CSSC Wärtsilä Engine (Shanghai) Co. Ltd (CWEC) celebrated the beginning of construction on its new 20,000 sq.m. factory with a groundbreaking ceremony on October 28 in Lingang, Shanghai. Following the groundbreaking ceremony, strategic cooperation…
American Cruise Lines, operator of the newest cruise ships in the United States, announced today that it has begun construction on a new coastal cruise ship, yet to be named. The news of this addition is the most recent in a series of…
$1 billion Memorandum of Understanding between the Eximbank of China and ING Bank for shipping finance On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import…
Shipbuilders Council of America (SCA) has appointed Rear Admiral Jeff Brooks (Ret.) to Senior Defense Advisor. Brooks joined SCA in October and will focus on advocating, communicating and representing the ship repair industry to all stakeholders and to the U…
The annual Tripartite meeting between shipowners, shipbuilders and classification societies was held in Seoul, Republic of Korea on 16 and 17 October 2015. The meeting was attended by 100 high level representatives of the industry, including…
The builder of luxury yachts Grand Banks Yachts swung to a net profit of $1.2 million for the first quarter ended Sept 30 compared to a net loss of $1.3 million for the year-ago period. Following restructuring efforts after a major acquisition…
Hindustan Shipyard Limited (HSL) may sell its bulk carrier under construction at the yard to the Indian Navy, reports the Hindu. Goodearth Maritime Limited (GML) has failed to settle its dues for nearly a year after placing the order under Diamond Series of 53…
Daewoo Shipbuilding & Marine Engineering Co. (DSME) is expected to log an operating loss of over 5 trillion won (US$4.4 billion) this year, up by some 1 trillion won from previous forecasts, reports Yonhap. The outlook follows a recent audit by the state-run Korea Development Bank (KDB)…
Shipbuilding and dry bulk shipping company Cosco Corp (Singapore) expects to post a loss in the third quarter ended September 30, 2015 compared to a profit recorded in the same period a year earlier. The financial pain comes on the back of the offshore slump…
Greek ship owner DryShips plans to add six support vessels to its fleet by acquiring a large stake in Nautilus Offshore Services. Dry bulk shipowner DryShips has entered into an agreement to acquire approximately 98% of Nautilus OffShore Services Inc…
Korean Register (KR) - an IACS member classification society – was selected as the very first recipient of the new ‘K-Award’ launched at the KORMARINE Conference 2015 in Korea.The ‘K-Award’ recognizes organizations or individuals for their…
Scotland-based Ferguson Marine Engineering (FMEL) has signed a deal to build two 100-meter, dual-fuel ferries for Caledonian Maritime Assets Ltd (CMAL) in a contract worth £97 million (USD 150 million) that will boost shipbuilding on the River Clyde and secure 150 shipyard jobs…
With a coastline of 4,964 km and a vast majority of the country’s population living along the coast, Spain’s economy has a direct bearing on its ocean related activities. The importance of sun and sand tourism, of the energy sector – for which…
In a bid to prepare for the lift of economic sanctions placed on the country, Iran has unveiled a $120 billion fleet expansion campaign. Mohammad Saeidi, Head of the Islamic Republic of Iran Shipping Lines (IRISL), said that the company seeks to purchase 579…
Peter Livanos-backed Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has completed a USD 1.3 billion credit facility with fourteen international banks to finance the construction of eight 174,000 cbm newbuilds…
