Daewoo Shipbuilding & Marine Engineering (DSME), through its financial difficulties, will be forced to liquidate its overseas subsidiaries including Daewoo Mangalia Heavy industries, Romania’s largest shipyard, and DeWind, as part of a massive corporate shakeup at the world’s third largest shipbuilder. DSME has a 51% stake in Mangalia, a yard it bought into 18 years ago. The Romanian government holds the remainder. Although it used to build a number of containerships, orders there have dried up, and debts vastly outweigh its assets. It remains unclear if the Romanian government will step in to take over the yard when DSME quits. DSME will also offload DeWind, a Texas based wind power firm it acquired six years ago. 

Evergas: on 14th July Evergas launched the first of two Dragon Class Multigas Carriers. The Copenhagen-based seaborne transporter of liquefied gas held a naming ceremony for the 27,500 CBM multigas LNG carrier at the Sinopacific offshore & Engineering shipyard in Qidong, China. The 22,887gt carriers are named JS Ineos insight and JS Ineos ingenuity. 

Fincantieri: Italian Prime Minister Matteo Renzi has won the backing of lawmakers to keep open a shipyard operated by the state controlled Fincantieri, which prosecutors had ordered to partially close due to environmental concerns. Prosecutors said the way the shipyard in the port of Monfalcone was storing its industrial waste broke environmental laws. Fincantieri said the closure order would cut its output and put at risk 1,500 jobs and another 3,000 in the plant’s supply chain. Fincantieri’s parent company Fintecna, which is in turn owned by state owned holding company Cassa Depositi e Prestiti, owns 72.5% of the company’s ordinary shares, while almost 27.5% was listed on the Milan stock exchange in 2015.The Chamber of Deputies voted 364 to 185 to pass the emergency decree in a vote of confidence. The decree had already been passed by the upper house Senate so the shipyard continues in its work. 

Marmaras Navigation has purchased the 93,216gt/2011 built Hyundai-built capesize Corona Bulker from Denmark’s Lauritzen Bulkers. The company has also purchased the 55,600dwt duo Hanjin Albany and Hanjin Rostock, both built at Hyundai Vinashin in 2011. The 32,537gt acquisitions for the Greek company will join a fleet listed on databases as comprising 19 bulkers in the water with three capesize newbuildings on order at Sungdong Shipbuilding and Marine Engineering. 

Teekay Tankers has agreed to buy 12 modern Suezmax tankers for $662m from Principal Maritime Tankers (Princimar). The vessels have an average age of 5.5 years and will be delivered to Teekay Tankers by the end of October 2015, making their new owner the operator of the largest fleet of Suezmax vessels in the world, with 22 such vessels.