China Shipping Development Co. Delay Newbuild Deliveries

China Daily
Thursday, August 23, 2012

China Shipping Development Co Ltd, an oil and dry bulk shipping firm, delayed delivery of 10 ships and is in talks to postpone another 10.

China Shipping Development is in talks to postpone shipyard deliveries after reporting its first net loss in 14 years.

"The ten ships that have been delayed between six and 18 months include oil tankers and bulk vessels," said chief financial officer Wang Kangtian.

"Delay delivery of each ship will save up to 800,000 yuan ($125,900) of interest expense each month," he told reporters.

China Shipping was also in talks with domestic shipbuilders to extend the delivery date of another 10 ships, Wang added.

The company recently posted a net loss of 495 million yuan for the six months to June, its first loss since 1998, reversing a profit of 684 million yuan for the same period last year on high fuel cost, weak demand and sliding freight rates amid a supply glut.

As China's largest domestic coastal oil and power coal shipping firm, China Shipping has also suffered severe competition and a slowing economy at home.

China Shipping controls 255 vessels with total capacity of 18.6 million deadweight tons, including those chartered by the company and operated by jointly controlled firms.

The company plans to take delivery of 11 tankers and 17 bulk carriers in the second half of this year and will have another 22 coming on stream in 2013 and 2014.

 

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

Shipbuilding

Wärtsilä to Power LNG-fuelled RoPax Ferry

A new passenger ferry being built for Swedish operator Rederi AB Gotland will be fuelled by liquefied natural gas (LNG) and will feature a Wärtsilä integrated solution.

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Tanker Trends

Video: Crewman Medevaced from Oil Tanker

The U.S. Coast Guard (USCG) medevaced a Filipino crewmember from a tanker 23 miles south of Southwest Pass, Sunday.   Watchstanders with Coast Guard Sector New

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Bulk Carrier Trends

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

US Fleet to Pump $75m into Great Lakes Shipyards

U.S.-flag Great Lakes vessel operators plan to spend $75 million this winter to ready the fleet for the 2015 shipping season, the Lake Carriers’ Association (LCA) reported.

Last Saltie Departs Duluth; Lakers Make Final Push

Duluth-Superior’s international shipping season winds to a close as last saltie departs; Great Lakes freighters make final push to mid-January   This weekend

Finance

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

US Fleet to Pump $75m into Great Lakes Shipyards

U.S.-flag Great Lakes vessel operators plan to spend $75 million this winter to ready the fleet for the 2015 shipping season, the Lake Carriers’ Association (LCA) reported.

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

People in the News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Damen Shipyards Galati wins Dutch Romanian Award

Damen Shipyards Galati has been presented with the Dutch Romanian Business Award for its Corporate Social Responsibility plan, particularly the Group’s community investment initiatives.

Lowrance Renews Insight Genesis College Cup

Lowrance®, a world-leading brand in fishing electronics since 1957— announced today the renewal of its Insight Genesis™ College Cup. In its second year, the

 
 
Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.1392 sec (7 req/sec)