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Seoul Shares

Seoul Shares Up 0.4% on Shipyards

According to an August 9 report from Reuters, Seoul shares rose as investor hopes for further stimulus measures from the U.S. Federal Reserve strengthened ahead of its meeting, with gains in shipyards and banking stocks lifting the index. The Korea Composite Stock Price Index .KS11 (KOSPI) ended up 0.36 percent at 1,790.17 points.. (Source: Reuters)


Seoul Shares Touch 3-week Low as China Worries Persist

By Se Young Lee, Reuters Seoul shares fell in early domestic trade Wednesday, touching a near-three week low as persisting worries about China's economic growth outlook cut appetites for riskier assets. The Korea Composite Stock Price Index (KOSPI) was down 1.2 percent at 1,939.86 points as of 0215 GMT. The index earlier traded as low as 1,938.60, its weakest level since Feb. 20. A sharper-than-expected slowdown in China would likely hurt earnings of major local manufacturers


Seoul Shares Close at New High on Shipbuilding

South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226.


STX Shipbuilding Shares Falls

STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co


Samsung Heavy $1.2B LNG Ship Orders

According to a report from Bloomberg, Seoul-based Samsung Heavy Industries Co. received orders to build six liquefied natural gas carriers worth a total $1.2b as demand for the fuel surges, prompting a jump in the shares.   (Source: Bloomberg)


EU, S. Korea Will Try Last Minute Negotiations

European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors


Korean & Russian Classification Societies Sign MOU

At the recent Korea-Russia Business Dialogue meeting held in Seoul attended by President Putin & President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) signed a shipbuilding memorandum of understanding (MOU) bringing the two class societies closer together with a range of cooperative activities related to shipbuilding and offshore plant. The agreement includes: ·         Technical cooperation and


Diana Shipping Announces Time Charter Contract for MV Oceanis

Diana Shipping Inc. has entered into a time charter contract with Hanjin Shipping Co., Ltd., Seoul, for one of its Panamax dry bulk carriers, the Oceanis, at a gross rate of $40,000 per day for a minimum 22 to a maximum 25 month period. This employment is anticipated to generate approximately $26.5m of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in mid-September, 2007.


This Day in Naval History – September 27

1922 - Report on observations of experiments with short wave radio at Anacostia, DC, starts Navy development of radar 1941 - Launch of first Liberty ship, SS Patrick Henry, in Baltimore, MD 1942 - Armed Guard on SS Stephen Hopkins engages German auxiliary cruiser Stier and supply ship Tannenfels. Stephen Hopkins and Stier both sink. 1944 - Special Air Task Force (STAG-1) commences operations with drones, controlled by TBM aircraft, against Japanese in Southwestern Pacific


Hyundai Heavy Leads Gains Among Korean Yards

According to a June 21 report from Bloomberg, Hyundai Heavy Industries Co., the world’s largest shipbuilder, led advances among shipyards in Seoul trading on expectations that a stronger yuan will help improve their price competitiveness against rivals in China. Hyundai Heavy climbed 4.9%t to close at 236,000 won, the highest price since May 12. Samsung Heavy Industries Co., the world’s biggest maker of drill ships, gained five percent to 24,200 won.


Nabors Posts Quarterly Loss as Drilling Activity Slows

Photo: Nabors

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150


VLCCF - 4Q & FY 2014 Results

Photo by Knightsbridge Shipping Limited

Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6


Aker Philadelphia to Pay Dividend

Photo courtesy Aker  Philadelphia

The Board of Directors of Aker Philadelphia Shipyard ASA yesterday resolved to pay a dividend to the shareholders of AKPS as of expiry of 3 March 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in


General Maritime to buy Navig8 Crude Tanker

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement.   A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc.  


Transocean Shares Poised for Big Move

Photo: Transocean

Transocean Ltd shares are expected to move about 8 percent in either direction following its earnings results on Wednesday, options data showed, but positioning among traders suggests some worry.   This would be the biggest post-earnings move for the shares in at least eight quarters.


Tenaga Hits Opposition to Port Operator Move

Tenaga Nasional Bhd , Malaysia's largest power group, hit an obstacle in its attempt to take over Integrax Bhd after a leading shareholder of the port operator rejected its offer on Monday. Perak Corporation Bhd, which holds 15.74 percent stake in Integrax


ST Engineering Raises Cap In STET

Image

  Singapore Technologies Engineering Ltd (ST Engineering) announced today that ST Education & Training Private Limited (“STET”) has increased its issued and paid up capital from S$1m to S$2m. This increase in paid-up capital is by way of a bonus issue of 1,000


Euroseas Report Loss in 4Q, FY 2014

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  Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014.


India Relaxes Vessel Sharing Pacts Regulation

Pic: Directorate General of Shipping

 The government of India may continue to exempt vessel sharing agreements among shipping companies from the purview of fair trade watchdog CCI, reports Press Trust of India.  The government felt that such pacts are unlikely to hurt competition


FSL Sells Stake in Torm

Photo courtesy of Torm

FSL Trust Management has sold its entire shareholding in Denmark-based Torm, the company announced Friday.    The sale of over 18 million shares generated $2.63 million for FSL. FSL gained $1.71 million from the initial investment in the shipping company


Cummins Revenue up 11 pct

Image (file photo courtesy Cummins): the high speed Cummins QSK95 engine.

Cummins Inc, a maker of diesel engines, reported an 11 percent rise in quarterly revenue, helped by strong demand from North America. Sales rose to $5.09 billion in the fourth quarter ended Dec. 31, from $4.59 billion a year earlier. Net income attributable to Cummins rose to $444 million


Euronav’s $235m Maersk Venture

Euronav’s $235m Maersk Venture.

  Euronav NV announces today that following the closing of its Initial Public Offering (“IPO”) of its ordinary shares on NYSE, the Company will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on


ExxonMobil Earns $32.5 Bi in 2014

ExxonMobi

ExxonMobil Mobil Corporation earned $32.5 Bi in 2014   Highlights:        


Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news, falling nearly 4 to $99 after being down 2.6 percent before the buyback halt was announced.  


South Korea Mulls Maritime Study with North Korea

Picture: South Korea’s Maritime Affairs and Fisheries Ministry

South Korea would propose a joint research with North Korea to develop marine resources and ocean tourism, reports Korea Herald.  South Korea’s Maritime Affairs and Fisheries Ministry pointed out the need of an excavation of North Korea’s marine resources






 
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