Meyer Group in JV with Stengel
German shipyard Meyer Werft GmbH is intensifying a strategic relationship with long-standing tube manufacturing partner Stengel.The two companies have joined forces to set up a new undertaking: Meyer Stengel Tubes UAB based in Vilnius, Lithuania as a specialist for pipe isometrics to supply all three Meyer sites in Papenburg, Warnemünde and Turku from 2020."This step became necessary in the face of increasing cost pressure from state-owned Chinese shipyards which are building more and more special ships and cruise liners, a market which was previously dominated by Europe," said a press release.For the first time ever, the Meyer Group is making delivery of five cruise ships in one year to international customers.
Australian Port Sold for $7.3 bln to Consortium
A consortium of global and domestic funds, backed by investors including China Investment Corp, agreed to buy Australia's busiest port for a higher-than-expected A$9.7 billion ($7.3 billion), a sign that tough equity markets are helping fuel appetite for infrastructure. Australian leaders will also hope the deal shows they still welcome Chinese investment in infrastructure. The federal government last month blocked the sale of the country's biggest power network, Ausgrid, to state-owned State Grid Corp of China and Hong Kong-listed Cheung Kong Infrastructure Holdings on security concerns.
Navy Destroyer Contracts for HII & BIW
The Navy has announced two separate contract awards for Fiscal Year (FY) 2014 DDG 51 destroyers to Huntington Ingalls Industries (HII) and to General Dynamics Bath Iron Works (BIW). Is being provided funding of $601,990,190 for the FY 2014 DDG 51 class ship and exercised options. The modification also provides $79,400,000 in advanced procurement funding for the FY 2016-2017 ships. Is being awarded a $642,583,946 modification to their existing fixed-price incentive firm target (FPIF) contract to exercise options for construction of a DDG 51 Class ship.
