The European Union is considering taking action against South Korea under the World Trade Organization, accusing the country of using western subsidies to sell ships at below construction cost and putting European rivals out of business. "The sector is facing a critical situation worldwide with very low prices and a serious overcapacity caused by the Republic of Korea," EU industry ministers said after a regular meeting where they discussed a European Commission report on the world shipbuilding situation. The ministers asked industry, national governments and the Commission to seek "as much detailed evidence as possible...in order to take appropriate action under the WTO". EU Enterprise Policy Commissioner Erkki Liikanen specifically charged South Korea with a deliberate policy of building up a very strong shipbuilding industry through increased capacity and below-cost prices. South Korea, he said, increased its share of the world market to 35 percent, well ahead of Japan and the 15-nation EU. The three make up for about 80 percent of the world shipbuilding market. The most dramatic change was in container vessels, with Korean yards now grabbing 70 percent of contracts worldwide from a previous 15 percent market share, he said. The Commission has been complaining for over a year that South Korea may have been channeling part of a $58 billion bailout from the International Monetary Fund in 1997 into its shipyards. The Korean government has rejected the allegations.
PAL Indonesia has purchased the entire Tribon Shipbuilding system for design and production of ships at its shipyard in Surabaya. PAL Indonesia has chosen to implement the complete hull and outfitting applications of the Tribon system to increase the yard's automazation and efficiency. PAL Indonesia has more than 20 years of experience in designing, engineering and building commercial and naval ships. Some examples are passenger ships, tankers, bulk carriers, container ships
American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full
Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time
Venezuelan state oil company Petroleos de Venezuela (PDVSA) will begin selling bunker fuel via two Internet sites later this month, its first sales project across the Web, a company official said. PDVSA will offer fuel from its terminal in Freeport, Grand Bahamas Island to shipping companies via two industry Internet sites: www.oceanconnect.com and www.bunkerstem.com. "I believe that before the end of the month, in one or two weeks, we will be selling fuel (over the Internet)
Shipsales Tanker Sentinel - (built 1986) 106,722 dwt sold for $14.4 million. Tanker Bow Explorer - (built 1975) 31,501 dwt sold to Vulcanus for $4 million. Tanker Jo Breid - (built 1981) 26,300 dwt sold to Norwegian buyers for $7.5 million. Bulker Red Rose - (built 1978) 75,720 dwt sold for $2.35 million. Bulker Lionsgate Bulker - (built 1996) sold to London based Greek buyers for $18.25 million. Bulker Litrotis - (built 1981) 64,120 dwt sold at auction in Singapore for $3.5 million.
Norway's Leif Hoegh said that Unicool -- its fully owned unit -- sold three reefers for a total of just over $27 million. The sales prices was close to the book value, Leif Hoegh said in a statement to the Oslo bourse. It said Unicool had sold the vessels Baltic Spirit, built in 1986, Lincoln Spirit, built in 1987 and Tasman Spirit from 1988.
As part of Odfjell's continued fleet renewal process, two older ships have been sold. OWL Trader (12 450 dwt./built 1982) was delivered to her new owners 28 March 2007. We have also entered into an agreement to sell Bow Lady (32 225 dwt./built 1978) and expected time of delivery to new owners is medio April. These transactions give a total gain of about $3m for the Odfjell group, which will be accounted for in the second quarter of 2007.
In accordance with the objectives of the 2003-2007 strategic plan, BOURBON is disposing of its nonmarine service operations and is selling its sugar assets in Vietnam. Following the incorporation of Sucrerie de Bourbon Tay Ninh (Vietnam) as a joint stock company, Bourbon is announcing the sale of 49% of its stake, with a commitment to retain the balance for a period of three years. Firstly, 24% of the shares have been sold today to strategic Vietnamese investors and
ATLANTA, April 27, 2011 – Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended March 31, 2011. Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including Premiere Sport Yachts, SSi and SSX Sportboats and Cuddy Cabins, Sunesta Sportdecks, Xtreme Towboats, Signature Cruisers, and outboard sport fishing boats by Robalo.
AWILCO LNG ASA say that their second 156,000 cbm Tri-Fuel Diesel Electric powered newbuilding 'WilPride', has been delivered from South Korea by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) prior to the following business transactions:
Seoul will not sell Daewoo Shipbuilding & Marine Engineering (DSME) to a foreign company to avoid any possible leakage of technologies reports 'Korea Times'. The response comes after a Russian consortium led by the state oil company OAO Rosneft recently expressed an interest in acquiring a
Global Ship Lease, Inc. (GSL) announced that it plans to issue an aggregate principal amount of up to $400,000,000 of first priority secured notes due 2021 in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally
Hawaiian Ocean Transport, Inc. has strengthened its core management team by hiring Julian Velez as the new business development manager. As the new development manager, Velez will bring new perspectives and extensive knowledge from his seven years of experience as a leader in the transportation
Navios Maritime Acquisition Corporation announced that the company and Navios Acquisition Finance (U.S.) Inc., its wholly owned finance subsidiary, intend to offer through a private placement, subject to market and other conditions, approximately $600 million of first priority ship mortgage
Ulstein’s latest design contract for Vroon Offshore Services pushes the total number of offshore ship designs sold from the firm past the 100 mark. This milestone has been achieved in just 14 years, with 74 of the contracts signed for the company’s trailblazing X–BOW design
Newly-established offshore shipping company Nordic American Offshore (NAO) has agreed to acquire six platform supply vessels from Blue Ship Invest ( BSI ). The vessels are of the PX121 type, and were designed and constructed by Ulstein in 2012-13
The empire of the Brazilian businessman Eike Batista has taken another hit, as his shipbuilding firm OSX states it would file for bankruptcy, reports the 'New York Times' via Agence France-Presse. According to the newspaper, OSX’s board of directors released a statement that it had
Harbor Star Shipping Services Inc. has loaned one of its barges to the Philippine Coast Guard (PCG) to help transport relief goods and emergency tools to Tacloban City in Leyte and other sites massively ravaged by the super-typhoon, reports the nations's 'BusinessMirror'.
J.F. Lehman & Company, a middle-market private equity firm focused on the maritime, defense and aerospace sectors, announced today that it has sold its portfolio company, Northeast Ship Repair, Inc. to affiliates of Plexus Capital and NewSpring Capital.
Aker ASA has engaged ABG Sundal Collier Norge ASA and Arctic Securities ASA to explore the opportunity to acquire approximately 16.5 million shares (roughly 6% of the share capital) in Aker Solutions ASA, but with the possibility for Aker ASA at its full discretion to increase or decrease the
Aecon Group Inc. announced that it has completed its previously announced public offering of $150 million aggregate principal amount of 5.5% convertible unsecured subordinated debentures due December 31, 2018. The offering of debentures was completed on a bought deal basis through a syndicate
Stevens Towing of Charleston, South Carolina has sold their U.S flag, twin screw tug “Island Fox” (ex Pt. Brower, Arctic Knight, Arctic Fox) to private foreign buyers. Marcon International, Inc. adds that they acted as broker for the sellers
Marcon International, Inc. of Coupeville, Washington reported that the 5,570BHP tug Jabbar has been sold by Awal Marine Services of Manama, Kingdom of Bahrain to TradeWinds Towing LLC of Saint Augustine, Florida. Jabbar, meaning “powerful” or “tremendous” in Arabic
Sterndrive specialist Konrad Marine formally entered a partnership with diesel engine manufacturer Cummins Marine to jointly offer a complete propulsion package to the commercial, military and recreational maritime markets, a partnershipo announced October 9 at the Workboat Show in New Orleans.