Dry bulk shipping company Mercator Lines has inked an agreement to sell another vessel in an attempt to reduce its debt. The MV Kalpana Prem will be sold for US$2.9 million to a third party. It is expected to be delivered in April. In January…
South Korean defense contractor Daewoo Shipbuilding and Marine Engineering (DSME) launched the first out of three Type 209/1400 Chang Bogo-class (a license-built variant of the 209) diesel-electric attack submarines for service in the Indonesian Navy…
A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing…
Sri Lanka's Minister of State for Defence Ruwan Wijewardene visited the Goa Shipyard Limited (GSL) at the Vasco town, located around 40 kms from Panaji in India and inspected Sri Lankan ships under construction, the Press Trust of India reported…
Gyungbae Gil appointed to head Korean division of GMS GMS, a cash buyer of ships and offshore structures, has launched a new operation in Korea. The office will be headed by Gyungbae Gil, a trader who was based in Dubai. According to GMS…
Singapore-based bulker player Pioneer Marine has terminated five handysize newbuild contracts at Yangzhou Guoyu Shipyard. The leading shipowner and global drybulk handysize transportation service provider announced the following developments…
Moody's Investors Service has changed its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2 percent, suppressing freight rates, particularly in the dry bulk and containership segments…
South Korea’s shipbuilding giant Hyundai Heavy Industries (HHI) has been hit by another hurdle as it faces KRW 120 billion (USD 100.5 million) in taxes, Yonhap news agency informed. HHI has been notified by the country’s tax authorities…
Norwegian offshore shipbuilders VARD have announced a deal with French luxury cruise ship operator Ponant for the construction of four luxury expedition cruise vessels, for delivery in 2018 and 2019. The vessels will be developed by Vard…
The Chinese shipping companies - Chinese shipping majors Cosco Group, China Merchants Group and ICBC Financial Leasing Co- ordered 30 Valemaxes worth a combined $2.5 billion for delivery starting from 2018, deployed on Brazil-China trade routes…
The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third…
Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G. The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co…
The Phnom Penh Post reported that Cambodia was in negotiations to buy two 140-metre heavy warships armed with modern weapon systems from China, citing the commander of the Royal Cambodian Navy. According to a speech given by Royal Cambodian…
Singapore-listed Otto Marine has announced that its offshore shipyard has branched out to secure three new shipbuilding contracts worth $23m in total. New contracts came along with Group's efforts in diversifying and expanding product portfolio in a weak market…
According to Clarkson Research Services, the record pace of fleet growth over the last decade and weakening global demand outlook has left many of the major shipping segments facing severe oversupply. Demolition of older ships is one way…