China Shipbuilding Industry Corporation (CSIC) has established a new marine propulsion facility in Qingdao, Shandong province.

The newbuildings order backlog at China’s shipyards has been shrinking over this year, in line with reduced bookings from shipowners, according to the latest figures released by the China Association of the National Shipbuilding Industry (Cansi).

Offshore vessels builder ASL Marine has warned investors of an anticipated loss for its full financial year ended 30 June 2017 amid severe slump of the global offshore industry.

Embattled Nam Cheong has made asset impairments and writedowns of MYR1.88bn ($444m) during the second quarter, sending the OSV builder into a first half loss of MYR2.07bn.

Embattled Sinopacific Shipbuilding Group’s Zhejiang Shipyard is planning to let go close to 50% of its current 560 workforce amid the yard’s bankruptcy reorganisation and dwindling workload.

South Korea’s Hyundai Heavy Industries (HHI) has reported a big jump in profit for the first half ended 30 June 2017, aided by a restructuring process involving the spinning off of the shipbuilder’s non-core business units.

Teekay Offshore, a unit of Teekay Corp, has entered into conditional shipbuilding contracts with Samsung Heavy Industries (SHI) to construct two new LNG-powered shuttle tankers.

Singapore's Sembcorp Marine saw its first half profit plunged by 34.8% year-on-year as the global offshore operating conditions continue to be challenging, but president and ceo Wong Weng Sun has noted a gradual improvement in rates and utilisation levels.

Hyundai Heavy Industries (HHI) has sold its entire stake in Hotel Hyundai for KRW200bn ($180m) to private equity investment firm Hahn & Company as part of the shipbuilder’s management improvement plan implemented since June 2016.

Yangzhou Dayang Shipbuilding, subsidiary of embattled Sinopacific Shipbuilding Group, has declared bankruptcy and ceased all operations at the shipyard.

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