Sinking Ship Builder Restructures

Tuesday, July 13, 2010

According to a July 9 report from Thanh Nien News, loss-making shipbuilding giant Vinashin has admitted its massive expansion efforts over the past few years had been overconfident and had led to restructuring it is now undergoing. The government said that the shipbuilder’s debts totaled more than $4.2b. As a result, it has to be restructured so that it can focus only on its core business, the government said. Projects that are not necessary to the company’s development will be transferred to other state-owned enterprises, like Vietnam Oil and Gas Group (PetroVietnam) and Vietnam National Shipping Lines (Vinalines).

(Source: Thanh Nien News)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

DHS, Postal Service to Dedicate USCG Forever Stamp

U.S. Department of Homeland Security (DHS) and Postal Service leaders are scheduled to dedicate the United States Coast Guard Forever stamp during a ceremony Tuesday at Coast Guard Headquarters.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1363 sec (7 req/sec)