Lehman Acquires IMECO
J.F. Lehman & Company investment affiliates acquire AMECO, provider of electro-mechanical solutions to the defense, aerospace and maritime sectors. IMECO, based in Iron Mountain, MI, is a leading independent domestic…
Finance
382 stories, page 12 of 16
Nam Cheong Sells PSV & Two AHTS
Nam Cheong, Malaysia’s largest Offshore Support Vessel (OSV) builder, ends year with record number of sales. Sales of the Platform Support Vessel (PSV) and the two Anchor Handling Towing Supply Vessels (AHTS) are worth a…
China Eximbank & CCS Ink Cooperation Agreement
The Export-Import Bank of China (Eximbank) joins hands with China Classification Society (CCS) to support the country's shipping industry. China Eximbank and CCS agree to conduct more cooperation in future on financing…
STX Group Seeks 2013 Turnaround
Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold…
COSCO Singapore Doubles Chinese Yard Investment
Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China. Cosco has increased its investment by RMB300-million to…
Time Charters Cancelled by Japanese Charterer
NS United Kaiun Kaisha (NSU) resolved early cancellation of dry-bulk ship time charters due to unfavourable economic market conditions. The cancellation will result in appropriation of extraordinary loss in Q3 2013…
Chinese Shipbuilder Warns of Loss
In accord with Hong Stock Exchange rules China Rongsherg Rongsheng Heavy Industries Group announces an expected net loss for year ending 2012. The Company believes that the net loss is primarily attributable to the…
HIgh LNG Freight Rates Possibly Short-term
Market analysis suggests winter demand could cause LNG freight rates to rise but downward pressure might later be forthcoming. Rising LNG prices, almost stagnant liquefaction capacity amid expanding regasification…
Container Ship Sold by Greece's Goldenport
Container & dry bulk vessel operators, Goldenport Holdings, sells the 1993-built container vessel 'Bosporus'. The sale, to an unaffiliated third party, Liberty Resources Inc. of Nassau, Bahamas, was for a cash…
European Commission Finances Renewable Energy Projects
The Commission has awarded over €1.2 billion to 23 innovative renewable energy technology (RES) projects. The projects cover a wide range of renewable energy technologies from bioenergy (including advanced biofuels)…
Cleveland-Cuyahoga County Port Approves 2013 Budgets
2013 budgets approval reflects strong financial performance & commitment to investments tied to its Strategic Action Plan. In 2013, the Port intends to continue improving its business lines by attracting more projects to…
PT Berlian Laju Tanker Restructuring at Crossroads
The company is subject to the jursidiction of several courts, but restructuring is essential in order to avoid bankruptcy. The Company previously announced on 5 October 2012 that some of its subsidiaries which had…
German Shipyard Sietas Sale Deal in the Balance
Cash-strapped JJ Sietas Group is building a Van Oord liftboat but as a second order is uncomfirmed the yard's future is in doubt. In June 2012 the creditors’ committee voted in favour of an offer by the VeKa Group of the…
Seanergy Raise Cash on 'Clipper Glory'
Seanergy Maritime Holdings Corp. sells 'Clipper Glory', a 30,570 dwt Handysize drybulk carrier built in 2007, for US$11.25-million. The Company used the sale proceeds to reduce debt and for working capital purposes…
Aker Solutions Extends Growth Ambitions
Aker Solutions announce it is on track to meet its 2015 growth targets, with growth to continue into at least 2017. The company made its announcement on its recent capital markets day, sayiing that in 2010, Aker…
Wind Turbine R&D Funding for Gamesa
Gamesa raises €260-million in funding from European Investment Bank for its on & offshore wind turbine R&D+I investment programme. The funding will be used: To conduct innovation activities in the next three years…
EC Funds Transport Development, Invites Proposals
The European Commission calls for proposals in 2012 Trans-European Transport Network (TEN-T) €1.015-billion funding program. The money is available to finance European transport infrastructure projects in all transport…
Maersk Shipping Investment Plans on Hold
A.P. Moller-Maersk will not invest significantly in its shipping business over the next five years and will focus on its oil, drilling rigs & ports. Maersk intends to move away from the shipping side of things and go…