Ship Engine Maker News

Russia's leading tanker group Sovcomflot has transferred dozens of ships into a new Dubai based management company aiming to boost trade through this entity amid growing pressure from financial restrictions, according to maritime industry data and shipping industry sources.State-owned Sovcomflot (SCF) is subject to sanctions and other restrictions by the UK and the European Union, while Washington has restricted its financial activities. Sovcomflot - whose fleet in the region of 80 vessels including crude, oil products and liquefied natural gas tankers - has had to deal with these capital restrictions over the past year. It has also had to rebase its overseas operations from Cyprus to Dubai.Since July…

Finland's Wärtsilä, a leading ship engine maker, has suspended business with Russia including equipment training while German counterpart MAN Energy Solutions is reviewing contracts, adding further trade pressure on Moscow.Russia's maritime sector is already grappling with the winding down of other services including ship certification by leading foreign providers - vital for accessing ports and securing insurance - shipping companies pulling out and Western sanctions being imposed on its leading ocean transporter Sovcomflot after Moscow's invasion of Ukraine.

Poland's biggest shipyard Stocznia Gdynia plans to list on the Warsaw and London exchanges next June and invest its IPO proceeds in further development, a company official said on Wednesday. Gdynia, which has shown interest in buying Masa-Yards of Finland and becoming one of the first large eastern European firms to invest abroad, is owned by its management and employees, the state treasury and several minority shareholders. Last year Gdynia, the world's fourth biggest maker of container vessels, bought the neighboring bankrupt Gdansk shipyard. "With the dynamic growth we are now experiencing, we can encounter logistical barriers and that is why we plan to use the money from the public offer exclusively for the company's development," an official said.

Poland boasts a varied and capable ship and boat building and repair base, a core of shipyards and marine equipment suppliers tested and proven to provide advanced marine solutions for owners both domestic and foreign. The companies, which constitute the Polish marine industry, are not unlike their colleagues from around the globe, in that the market forces of consolidation and competition continue to shape and re-shape the industry today. A sign of arrival was seen earlier this year, when Stocznia Gdynia was one of the more active participants in the push to purchase Kvaerner's two high-valued Masa-Yards facilities in Finland, and its announcement of an impending Initial Public Offering. The following serves as an update on Polish marine activities.

According to reports, Hudong Heavy Machinery Co. , may buy more shipbuilding assets from its state-run parent as it speeds up expansion to meet robust demand. Assets Hudong Heavy might purchase from China State Shipbuilding Corp. (CSSC) include a shipyard on Changxing island near Shanghai, Yang Jiafeng told Reuters on the sidelines of a shareholders' meeting. The facility, with annual production capacity of 4.5m deadweight tons, is scheduled to deliver its first two vessels before the end of the year. Last week, Hudong Heavy, originally a ship engine maker, obtained regulatory approval to purchase $1.59b worth of shipbuilding assets -- including Waigaoqiao Shipbuilding Co. -- mostly from its parent via a share placement deal. Source: Reuters

Chinese ship engine maker Hudong Heavy Machinery says it will issue new shares to buy shipbuilding assets that analysts say will pave the way for a listing of its state parent, according to Reuters. Hudong's parent, China State Shipbuilding Corp was expected to list Hudong in Hong Kong after completing the deal to gain wider access to the domestic and overseas capital market, analysts said. CSSC, which builds naval and civilian ships, is the world's No3 builder of ocean-going vessels by capacity, behind Hyundai Heavy Industries and Japan's Imabari Shipbuilding, according to shipbrokers Clarkson. The Chinese state-run firm aims to become the world's No1 shipbuilding group in 2015 by building two shipbuilding bases - one in Shanghai and another in Guangzhou - to boost capacity…