mike Wackett (The Loadstar) - There will be a 5.6% growth in container fleet capacity this year, according to scheduled newbuild deliveries of 1.49m teu and expected in scrapping of some 350,000 teu, says Alphaliner. After 2017’s slight supply-demand rebalancing, the pent-up flood of newbuild deliveries this year will be a challenge for shipowners and container lines – … [Read more...]
Samsung Heavy CEO Resigns After Surprise Loss Forecast
South Korean shipbuilder Samsung Heavy Industries has appointed a new chief executive officer after the resignation of the former CEO after forecasting another year of losses for the shipbuilder. Last week, shares of Samsung Heavy Industry plunged the most on record as the shipbuilder, one of the world's largest, surprised the market when it forecasted losses in 2017 and … [Read more...]
Samsung Heavy Industries Shares Take Record Dive on Share Sale, Loss Forecast
By Kyunghee Park (Bloomberg) -- Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry. The world’s third-largest shipbuilder said Wednesday it plans to raise 1.5 trillion won ($1.4 billion) by selling new shares in a … [Read more...]
Indian State Oil Refiners Look To Boost Domestic Shipping
By Nidhi Verma (Reuters) - Two of India’s state-owned oil refiners have issued tenders seeking to charter tankers for at least five years while giving preference to Indian companies, tender documents reviewed by Reuters showed, which would boost domestic shipping firms battered by slumping tanker rates. India’s Ministry of Shipping asked the refiners to issue long-term crude … [Read more...]