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Israel Corporation has announced that wholly-owned subsidiary Zim Integrated Shipping Services Ltd. yesterday signed an agreement with a shipyard, with immediate effect, to cancel contracts for the purchase of five of the nine ships ordered in 2007-08. The ships were originally due to be delivered in 2012, but due to the 2008 global economic crisis, [...] 
Two Hong Kong ship management companies contacted by the South China Morning Post said the tail shaft was custom-made for each vessel so it was difficult to estimate the cost of repairs. But they said repairs could cost up to at least US$2.25 million, which should be covered by Samsung’s insurers. A massive containership that [...] Orient Overseas Container Lines announced recently the christening of two 13,208-TEU container ships, the M/V OOCL Brussels and the M/V NYK Helios, at a ceremony at Geoje Island Shipyard in South Korea. These ships are now the two largest with OOCL’s worldwide fleet and the largest ever built for OOCL by Samsung Heavy Industries. These [...] Hapag-Lloyd last week named the “Hamburg Express,” the first of 10 13,200 20-foot-equivalent units container ships, the largest in the German ocean carrier’s fleet, which will deployed on the Asia-Europe trades. The new vessel will join the G6 Alliance’s loop, which starts in Hamburg and calls at Rotterdam, Singapore, and the Chinese ports of Yantian, [...] South Korea’s Daewoo Shipbuilding & Marine Engineering, shown above, along with Hyundai Heavy Industries and Samsung Heavy Industries, have benefited from the industry’s move away from China’s cheaper vessels. Overall sales by Chinese yards have been difficult as struggling shipowners seek quality vessels to offset rising maintenance and fuel costs. Chinese shipyards are offering [...] The Panama Canal Authority has ordered 14 new tugs in anticipation of increased traffic and larger vessels expected with the 2014 completion of the Third Set of Locks expansion project. The Panama Canal currently has a fleet of 36 tugs to assist more than 14,000 transits every year. Earlier this week, the Panama Canal [...] Four hundred and forty-eight container ships with a combined capacity of 2.78 million 20-foot equivalent units are scheduled for delivery in 2011 and 2012, adding enormous capacity well ahead of growth in demand, according to market analysts Alphaliner. Deliveries will total 213 ships of 1.34 million TEUs in 2011, and 235 vessels of 1.44 million [...] Hanjin union members were recently attacked by company workers for not settling for the company's offer. Nine thousand college students, labor activists, and human rights advocates from across South Korea began to gather at the center of the port city of Busan July 9. They came to support a woman welder named Kim Jin-suk [...] STX Group Chairman Kang Duk-soo … is one of the most talked-about businessmen in Korea after STX became the nation’s 14th-biggest conglomerate within a decade through continuous mergers and acquisitions (M&A). Now Kang is preparing to strike another mega deal and this time his target is a semiconductor business, Hynix Semiconductor would be the group’s [...] Maersk Line signed a contract for another 10 18,000 20-foot equivalent units containerships for the Asia-Europe trade, just four months after placing an initial $1.9 billion order for 10 of the world’s largest ships. Confirmation of the orders, listed as options when Maersk roiled the shipping world with its order in February for ships [...] Daewoo shipyard NOL Group confirmed it has signed contracts with Korea’s Daewoo Shipbuilding & Marine Engineering Co. and Hyundai Samho Heavy Industries Co., Ltd to build 12 new container vessels, including ten of its largest vessels. The confirmation follows the Group’s announcement on June 15 that it had signed letters of intent with both [...] Popular Korean actress Kim Yoh-jin was among the activists recently detained for supporting the union's strike, including crane striker Kim Jin-suk. Hanjin is shifting production to non-union and Philippine labor. A six-month strike at a South Korean shipyard has ended, the company said Monday, but a female labour activist had not yet abandoned a [...]
Recent Christening of the Cosco Glory Container ship owner-charterer Seaspan took delivery of the first of new eight containerships with capacities of 13,100 20-foot-equivalent units. Seaspan chartered the Cosco Glory, built by South Korea’s Hyundai Heavy Industries, to Cosco Container Lines under a 12-year, fixed-rate time charter. The ship is the 11th of 18 vessels [...] Singapore’s NOL Group today signed letters of intent to build 12 new containerships for its APL subsidiary. The ships, all to be built in South Korean shipyards, will include ten 14,000-TEU vessels to be constructed by Hyundai Samho Heavy Industries Co., Ltd; and two 9,200-TEU vessels to be constructed by Daewoo Shipbuilding & Marine Engineering [...] STX Pan Ocean won a $550 million deal to build two Russian LNG carriers four Danish petroleum carriers. Competition from China and Japan has hardly been a threat to Korea’s surging shipbuilding sector so far this year. Many Korean shipbuilders are on pace to easily surpass their annual targets. Hyundai Heavy Industries, the world’s [...] |
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