Credit Crunch Spreads to Shipyards

Friday, March 14, 2008

There are growing signs the credit crunch that began with the housing market is spreading to the world's shipyards, Reuters reported.
The global economy saw shipbuilders inundated in recent years by orders for container ships, oil tankers and bulk carriers to satisfy American and European demand for consumer goods, a global thirst for oil and a Chinese hunger for commodities.
Order books swelled to a three-year backlog, but the credit crunch is making it harder for some shippers to raise money to pay for the ships they ordered.
In late February an executive at Dalian Shipbuilding Industry Ltd, 's No. 1 shipyard, warned of slowing orders for new ships, citing fears a slowdown could damp global trade.
Shares of shipyards have suffered. Hong Kong-based Guangzhou Shipyard has fallen 38 percent in the last three months, while Yangzijiang Shipbuilding is down about 55 percent over the same period. JES International, which debuted on the Singapore Exchange in December, is down 64 percent since the beginning of the year.
Among recent ship order cancellations, Hong Kong-based shipper Jinhui said in January it was calling off construction of two giant ore carriers, citing global credit conditions.

Source:  Reuters

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Keel Laid for SEA-Vista’s First ECO Tanker

General Dynamics NASSCO informs it has hosted a keel laying ceremony for the first Jones Act ECO tanker currently under construction for SEA-Vista LLC, at the company's shipyard in San Diego.

Blyth Workcats Delivers Aqualink

The first two-deck boat ever built by Blyth Workcats has recently been delivered to a customer in Belgium. The 18-meter Aqualink is the first Blyth Workcat to feature

Japan to Hand Over Data Ahead of Australia Submarine Bid

Japan will agree this month to give Australia classified submarine data, an unprecedented step signalling Tokyo's intent to join competitive bidding to sell Canberra a fleet of stealth subs,

News

Keel Laid for SEA-Vista’s First ECO Tanker

General Dynamics NASSCO informs it has hosted a keel laying ceremony for the first Jones Act ECO tanker currently under construction for SEA-Vista LLC, at the company's shipyard in San Diego.

Transocean Swings to Loss on Falling Revenue

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent

India, Iran Ink Port Deal Despite US Warning about Haste

India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1567 sec (6 req/sec)