Three More Orders Cancelled at Yangzijiang Shipbuilding

first_imgzoom Singapore-listed shipbuilder Yangzijiang Shipbuilding has been served with three more terminations for shipbuilding orders during the second quarter of 2016, the company said in a stock exchange filing.The orders that were cancelled were for one 10,000 TEU containership, and two bulk carriers with a capacity of 82,000 dwt and 64,000 dwt, respectively.However, this might not be the end of contract terminations as the shipbuilder said that it does not rule out the possibility of more cancellations given the challenging market conditions, but it is unlikely to be high unless the shipping market deteriorates further.The financial impact from the three cancellations is not expected to be significant as these vessels have yet to start construction, according to the Development Bank of Singapore (DBS Bank).Furthermore, the bank said that the buyers have been found for all previously terminated vessels which are under construction at the yard.Namely, eight out of the ten vessel orders that were terminated in 2015 and during the first quarter of 2016, on which construction has commenced, have been resold. These units are scheduled for delivery in the second half of the year with some profit margin.Additionally, the shipbuilder secured orders worth USD 80 million for four 1,800 TEU containerships during the second quarter, lifting year-to-date wins to USD 590 million. As this represents 24% of the shipbuilder’s internal target of USD 2.5 billion worth of orders, Yangzijiang Shipbuilding has lowered its goal to USD 2 billion, DBS said.World Maritime News Stafflast_img read more

Merkel, Visegrad to Team Up in Morocco to Reduce Irregular Migration

Rabat – German Chancellor Angela Merkel and the Visegrad Group have announced their intention to work together on a project in Morocco to ease tension and reduce irregular migration and poverty in North Africa.Merkel met with leaders of the Visegrad Group, including Slovakian Prime Minister Pellegrini, on Thursday.The group is a political coalition of four EU countries: Poland, Hungary, the Czech Republic, and Slovakia. Merkel, who attended the UN summit on migration in Marrakech in December 2018, said that the adopted Global Compact for Migration is a “clear commitment to multilateralism.”Read Also: Why The World Needs the Global Compact for Orderly MigrationMore than 160 countries officially adopted the migration compact in Morocco.In a speech at the conference, Merkel said that the compact is “about the foundations of international cooperation, and this is why it is well worth our while to fight for the survival of this compact.”She also promised that the UN project would ensure better living conditions for migrants and refugees, saying, “We can render this planet a better one.”The UN migration pact sets global policy guidelines for better managing global migration. The document lays out 23 objectives to improve international migration policy.Prior to the intergovernmental UN summit, Morocco also hosted the 11th summit of the World Forum on Migration, co-chaired by Germany and Morocco.The event took place on December 5-7 and aimed to tackle questions related to migrants’ rights to decent working and living conditions in their host countries. read more