The Alphard Group recently celebrated its seventh anniversary in India.
China Shipping Development Company (CSDC) is boosting its stake in marine services company CS Haisheng to 51%, which will in turn make it a subsidiary of the company, it said in a stock market announcement.
Caterpillar Marine will establish a new dedicated marine center in Singapore in the facility previously occupied by Caterpillar Remanufacturing.
Wartsila has cut a further 550 jobs at its marine and energy solutions businesses to reflect the weak market situation, as part of an attempt to reap annual savings of EUR50m ($56.5m).
Underlying profit before financing for Rolls-Royce’s marine business fell by 94% in 2015, hit by the weak offshore market.
First half profits for Rolls-Royce’s marine division fell by 90% and its orderbook has contracted by 16% due to the drop in the oil price and the decline in the offshore market.
Malaysia Marine and Heavy Engineering Holdings (MMHE) earnings fell 16.4% to MYR39.7m ($12.4m) in the second quarter from MYR47.6m a year ago due to lower profit from the offshore and marine segments as operating profit at the marine division fell due to lower margins from repair jobs.
New York-based Signature Bank has announced on Thursday its expansion into offering direct finance services for commercial marine industries on a national basis.