Wednesday, July 09, 2025
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Korean shipbuilder

Former STX Shipyard For Sale as Investors Seek to Cash Out After Turnaround

Published Jul 8, 2025 5:28 PM by The Maritime Executive

  Once one of the leading shipbuilders in South Korea, the former STX Yard, which was relaunched as K Shipbuilding, is celebrating a remarkable turnaround. According to a report in The Korean Economic Daily, after having posted its first profit in 14 years, the investment group with revived the shipbuilder is now looking to cash out. KHI Investment and United Asset Management Company (UAMCO), South Korea's biggest bad debt investor, took control of the troubled shipbuilder in 2021, paying more...

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Prince Rupert Canada

Canada Grants Investigational Permit for West Coast Offshore Wind Farm

Published Jul 8, 2025 4:46 PM by The Maritime Executive

Canada granted an investigative Use Permit to Oceanic Wind Energy for what could become the country’s first offshore wind farm. The company, which is in partnership with a First Nation company, Coast Tsimshian Enterprises, is calling the permit a milestone in its effort to advance offshore energy to power the growing industrial areas of Northwest British Columbia. The plan calls for developing a 600 to 700 MW offshore wind farm that would be just west of Stephens Island...

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A Ukrainian suicide drone hits a Russian Navy corvette in the Black Sea, 2024 (GUR)

Strained by War, the Russian Navy is a Shadow of its Former Self

Published Jul 8, 2025 3:48 PM by The Maritime Executive

  Russia’s Navy is facing huge pressures, primarily as a byproduct of President Putin’s over-ambitious attempts to claim great power status. The most obvious pinch-point is in the Black Sea, where Russia’s fleet has pulled back out of danger and forced into distant ports, primarily by the effectiveness of Ukrainian drone attacks. Even more astonishing because Ukraine lost most of its obsolescent naval vessels in early rounds of the conflict, the net effect is that Russia has lost control of...

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Finland shipyard

Davie Buys Second Finnish Shipyard to Integrate Operations

Published Jul 8, 2025 3:46 PM by The Maritime Executive

Canada’s Davie shipbuilding is buying a second, smaller shipyard in Finland as it looks to integrate its operations, focusing on Arctic projects, including large icebreakers. The Mantyluoto shipyard in Pori, Finland, will be integrated with the Helsinki Shipyard, which David acquired at the end of 2023. The shipyard is being acquired from Finnish energy company Enersense at a cost of €7.5 million, with the acquisition expected to be completed by the end of September 2025. Enersense acquired the...

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MORE STORIES BY CATEGORY

Offshore

Prince Rupert Canada

Canada Grants Investigational Permit for West Coast Offshore Wind Farm

Canada granted an investigative Use Permit to Oceanic Wind Energy for what could become the country’s first offshore wind farm. The company, which is in partnership with a First Nation company, Coast Tsimshian Enterprises, is calling the permit a milestone in its effort to advance offshore energy to power the growing industrial areas of Northwest British Columbia. The plan calls for developing a 600 to 700 MW offshore wind farm that would be just west of Stephens Island...

Continue Reading...

Shipbuilding

Finland shipyard

Davie Buys Second Finnish Shipyard to Integrate Operations

Canada’s Davie shipbuilding is buying a second, smaller shipyard in Finland as it looks to integrate its operations, focusing on Arctic projects, including large icebreakers. The Mantyluoto shipyard in Pori, Finland, will be integrated with the Helsinki Shipyard, which David acquired at the end of 2023. The shipyard is being acquired from Finnish energy company Enersense at a cost of €7.5 million, with the acquisition expected to be completed by the end of September 2025. Enersense acquired the...

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Environment

solar powered inland cargo vessel

HGK Launches First Inland Cargo Vessel Capable of Sailing With Solar Power

A newly built inland dry goods vessel, Blue Marlin, was named last week in Hamburg, Germany, and became the world’s first hybrid solar-power inland shipping vessel, as well as receiving a designation for remote-controlled operations. The solar system aboard the ship advances on prior low-voltage systems that are supplying power for onboard systems and provides the first capability to contribute solar power to propulsion. The vessel has several unique capabilities, starting with its 192 solar panels, which are...

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Business

Korean shipbuilder

Former STX Shipyard For Sale as Investors Seek to Cash Out After Turnaround

  Once one of the leading shipbuilders in South Korea, the former STX Yard, which was relaunched as K Shipbuilding, is celebrating a remarkable turnaround. According to a report in The Korean Economic Daily, after having posted its first profit in 14 years, the investment group with revived the shipbuilder is now looking to cash out. KHI Investment and United Asset Management Company (UAMCO), South Korea's biggest bad debt investor, took control of the troubled shipbuilder in 2021, paying more...

Continue Reading...