Japan has confirmed it is ready to build Australia’s submarines entirely at local shipyards, after stumbling in its effort to win the A$50 billion ($34.76 billion) contract, reports Reuters. According to Masaaki Ishikawa, director general for Acquisition Reform at the Ministry of Defense…
Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel. According to Moody’s the outlook on the B2 corporate family rating (CFR), the B2…
Press release - Captain Lee Wai Pong hands over the baton to his successor; to take the Mission forward, as it continues to build on the great steps taken towards local determination and financial self-sustainability.The Mission to Seafarers…
Project, breakbulk and heavylift cargo transporter Intermarine, LLC reports it has promoted Chad Call to Director of Corporate Finance. Call will continue to report to Michael Dumas, Executive Vice President and Chief Financial Officer.In this new role…
Japanese shipbuilder Mitsui Engineering and Shipbuilding (MES) has bought 99.36% of the outstanding ordinary shares in German designer and manufacturer of gas tanks and gas handling systems TGE Marine AG to expand its foothold within the market for medium sized multi-gas carriers…
Oil and gas company Shell Malaysia announced on Tuesday a reorganisation of its upstream division, which will see a reduction of 1,300 jobs over the next two years.Shell Malaysia, a unit of Royal Dutch Shell PLC, said in a statement the…
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials…
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year…
The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Holding (GPH), one of the world’s largest port operating companies. In a statement, the bank said the minor stake…
South Korea’s second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) hit a hurdle in its efforts to get capital injection after the Export-Import Bank of Korea (Korea Exim Bank) delayed necessary funding for its shipbuilding project…
The Investment Coordinating Board (BKPM) is looking to book millions of dollars of investment realization in the shipbuilding industry by the year-end as domestic demand is expected to skyrocket following the government’s instruction to prioritize the utilization of locally produced vessels…
General Electric Co said on Monday it will move production of large, gas-powered engines to Canada from Waukesha, Wisconsin, along with 350 jobs, to access export financing no longer available in the United States. In its latest salvo aimed at persuading Congress to renew the U…
Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude in a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky.Shell has spent about $7 billion…
Mr Piet Besselink, Executive Board Member of international engineering and project management consultancy Royal HaskoningDHV, has decided to step down by the end of the year. This change was announced by the company’s Supervisory Board. Piet Besselink (56)…
Union Minister of Shipping, Road Transport & Highways Shri Nitin Gadkari has said that the decline observed in the performance of Major Ports from 2008 to 2014 has reversed and they have shown improvement in their performance in 2015. Shri…