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Singapore Business Times News

02 May 2012

OSV Sector Wary of Overcrowding

THE offshore support vessel (OSV) segment - touted as the bright spot where other traditional shipping markets are suffering - may entice tanker and bulk-carrier operators to jump ship, according to a recent Singapore Business Times article. However, OSV operators and owners are wary of such a crossover, and warn that if the sector gets more crowded, it may derail a recovery in charter rates that is expected to come about in two to three years' time. There are about 3,000 OSVs that support oil and gas offshore exploration - a sliver of the 70,000 merchant ships - but it is a sector that gained attention at a time when oil companies are expected to spend about US$600 billion in exploration and production activities.

23 Aug 2006

Vinashin on Brisk Demand

Reports said that Viet Nam Industrial Shipbuilding Corporation (Vinashin) Expects to earn $500m from shipbuilding contracts through next year, the Ministry of Trade reported. Export turnover from the shipbuilding industry stood at $200 million last year. Vinashin has finished negotiating shipbuilding contracts with foreign buyers that would generate an estimated $1.5b in revenue through 2009. Vinashin estimates that with an investment of $3b over the next 10 years, it would reach a productivity of $3b per year. The corporation was currently implementing large shipyard projects approved by the Government. The Ministry of Trade concurred that, by 2010, the domestic shipbuilding industry could earn $1.7 billion from building and exporting ships.