Guangzhou: China State Shipbuilding Corp unit Guangzhou Shipyard International (GSI) saw 2012 net profit plunge 98% to RMB10.33m ($1.66m) from RMB518.33m previously as newbuilding prices fell and costs rose.

Hong Kong: As flagged, China Rongsheng Heavy Industries sunk into the red in 2012 turning to a full-year net loss of RMB572.58m ($92.11m) from a RMB1.72bn profit the year before.

Rio de Janeiro: Floating production specialist SBM Offshore has been awarded letters of intent for the 20 year charter and operation of two FPSOs by a Petrobras-led consortium.

Singapore: Asian shipowners have hit out at a proposed European regulation on ship recycling saying it undermines the Hong Kong Convention and lead to a shortage of shipbreaking capacity globally.

Taipei: Taiwanese state shipbuilder CSBC Corporation's net profit in 2012 plummeted sharply as the yard failed to boost its orderbook.

Hong Kong: China Rongsheng Heavy Industries has won two jack-up rigs engineering, procurement, and construction (EPC) contracts worth more than $360m, marking the first jack-up rig orders received by the group.

Riyadh: The National Shipping Company of Saudi Arabia (Bahri) has sold one of its old general cargo vessels for scrap at a profit of SAR19.5m ($5.2m).

Tokyo: Japanese shipyards Mitsubishi Heavy Industries (MHI) and Imabari Shipbuilding have established a joint venture MI LNG Company to handle the design and marketing of LNG carriers.

Singapore: Chinese shipyards are offering “crazy payment terms” to try and break into the rigbuilding sector according to a senior executive from Keppel Offshore and Marine (Keppel O&M).

Much hyped eco-ship designs have been lambasted by Precious Shipping boss Khalid Hashim as nothing more than a marketing ploy by desperate shipyards. Speaking at a ceo roundtable held by Seatrade and the Singapore Maritime Foundation (SMF) ahead...