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Pension Fund Set to Scrap Plan to Bid for Daewoo

AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard. The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil. State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won. They had taken over Daewoo Shipbuilding in 2000 after its parent Daewoo Group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures. Source:  AFP


Last Liberty Ship Leaves James River Reserve Fleet

Arthur M. Huddell is bound for Greece

The Department of Transportation announced that the last of ’s famous ships, the Arthur M. Huddell, will be towed from the James River Reserve Fleet site at , , to , on July 28, to prepare the World War II-era vessel for a cross-Atlantic tow to its new homeport in .  Greek officials say the ship will become a merchant marine museum of that nation’s shipping industry. While in , the Huddell will be berthed at the W3 Marine facility while the cross-Atlantic tow-prep is


Shell, BP 2005’s Leading Oil Tanker Hirers

Royal Dutch Shell plc and BP plc, Europe’s largest energy companies, were the leading hirers of oil tankers last year as crude prices rose to records. Shell hired 762 crude oil tankers for single voyages in 2005, accounting for 7.5 percent of the global total, according to figures compiled by New York-based shipbroker Poten & Partners. BP rose from fifth in 2004 to second, with a share of 4.9 percent. Exxon Mobil Corp, the world’s top energy company, came third in the survey.


China to Build World's Largest Repair Facility

China Ocean Shipping, China’s dominant maritime firm, is investing Yuan2bn in what is envisioned to become the largest shiprepair facility in the world. The base will be in the Zhoushan archipelago in Zhejiang province, two hours’ steaming from Shanghai, which is likely to become the world’s biggest port in the coming decade providing plenty of repair work, particularly for very large crude carriers and containerships


This Day in Naval History - Nov. 29

From the Navy News Service 1775 - Capt. John Manley in schooner Lee captures British ordnance ship Nancy with large quantity of munitions. 1890 - First Army-Navy football game (Navy won 24-0). 1929 - Cmdr. Richard Byrd makes first flight over South Pole. 1944 - USS Archerfish (SS 311) sinks Japanese carrier Shinano, world's largest warship sunk by any submarine during World War II.


Seafaring Tradition Perhaps Key to DP World's Growth

At DP World's annual gala dinner the chairman noted the company's success was rooted in UAE's rich maritime tradition. The UAE’s rich sea-faring tradition supported and drove DP World’s rise from a local port operator to today being third largest marine terminal operator globally, said Chairman H.E. Sultan Ahmed Bin Sulayem addressing the recent Annual Grand Gala Dinner of DP World, UAE Region. Addressing the event held under the theme “Dreams of the Sea”


Report: S. Korea lags China, Japan in Shipyards

According to reports, South Korea fell behind China and Japan in the number of shipyards ranking in the world's top 50 in terms of order backlogs as of the end of May, although seven South Korean companies were No 1 through No 7, a London-based market research firm said. Fifteen Japanese shipyards and the same number of Chinese companies were included in the world's top 50 list, while only nine South Korean shipyards made it, Clarkson Plc. said.


First Phase Completed at Changxing Shipbuilding Base

The first phase of the Jiangnan Changxing Shipbuilding Base has been finished and is already in operation on Changxing Island, Shanghai. Built by the China State Shipbuilding Corporation (CSSC), it has three production lines and four boatyards capable of holding 300,000-ton ships. Almost unparalleled in the world, it is the biggest shipbuilding project ever to be undertaken in China. Shanghai has the potential to be the world's largest shipbuilding base.


Dubai Drydocks World Established

Dubai World has consolidated its drydocks and maritime business by bringing Dubai Drydocks, Al Jadaf Shipyard, Platinum Yachts FZ and Platinum Yacht Management under a single umbrella - Dubai Drydocks World (DD World), a statement said. Dubai World, which runs DP World, the world's third largest port operator, yesterday announced the establishment of Dubai Drydocks World (DD World) to consolidate the dry docks and maritime sector of the organisation


Report: Three Carriers Dominate TransAtlantic Trade

Three new carrier groups now control 58% of the total capacity in the transatlantic container trade, according to World Liner Supply, a new quarterly report from the compairdata.com on-line shipping database. The fourth quarter 2000 issue of World Liner Supply shows that the merger of services and the combination of smaller carrier groups has led to a substantially higher market concentration in the North America/northern Europe container trade.


Glosten Designing Vigor’s Alaska Class Ferries

Glosten using Nupas-Cadmatic software for Vigor’s Alaska Class Ferry project   Seattle-based naval architecture consultancy Glosten has joined the list of North American companies utilizing Nupas-Cadmatic, a CAD/CAM engineering software system for the marine and offshore industry


Stena Bulk Joins World Ocean Council

Stena Blue Sky (Photo courtesy of Stena Bulk)

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime operations to promote the sustainable use of the world’s oceans.   


New Company Takes Over OW Tanker

OW Scandinavia (Photo: OW Tanker)

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.   Henrik Pedersen said the takeover by Alba Tanker ApS, which has the trustees of the bankrupt company on its board


World’s First LNG-Ready Ultra Large Container Ship Named

A15_Sajir web.jpg

The race is on in global maritime circles to be the “world’s first” in every aspect of environmental friendliness, particularly in regards to the incorporation of LNG as fuel onboard commercial ships. There was yet another “world first” today in South Korea at the


Trelleborg Invests in High-Speed Fender Test Rig

Trelleborg Fender

Trelleborg’s marine operation is in the process of building and installing a custom-made high-speed test rig, capable of testing both rubber and foam fenders.   The rig is being built in Trelleborg’s new Berryville facility in Virginia, U.S


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

 Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently started importing Saharan Blend from Algerian state-run Sonatrach to dilute its extra heavy crude from the Orinoco oil belt


Fincantieri Sign MoUs with Carnival & CSSC

Courtesy Fincantieri

  Fincantieri, the world leader in the construction of cruise ships, has signed two memorandums of understanding, respectively with Carnival Corporation, the world’s largest cruise line, and with China CSSC Holdings Limited, controlled by CSSC (China State Shipbuilding Corporation)


China Defies U.S. Plea for Restraint in South China Sea

China on Monday hit back at "irresponsible remarks" from the United States which has called on Beijing to stop a land reclamation project in the disputed South China Sea that could be large enough to accommodate an airstrip. China lays claim to almost all of the entire South China Sea


US Port Congestion Hides Deeper Issues

Photo: Port of Los Angeles

Ports on the U.S. West Coast are currently suffering from chronic congestion, but are there deeper issues affecting their performance?   Drewry’s new report Container Terminal Capacity and Performance Benchmarks compares capacity and performance benchmarks for 500 terminals worldwide


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Frontline Disappoints with Deeper 3Q Loss

Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options to restructure its debt and lease obligations. The Oslo-listed tanker business of shipping tycoon John Fredriksen said its results


Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever


World’s Largest Containership First Tested at MARIN

Bastien Abeil

MARIN was delighted to take part in a truly historic milestone in the industry when Daewoo Shipbuilding and Marine Engineering (DSME) asked MARIN to investigate the seakeeping ability of what would become the largest container vessel in the world - Maersk Line’s Triple-E.


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

 Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners






 
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