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

Shipbuilding

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Zamakona to Build Tug for HPC

Haifa Port contracts 70 t Voith Tug with Zamakona Yards Haifa Port Company (HPC) has awarded the international tender for a new build Voith Schneider tug to Zamakona Yards.

New Joint Venture Targets Nuclear Industry

International maritime logistics expert Cory Logistics, part of Braemar Shipping Services plc, has formed a joint venture with universal supply chain specialist

Finance

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Libya to export first cargo since rebel deal

An oil tanker is due to load 1 million barrels of crude on Tuesday from Libya's recently reopened Hariga port, its first export shipment after a deal to end months of closures at its key terminals,

ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
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: 0.0798 sec (13 req/sec)