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Thursday, March 28, 2024
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Steel Replacement Work News

17 Jan 2007

Judgement Pronounced in Dispute

After a dispute lasting several years, a court in London has ordered Concordia Maritime to pay $3.6m to a subsidiary of the Halliburton group in the US. Concordia Maritime will also have to pay some interest compensation to the opposite party. The original claim of $11.5m was for compensation for repair and steel replacement work carried out by the buyer on the VLCC Stena Continent sold by a subsidiary of Concordia Maritime in 2000. A provision of $2.3mwas made in the annual accounts for 2005. In view of the judgement now pronounced, Concordia Maritime has lowered its forecast for 2006 from SEK 75 million to SEK 55 million. There is a possibility that either party may appeal the court’s ruling but no decisions on this have yet been made.

01 Sep 1999

Global Shiprepair Market Faces Further Consolidation, Competition

For those convinced that the latest round of corporate consolidations is the last, think again. According to a new report from Drewry, the announcement by Keppel and Hitachi to further amalgamate the shiprepair industry in Singapore is the latest indication of a changing market structure through increased consolidation, diversification and an increased competitiveness from low cost emerging nations. The intense competition prevalent within the industry is exemplified by the announcement of the two giant Singapore based conglomerates Keppel Corp. and Hitachi Zosen to merge their shiprepair and building activities in a $165-million deal…