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Bulkers set for rough ride
Drewry Maritime Research pulls no punches in its latest assessment of the prospects for the dry bulk market.
HHI takes 10%
Hyundai Heavy Industries will own 10% of a new Brazilian shipyard in a deal struck with Eike Batista's OSX.
The two shipbuilders forged an agreement Tuesday that will see the South Korean giant provide upstart OSX with technical information, technology and knowhow, as well as training for the future workforce at a shipyard proposed for southern Brazil, according to a securities filing.
Hyundai will in turn receive a stake in the OSX's shipyards subsidiary.
As TradeWinds has reported, OSX is planning to build a yard in Santa Catarina state with the goal of building, owning and operating offshore units to be chartered to sister oil production company OGX. Both outfits are controlled by Batista, Brazil's richest man.
As it prepares for an initial public offering on the Sao Paulo Stock Exchange, OSX has said it plans to provide OGX with dozens of floating production, storage and offloading units (FPSOs) and offshore platforms valued at an estimated total of $30bn.
OSX says in the latest filing that the Hyundai deal is subject to conditions and regulatory approvals.
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