Industrial Conglomerates News

Clearlake Shipping, a wholly-owned subsidiary of Gunvor Group, has fixed a new building 37,000 deadweight ton (dwt) asphalt carrier, the White Pearl, to be delivered before year end.White Pearl will complement Gunvor’s growing asphalt trading business, which has been active since 2016, adding to the company’s position in the trade, storage, and transportation of asphalt products. Gunvor’s trading desk operates worldwide, moving approximately 1 million MT of bitumen annually, and has a dedicated fleet of four existing fixed vessels and multiple spot charters.

Eike Batista, the former mining and oil magnate who was once Brazil's richest man, was convicted and sentenced to 30 years in prison for bribing Rio de Janeiro state's disgraced ex-governor, according to a court document published on Tuesday.Batista's conviction and sentencing by federal judge Marcelo Bretas are the latest in a wave of graft investigations that have sent scores of powerful businessmen and politicians to jail.The eccentric former billionaire's meteoric rise and fall mirrored the recent fortunes of Brazil, where the commodities boom faded as his energy, mineral and logistics empire fell apart earlier this decade.His swashbuckling attitude and confident forecasts of a prolonged golden era for Brazil evaporated just as Latin America's largest economy suffered its worst recessi

Daewoo Heavy Industries Co. (DHI)announced a loss in the first- half of this year of 337.7 billion won ($302.9 million), compared with net income of 53.2 billion won in the same period last year. DHI is undergoing a reorganization to divulge itself of money-losing operations, as are many of the large Korean industrial conglomerates. Current plans plans call for a split in the shipbuilding and construction equipment businesses into separate units, leaving the remaining company with nonoperating assets, including stakes in Daewoo Motor Co. The division is set for Sept. 1 after several delays. Sales totaled 2.08 trillion won, down from 3.11 trillion won in the same period in 1999, in part because a stronger won meant dollar-denominated ship sales converted into fewer won in the accounts.

Venezuela's State oil company, PDVSA, said it has signed a deal with Brazilian industrial conglomerates Eisa and Maua Jurong to build ten oil tankers in Venezuela. The joint venture will produce at least eight Panamax tankers, the largest type of vessel capable of navigating the present locks of the Panama Canal. PDVSA plans to increase its total fleet to 42 ships by 2012, the company statement said. President Hugo Chavez has been working to forge stronger ties with Brazilian companies while reducing Venezuela's dependence on the United States as its top buyer by trying to find new markets in Latin America and Asia. Source: Panama Bulletin

Venezuela's state oil company said Wednesday it has signed a deal with Brazilian industrial conglomerates Eisa and Maua Jurong to build ten oil tankers in Venezuela. The joint venture will produce at least eight Panamax tankers, the largest type of vessel capable of navigating the locks of the Panama canal. PDVSA plans to increase its total fleet to 42 ships by 2012, the statement said. Since taking office in 1999, President Hugo Chavez has worked to forge stronger ties with Brazilian companies while reducing Venezuela's dependence on the United States as its top buyer by trying to find new markets for its heavy crude in Latin America and Asia. Source: AP

The maritime industry gathered in Amsterdam last month at the semi-annual Europort Exhibition to display the latest technological advances in marine products and systems. While the show maintains a large local contingency — a good deal of the exhibitors are local agents rather than the manufacturing company principles — it is well regarded as one of the industry's premier events for showcasing new products and services to an international shipowning community. Of particular note — and not just in Amsterdam — are the tremendous strides which are continually made on the marine electronics products and systems front. Competition in this segment is very keen…