Wärtsilä’s marine engines and systems sales fell 20% in the first half due to “challenging” conditions in its main marine markets.
VLCC orders have gathered pace since the start of the year but could owners be playing a dangerous game, given that the demand for crude is not expected to rise any time soon.
The USD191 million investment will be used to improve the safety of shipping in the Azov-Black Sea Basin.
Singapore-listed, Malaysian-based offshore support vessel builder Nam Cheong is holding off debt repayments and bond coupon payments while restructuring is ongoing.
The South Korean government plans to establish the Korea Maritime Promotion Agency in 2018 to support struggling local shipbuilding and shipping industries.
Norwegian dry bulk operator Western Bulk has carried out a reorganisation in an attempt to stay financially viable in an increasingly challenging market situation, which has resulted in significant strains on the company’s liquidity situation.
DP World is in it for the long haul at Embraport.
Dutch salvor Ardent is getting ready to remove all fuel and lubricants from the stricken 2,194 teu container ship
South Korean shipyard Hyundai Heavy Industries (HHI) has temporarily shut another building dock in Gunsan yard to reduce operating costs in the wake of falling orders.