China Cosco Holdings Co., the state- controlled sea-cargo group that had ships seized in fee disputes, has resumed charter payments to DryShips Inc. and Jinhui Shipping & Transportation Ltd., the shipowners said.
Asian exports that helped power the world recovery last year are poised to grow more slowly as the region’s manufacturing rebound eases and U.S. unemployment restrains consumption after a post-recession spending spree.
China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.
China Rongsheng Heavy Industries Group Holdings Ltd., the biggest Hong Kong-listed shipbuilder, fell the most in two weeks in the city after second-half profit plunged 59 percent because of delivery delays.
Yangzijiang Shipbuilding Holdings Ltd. may become the first Chinese yard to win an overseas order for 10,000-container vessels as the Asian nation challenges South Korea’s dominance in building more profitable types of ships.
China Rongsheng Heavy Industries Group Holdings Ltd. is in talks with two coastal cities and government departments to secure financial assistance, as the nation’s shipowners association forecast a slump in vessel orders will run through next year.
Asian stocks fell, led by banks and exporters, as U.S. lawmakers failed to reach an agreement to raise the federal debt limit, increasing the prospect of a default that may threaten the global recovery, and as Greece’s credit rating was cut by Moody’s Investors Service.
Yangzijiang Shipbuilding Holdings Ltd. climbed the most in almost one month in Singapore trading after winning its first order to build 10,000-container vessels in a contract worth as much as $2.5 billion.
China Cosco Holdings Co., the nation’s biggest shipping company, dropped the most in more than two months after saying it faces trading restrictions on its China shares amid a forecast for a “significant” loss in 2012.