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UASC borrows US$140 million to buy nine 13,100-TEU ships Gulf Bank will provide US$140 million loan to the United Arab Shipping Company (UASC) towards equipping and purchasing nine 13,100-TEU newbuildings, Shednet reports. Last February, UASC borrowed $302 million to buy the remaining three of these mega ships on order from Samsung Heavy Industries. The Kuwaiti shipping line also borrowed $1.1 billion last year to pay for six of these ships and the first of which was delivered from the Korean yard in early April.


South Korea's STX Offshore & Shipbuilding is close to winning up to a $2.8bn container ship order from Canada's Seaspan Corp , a local newspaper said early this week. STX signed a letter of intent for a deal to build ten 14,000 teu sized carriers, each worth $140m, which also includes a 10-vessel option, Maeil Business Newspaper said in an online edition.


South Korea's Samsung Heavy Industries has won an order for two LNG carriers from GasLog. 

The Greek shipowner has booked two 155,000 cu m LNG carriers at the yard. 
Samsung had announced on April 11th that it had won four LNG carriers from Golar LNG Energy and two ships from an unnamed owner for $1.2bn in total, SeaNews Asia reports.


Kawasaki Kisen Kaisha, Ltd. ("K" Line) via its European subsidiary company possesses 50% share of SAL Group in 2007, which engages in heavy lift transportation headquartered in Germany, and 2 executive officers were dispatched from "K" Line to work with the 3 existing partners. "K" Line on April, 4 reached a basic agreement with joint venture partners on purchasing all (in total 50%) of the shares of SAL Group at the end of June 2011. With this transaction, "K" Line will become 100% owner of SAL Group. After acquiring 100% ownership of SAL, "K" Line expects to keep the trading name of SAL, location of head office and employment of all current staff; The "K" Line group has a firm intention to develop heavy lifter business as a core business of "K" Line with the established trade name of SAL and combining abundant experiences and know-how of management and staff of SAL in heavy lifter business.


Japanese carrier “K” Line reported $368 million in net income for its just-ended fiscal year but forecast lower profit and revenue amid a “largely unpredictable” outlook for shipping, Journal of Commerce reports. The profit for the fiscal year ended March 31 compared with a $717 million loss a year earlier. Operating revenue rose 17.5 percent to $11.8 billion.


Samsung Heavy Industries , the world's second-largest shipbuilder, said on Thursday that it had received an order worth 659.8 billion won ($612.3 million) to build a drillship for Ocean Rig, Reuters reports. The shipper under a deal with Samsung on April 19, Samsung said in a statement. The yard would deliver the vessel by end-October, 2013.

1,467 days ago by arnekiel

China Ocean Shipping (Group) Company (COSCO), the largest container ship operator in China and the sixth-largest in the world by volume, will resume its investment in ports, said Wei Jiafu, the president and chief executive officer of the group, on Tuesday. High demand and robust global economic growth between 2003 and 2008 prompted shipping companies worldwide to deepen investment in ports. However, enthusiasm cooled after the sudden eruption of the global financial crisis and the ensuing fragile economic recovery. www.china.org.cn/...


A major milestone in the history of cruising occurred today as industry giant Carnival Corp. took delivery of its 100th ship at sea. The parent company of more than half a dozen lines including Carnival, Princess, Holland America and Cunard welcomed the 3,690-passenger Carnival Magic into the Carnival fleet in ceremonies at the Fincantieri shipyard near Trieste, Italy, where the ship was built. travel.usatoday.c...

1,468 days ago by arnekiel

The first fuel cell applications on seagoing vessels will be competitive with diesel engines as early as 2020, according to a new market survey. The research, conducted by Germanischer Lloyd (GL) on “Fuel Cell Systems in Shipping”, puts this steadily-increasing competitiveness mainly down to a rise in fuel costs, and the introduction of CO2 levies. It shows that specifically high-temperature fuel cells are suitable for efficient, low-emission base load supply on ships. www.renewableener...

1,468 days ago by arnekiel

In line with the trend in the global shipping market, Evergreen Marine, Taiwan`s leading shipper, plans to build large-scale container ships, according the Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN). The EDN reports that Evergreen plans to build 10 9,000-9,200 TEUs (twenty-foot equivalent units) container ships, instead of 8,000 TEUs as originally planned.


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