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.
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.
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
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
China's first liquefied natural gas (LNG) ship sailed out of the shipyard in Shanghai, marking China's shipbuilding industry stepping into a new era, according to a report on www.chinadaily.com. Sources from the China State Shipbuilding Corp (CSSC) said the LNG ship was built by CSSC's Shanghai subsidiary, the Hudong-Zhonghua shipbuilding (Group) Co Ltd. China reportedly has invested more than 100million yuan on the research of the LNG ship in recent years.
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.
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.
Athens, Greece - Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has signed, > through separate wholly-owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company
China Shipbuilding Industry (CSIC) plans to issue RMB 1-billion in sale of unsecured medium term notes According to a 'China Knowledge' report, China Shipbuilding Industry Corp or CSIC, the parent of China Shipbuilding Industry Co Ltd<601989 >
China's shipbuilding industry faces a severe test in today's sluggish global market China's shipbuilders finished 22.53 million dead weight tons of shipbuilding orders in the first five months this year, a decrease of 10.1 percent year-on-year. New ship orders amount to 9
The new China Maritime Centre in the University of Greenwich will study China's role as a major maritime nation in the 21st century The new China Maritime Centre will promote, disseminate and study the role of China as a major maritime nation in the 21st century
Fairstar Heavy Transport N.V. (Fairstar) confirms that on 3 May 2011 Fairstar had entered into a Shipbuilding Contract with a face value of $110 million with China Shipbuilding Trading Company Limited (CSTC) and Guangzhou Shipyard International Company Limited ("GSI") concerning the
SENER signs contract with CSDDC and CSOC for the joint design of a pelagic and bottom stern trawler The SENER contracts are with the Chinese CSDDC ((China Ship Development and Design Center) & CSOC (China Shipbuilding & Offshore International Co. Ltd).
China Shipbuilding Industry Corp. (CSIC) is developing a manned submersible for dives to 4,500 meters (14,764 ft). The move comes as part of a greater plan for the nation to eventually build a deep sea station where submersibles can dock and oceanauts can work.
China Shipbuilding Industry Corp (CSIC) says it has had advanced talks with a European shipbuilder so far. Despite the travails of the lack of orders at home one of China’s shipbuilding majors is looking at taking advantage of the downturn by acquiring some overseas yards to boost its
Rilin Group & Daewoo Shiipbuilding & Marine Engineering (DSME) to develop Dandong, China, shipbuilding base. Under the agreement, the two groups will jointly invest in and develop the Dandong Shipbuilding Industry Co in order to establish a shipbuilding industrial base in Dandong
China's State Oceanic Administration has placed 8 orders with Wuchang Shipbuilding Industry Co., & altogether 36 are to be built within two years. As the global shipbuilding industry endures one of its toughest spells in years, at least eight new orders for maritime surveillance ships
Doen Pacific as one of only 5 marine waterjet manufacturers in the world matching engines to 4,000kW, and CSIC, one of the two largest shipbuilding conglomerates in China, together with its Member WMMP, have jointly signed a license agreement for the manufacture and sale of WMMP‐DOEN Waterjets in