JES executive director resigns （2015-05-26）
Singapore-listed shipbuilder JES international holding (JES) has announced the resignation of its executive director Jin Xin in its filing to the Singapore Exchange. According to the filing, Jin Xin has tendered his resignation because of health issues. Prior to his resignation, he oversaw the overa... |
Hyundai Samho clinches VLCCs from Bahri （2015-05-26）
South Korean shipbuilder Hyundai Samho Heavy Industries, a subsidiary of Hyundai Heavy Industries (HHI), has clinched orders for five VLCCs from the National Shipping Company of Saudi Arabia (Bahri). The contract was signed on 21 May, announced Bahri, which added that the contract came with options ... |
UOB Kay Hian recommends ‘sell’ for Nam Cheong （2015-05-26）
Singapore-based brokerage house UOB Kay Hian recommended that investors sell their shares of offshore support vessel owner Nam Cheong because of the company’s earnings volatility. Analysts from UOB Kay Hian have set a target price of SGD0.28 (USD0.20) per share. The stocks are currently trading at a... |
Chinese yards' new orders down 78.1% （2015-05-24）
Chinese shipyard new orders slumped 78.1% year on year (y/y) to 6.63 million dwt from January to April, the China National Association of Shipbuilding Industry (CANSI) said. The orderbook of the Chinese shipbuilders fell 6.8% y/y to 139.96 million dwt at the end of April, or 6.3% down from 31 Decemb... |
Twenty Capesizes converted to tankers （2015-05-22）
Twenty Capesize bulker orders have been converted to tankers as of now. This month, South Korean shipowner Dong-A Tanker converted four Capesizes it ordered at Hyundai Samho Heavy Industries in June 2014 to Aframax tankers. The company has since secured timecharter contracts for tankers from Teekay ... |
Hoegh LNG cuts loss and eyes more FSRUs （2015-05-22）
Hoegh LNG (HLNG), the Oslo-based listed gas carrier company controlled by the Leif Hoegh group, has cut its loss in 1Q15 and says it plans to continue to grow its floating storage and regasification unit (FSRU) business. Group net loss narrowed to USD2.4 million in 1Q15 from USD4.5 million in the sa... |
ICBC introduces new newbuilding funding method （2015-05-22）
The Industrial and Commercial Bank of China (ICBC) has introduced a new financial instrument to help finance newbuildings that can be bareboat chartered to shipping companies, with the financing coming from private investors. The new method has been applied in a deal between a Chinese state-owned sh... |
Alpha Tankers pens VLCC order （2015-05-22）
Greek shipowner Alpha Tankers and Freighters has placed an order for two VLCCs at South Korean shipbuilder Hyundai HI. HHI has provided Alpha Tankers with relatively early delivery slots of September and November 2016 respectively, with pricing of the 300,000 dwt ships understood to be around USD96 ... |
Coastal Contracts boasts record quarter （2015-05-22）
Malaysian offshore service provider Coastal Contracts posted a record-breaking profit of MYR65.9 million (USD18.3 million) for the first quarter of 2015, up 34% year-on-year (y/y). Revenue was up 56% to an all-time high of MYR351 million in the first quarter 2015 from MYR224.7 million in the same qu... |
Maersk comes back to DSME for ULCS order （2015-05-10）
AP Moller-Maersk has returned to South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for its latest series of ultra-large container ships (ULCS). The new order calls for an initial six firm 20,000 teu vessels with options for a further four ships being attached to the contract. ... |
Royal Caribbean orders fourth （2015-05-10）
Royal Caribbean has confirmed an order for a fourth Quantum-class newbuilding at Germany’s Meyer Werft, for delivery in 2019. Although no price was disclosed, the first three vessels in the series were priced at about USD230,000/berth or about USD950 million/vessel. The first of the series, the Quan... |
Meyer Turku returns to the big time （2015-05-10）
At a ceremony today for the handover of Mein Schiff 4 to TUI Cruises, Bernard Meyer, patriarch and CEO of the Meyer Group, announced that his company will be making large investments in its Finnish yard, which it acquired in autumn last year in partnership with the Finnish state. In addition, Meyer ... |
China vessel exports up 34.8% in Q1 （2015-05-10）
China’s vessel exports rose 34.8% year-on-year (y/y) to USD8.3 billion in the first three months of 2015, according to customs statistics. Looking to later in the year, though, exports are likely show a decrease on previous years as new orders placed at Chinese shipyards have been tumbling since lat... |
MHI books USD8.3 billion of orders in 2014 （2015-05-10）
Japan's Mitsubishi Heavy Industries (MHI) said on 8 May that its shipbuilding unit booked almost JPY1 trillion (USD8.3 billion) worth of orders for fiscal year 2014 (FY14), which ended on 31 March. This exceeded the JPY360.3 billion of orders booked in FY13. The surge was due to the higher number of... |
UOBKayHian recommends 'sell' for Nam Cheong （2015-05-10）
Singapore-based brokerage house UOBKayHian has recommended investors to sell off their stocks of Nam Cheong in view of the potentially weaker earnings for the offshore services provider in the first quarter of 2015. UOBKayHian expects the company’s earnings to bottom in the first half of 2015, based... |
Sainty Marine defaults on more bank loans （2015-05-10）
Shenzhen-listed Sainty Marine has reported additional defaults on an aggregate of CNY57.3 million (USD9.2 million) bank loans as a result of tight liquidity. A stock filing of the company said on 8 May that the company could not repay the outstanding bank loans that were due on 6 May and 7 May as it... |
UOBKayhian recommends 'buy' for Yangzijiang （2015-05-05）
Singapore-based brokerage house UOBKayhian has recommended a 'buy' status for Yangzijiang Shipbuilding Holdings because of its resiliency amid the difficult shipping environment. UOBKayhian highlighted that the Singapore-listed shipbuilding company has secured over USD4.6 billion for 114 vessels in ... |
Taizhou Sanfu's profit up 54% y/y in 2014 （2015-05-05）
Private-run Chinese shipyard Taizhou Sanfu Ship Engineering's profit increased 54% year on year (y/y) to CNY436.7 million (USD70.4 million) in 2014 because of business expansion into the manufacturing of steel structures. Taizhou Sanfu’s revenue also rose 34% y/y to CNY5.6 billion in 2014, the yard’... |
Yangzijiang delists in Taiwan （2015-05-05）
Chinese shipbuilder Yangzijiang Shipbuilding Holdings, listed in both Singapore and Taiwan, announced on 30 April that it will terminate its listing in Taiwan. The shipbuilder cited the small trading volume of its units, called Taiwan Depository Receipts, as well as the costs of staying listed in Ta... |
Cosco Corp profit drops 82% in 1Q15 （2015-05-05）
Singapore-listed Chinese shipbuilding and dry bulk shipping group Cosco Corporation Singapore (Cosco) posted a net profit of SGD4.25 million (USD3.19 million), down 82% year-on-year for the first quarter that ended 31 March 2015. Revenue also dropped 5% to SGD990,000 in 1Q15 as compared to SGD1.04 m... |