SKorean Shipbuilders Lower on Steel Price Concerns

Wednesday, February 20, 2008
Shares of shipbuilders and automakers were lower in late morning trading as investors react belatedly to the possible increase in steel prices, reports indicated Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0.5 percent at 10,400 won. The mainboard KOSPI was down 0.5 percent.

Fears are mounting that key steel makers could jack up product prices to reflect higher cost of raw materials, including iron ore and coal. POSCO and Nippon Steel said Monday that they have agreed to a 65 percent increase in iron ore contract prices with Brazil's Companhia Vale do Rio Doce, which will set a global benchmark. Starting April 1, the steel makers will pay 78.88 US dollars a ton for iron ore. Source: Thomson Financial

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Wärtsilä Propulsion Equipment for 2 Fishing Vessels

Two new 78 metre purser/trawler fishing vessels being designed and built at Karstensen Shipyard in Denmark will feature Wärtsilä's main propulsion and control equipment.

Finance

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1000 sec (10 req/sec)