At the invitation of China Steel Corp. (CSC) and Yang Ming Marine Transport Corp., Wan Hai Lines Ltd. has shown its willingness to enter into a consortium led by CSC to invest in the state-run China Shipbuilding Corp., which has decided to go private through public bidding, according to a report on Taiwan Headlines. China Shipbuilding estimated it would sell a 51 percent up to 66 percent stake to become a privately owned firm. Potential buyers of the China Shipbuilding shares include Evergreen Marine Corp., Taiwan Navigation Co., Yang Ming Marine Transport Corp., Yung Chi Paint & Varnish Mfg. Co., Kuang Tai Co., Wan Hai Lines Ltd., China Steel Corp., MPH, BAE of the U.S., Mitsubishi of Japan, and Hyundai of South Korea. The CSC-led consortium will also contain China Shipbuilding's downstream firms, such as Yung Chi Paint & Varnish Mfg. Co. If everything goes smoothly, China Shipbuilding will have a new management team comprised of its downstream firms and its two-largest clients-Yang Ming and Wan Hai. Yang Ming has contracted China Shipbuilding to build 22 vessels that will be delivered by the end of 2009; Wan Hai currently has 10 vessels under construction by China Shipbuilding that will be delivered by the end of 2008. Wan Hai chairman Chen Chao-heng said his company would give first priority to participating in the CSC-led consortium, rather than in another group led by the MPH Group of the U.S.
CNN reported that one of McDermott International Inc.’s subsidiaries has entered into a joint venture with a subsidiary of the state-owned China Shipbuilding Industry Corp. The joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company Ltd., plans to establish a new location on over 111 acres in . The facility is expected to be located next to two new China Shipbuilding shipyards. China Shipbuilding has one floating dock and five drydocks in the area
The Taiwan Government is inviting bids for a majority stake in China Shipbuilding Corp, the island’s biggest shipbuilder, to help the company become more competitive and raise funds for public spending, according to a Bloomburg report. The Government aims to sell a stake of between 51 per cent and 66 per cent in the company, the shipbuilder said in a statement published in Taipei’s Commercial Times. The stake offered includes three billion new shares.
The European Commission said the deadline for its inquiry into China Shipbuilding Industry Corporation (CSIC), Japan's Mitsubishi Heavy Industries (MHI) and Wartsila Oyj's proposed marine engine manufacturing joint venture is set for April 26. CSIC will hold 50 percent of the venture, while Wartsila will have 27 percent and Mitsubishi 23 percent.
China Shipbuilding Industry Corporation (CSIC) signs agreement with Sansha Municipal Government to work on infrastructure energy & water resources. China's major ship-building conglomerate will start infrastructure, energy and water resources projects in Sansha, the country's southernmost city in the South China Sea, reports China Daily. The Sansha Municipal Government signed a package of cooperation agreements with China Shipbuilding Industry Corporation
Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven builders could ink a contract, with 30% of large corporations recording a loss, reports China Shipbuilding Industry Co. Shipbuilders’ profit margins in Jiangsu appear to be sharply decreasing from
Quintana Maritime Limited took delivery of its second Capesize bulk carrier on November 11. The vessel, named Kirmar, was built in 2001 by China Shipbuilding Corporation in Taiwan and has a carrying capacity of 165,500 dwt. The purchase price of the vessel was approximately $68.4 million, of which Quintana had previously advanced the sellers a cash deposit of $6.85 million, or 10% of the aggregate purchase price of the vessel. On delivery, the Company paid $9
Petroleos de Venezuela SA said it will buy 18 oil tankers from China for $1.3b as South America's largest oil firm seeks to boost exports to Asia. Orders for the tankers were placed with China State Shipbuilding Corp., and China Shipbuilding Industry Corp. A timetable wasn't provided for deliveries. (Source: Toronto Star)
Wärtsilä has signed a letter of intent with China Shipbuilding Industry Corporation (CSIC) to set up a 50/50 joint venture to manufacture marine auxiliary engines in China. The location of the new factory will be in the Shanghai area. The intention is to start the production of the defined Auxpac W20 generating sets for the growing shipbuilding market in China and to sell these through Wärtsilä global network. Auxiliary engines are used for producing electricity in ships.
COSCO Group has ordered 4 Very Large Crude Carriers (VLCC) from China Shipbuilding Industry Corporation (CSIC). The ceremony was attended by Chairman Ma Zehua, President Li Yunpeng, Chief Financial Officer Sun Yueying, and Executive Vice President Ye Weilong of COSCO Group, as well as President Li Changyin, Executive Vice President Dong Qiang and Executive Vice President Sun Bo from CSIC. COSCO inform that managers and executives from relevant departments and subsidiaries of the two
China's first 10,000 TEU container ship with independent intellectual property rights has been delivered from Dalian Shipbuilding Industry Co (DSIC) in Dalian, Northeast China's Liaoning province, reports Xinhua. This ship was built for China Shipping Container Lines and is capable of carrying
MacGregor has secured an order from Wuchang Shipbuilding Industry for a 100-metric-ton SWL active heave-compensated subsea crane. The MacGregor crane will be installed on the anchor handling tug supply (AHTS) vessel, currently under construction for the offshore specialist
MacGregor, part of Cargotec, informs it has won an order for two subsea cranes from South Korean shipyard Hyundai Heavy Industries and another for one from China’s Wuchang Shipbuilding. Korea order The active heave-compensated cranes will have an SWL of 100-tonnes and 25-tonnes
Deltamarin announced a design contract awarded by China Shipbuilding Industry Corporation (CSIC) for the new 37,000 GRT (Gross Register Tonnage) hospital ship to be built for Mercy Ships at Tianjin Xingang Shipyard. Deltamarin’s contract includes approval
Many Chinese shipbuilders flounder in the face of a declining world shipping slowdown according to the latest industry reports. Production at Chinese yards, the world's biggest shipbuilders by tonnage, declined steeply during the first three quarters of the year, reports 'China Daily'.
Stolt Tankers B.V., a subsidiary of Stolt-Nielsen Limited (Oslo Børs: SNI), has announced that it has reached an agreement with Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong-Zhonghua) and China Shipbuilding Trading Co. Ltd, (CSTC)
Wärtsilä, a solutions and services provider, has signed new licence agreements with seven of its long-term Chinese partners. CSSC (China State Shipbuilding Corporation) has been a Wärtsilä licensee since 1978, and four of its engine companies have signed new agreements
Chinese shipbuilding giant, China Shipbuilding Industry Corp (CSIC) makes debut at Malaysia defense show. The China Shipbuilding Industry Corporation (CSIC) recently made its debut in the Langkawi International Maritime and Aerospace Exhibition in Malaysia, reports Xinhua.
The shipping market is continuously in depression, and the development of China's shipbuilding industry faces huge challenges, says a new report – 'China's Shipbuilding Industry 2013-17' published by Research & Markets. In a newly-issued market research report
The Chinese government is expected to introduce support for the shipbuilding industry soon according to Asiais.com Citing an An Economic Information of China report, Asiais.com says that a 'Three-Year Plan to Strengthen China’s Shipbuilding Industry' is in the final stage of mediation
According to Xinhua, Chinese scientists launched a program to build a new manned submersible expected to dive as deep as 4,500mand capable of carrying out scientific research. The program was revealed by Hu Zhen with China Shipbuilding Industry Corporation
Before the close of the inaugural Oceanology International China (OI China) held in Shanghai in early September, more than 70% of the space available for the next show in the series, being held September 3-5 , 2014 at INTEX Shanghai, had been reserved.
Dalian propeller deal coincides with order involving the world’s largest car carriers On August 30, 2013 MAN Diesel & Turbo signed an agreement regarding the production of its Kappel propeller portfolio with Dalian Marine Propeller Co
Chinese shipbuilders have been sailing toward bankruptcy in recent years, with China trying to consolidate the industry and bail it out from the woe of overcapacity. With delays in deliveries, order cancellations and price decreases for newly-built vessels
Regarded by many as the only gateway to the Asian maritime market, Marintec China 2013 has opened with due ceremony in Shanghai. With a significant increase in the floor area from 2011, this year's Marintec China covers more than 70,000 square metres