South Korea is launching a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks intended for the country’s ailing shipbuilding and shipping industries, the government announced on Wednesday.   The banks being targeted by the fund are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM), which are hit the most by unprofitable loans, especially as they are forced to push their maturity now that the country’s major shipbuilding and shipping companies emba...

French shipping giant CMA CGM has ordered four 3,300 TEU container vessels from the Chinese COSCO (Zhoushan) Shipyard, a subsidiary of COSCO Shipyard Group. Under the contract signed between the parties, the new containerships are scheduled for delivery between March 31, 2018 and August 31, 2018. COSCO Zhoushan and CMA CGM have agreed to keep the contract prices confidential, according to the shipbuilder.  “Barring any unforeseen circum...

China’s Zhoushan Changhong International Shipyard has on Wednesday launched a 250,000-dwt bulk carrier, concluding a 14-month job. The bulker, named Houheng 6, is built with environmentally-friendly features and classed by DNV GL. The ship will be deployed to transport iron ore between China and Australia. Following the completion of Houheng 6, Changhong currently has four other ships under construction, and has on hand eight 1,000 teu feeder boxships due to start construction in August this...

In a colorful arrival, China Merchants Energy Shipping (CMES) welcomed yesterday its new very large crude carrier (VLCC) New Constant. The vessel’s naming and delivery ceremony was held at Dalian Shipbuilding Industries’ shipyard.  The New Constant is a 319,000 dwt tanker, having a gross tonnage of 165,000 tons. The vessel features a length of 333 meters and a width of 60 meters. The tanker’s AIS data show it is currently in the Yellow Sea in China, underway using engine. It depart...