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Singapore-headquartered Otto Marine has managed to scrap a profit and reversed its net loss position in the first quarter ended 31 March 2013, amid ongoing legal headaches and yard under-utilisation.

Malaysian shipyard operator Nam Cheong has sold five build-to-stock offshore vessels for a total of $110m to two different, undisclosed, Asian customers.

Wilh Wilhelmsen ASA (WW) has ordered two post-panamax car carriers from South Korea's Hyundai Heavy Industries (HHI) for deliveries in 2014 and 2015.

Singapore-based Marco Polo Marine (MPM) achieved a marked improvement in its second quarter net profit due to a one-time gain on equity interest.

China State Shipbuilding Corp (CSSC) landed a huge credit line worth RMB60bn ($9.77bn) from China Construction Bank earlier this month.

Qingdao Beihai Shipbuilding Heavy Industry, a subsidiary of China Shipbuilding Industry Corporation (CSIC), has bagged an order to build four 250,000 dwt iron ore carriers from Shandong Shipping Corporation.

South Korea's Hyundai Heavy Industries (HHI) won a $700m order to build five 18,400 teu containerships for China Shipping Container Lines (CSCL).

Cosco Corporation (Singapore) is expecting a drop in new orders in shipbuilding and excess shipyard capacity as owners may be reluctant to place new orders.

Vard Holdings, designer and builder of offshore support vessels (OSVs), entered into a contract with Island Offshore to construct one advanced OSV worth approximately NOK400m ($69m).

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