RasGas has expanded its LNG fleet with the recent launch of two vessels at Daewoo’s shipbuilding yard in South Korea, GulfTimes reports. With the addition of Al Marrouna and Al Areesh, RasGas’ LNG fleet strength will go up to 10. The two ships, owned by Teekay Nakilat Corporation, a consortium between Teekay Shipping and Nakilat, will have a cargo carrying capacity of 151,700m3 each. They will be on a long-term time charter with RasGas. Al Marrouna and Al Areesh will be the largest RasGas ships delivered to date. The ships will ferry LNG to the European and Far Eastern markets. Al Marrouna will be delivered to RasGas on October 31 followed by Al Areesh on January 2. Both ships will be operated by Teekay Shipping. Under the terms of the time charter agreements, RasGas will charter these vessels for a firm period of 20 years to deliver LNG from its existing and future facilities at Ras Laffan Industrial City (RLC) to its growing portfolio of customers around the world. Meanwhile, a formal ceremony was held at the Daewoo Shipyard to name the two vessels. source: Gulf Times
After six weeks of waiting at Constanza/Romania, MSC FLAMINIA has put into the port of Constanza; cause of fire still not ascertained. MV MSC Flaminia caught fire on 14 July 2012, claiming three lives (two confirmed dead and one missing) and forcing the crew to abandon ship in the middle of the Atlantic. After the fire had been brought under control, the stricken container ship was towed to Germany and in March 2013, she departed Wilhelmshaven for Mangalia, Romania for repairs.
Daewoo Shipbuilding & Marine Engineering Co., has won a deal worth $602mto build eight container ships, Korea Times said. The deal with a European shipping company entails Daewoo Shipbuilding to deliver the vessels by January 2011, the shipbuilder said in a regulatory filing. The shipyard has clinched deals valued at $1.9b to build 15 ships so far this year. Daewoo Shipbuilding aims at winning $17.5b worth of orders this year
Daewoo Shipbuilding & Marine Engineering Co., has won deals worth $1.46b to build two drill ships. The deal with two American companies calls on Daewoo Shipbuilding & Marine Engineering to deliver the vessels by September, 2011, the shipbuilder said in a statement. Daewoo Shipbuilding said the deal includes an option to build another drill ship. With the contracts, the shipyard has won deals worth $4.1b to build offshore facilities such as platforms and rigs
An association of Daewoo Shipbuilding & Marine Engineering Co. employees plans to team up with a potential buyer of their company, industry sources said Friday. The group of employees, which owns a 0.46-percent stake in Daewoo Shipbuilding, is expected to have a say in selecting a preferred bidder for the shipyard, as the bidder which teams up with the association wins support from employees. Korea Development Bank (KDB) and a state-run asset management company are seeking to sell
AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard.
The splitting of Daewoo Heavy Industries Co., the shipbuilding and machinery unit of South Korea's ailing Daewoo Group, into three firms should boost shareholder value, analysts said. A shareholders meeting earlier in the week approved a plan to split the company into Daewoo Shipbuilding and Marine Engineering Co., machinery maker Daewoo Heavy Industries and Machinery Ltd., with Daewoo Heavy Industries Co. taking the remaining operations
Daewoo Shipbuilding & Marine Engineering Co said it has begun producing blocks at a factory in Yentai, China, Forbes reported. After construction the blocks are transported to a shipbuilding dock, or slipway, where they are then assembled into place. The $100m facility will have initial production capacity for this year of 30,000 tons, which it plans to boost to 220,000 tons by 2010, Daewoo said. It has estimated that production costs at the factory are 30 percent less than at the firm's
According to a report from TradingMarkets.com, Daewoo Shipbuilding & Marine Engineering Co.(KSE:042660), the world's third-largest shipyard, said its fourth-quarter earnings increased more than five-fold due to construction of more expensive vessels. Net profit reached $210m in the October-December period. (Source: TradingMarkets.com)
According to a report from Dow Jones, Brazilian iron ore miner Vale SA (VALE, VALE5.BR) said it took delivery of the world's biggest ore carrier, a 400,000 tons capacity vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. (042660.SE). The new vessel, named Vale Brasil, is the first of seven ore carriers ordered by Vale from the South Korean shipyard. (Source: Dow Jones)
Gener8 Maritime, Inc. involved in international seaborne crude oil transportation services, today announced that it took delivery of the ECO VLCC Gener8 Neptune from Daewoo Shipbuilding & Marine Engineering on September 11, 2015.
South Korea’s second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) hit a hurdle in its efforts to get capital injection after the Export-Import Bank of Korea (Korea Exim Bank) delayed necessary funding for its shipbuilding project, reports MKBN.
South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships. The shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016
Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard for sea trials. Creole Spirit is Teekay’s first of nine LNG newbuildings equipped with
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said it has received an order for a new LNG carrier from a ship management specialist Chandris of Greece. The new deal calls for Daewoo to deliver the LNG vessel, able to carry 173,400 cubic meters of natural gas
Variations in owner, operator and regulatory requirements during engineering and construction phases at South Korean shipyards present a huge challenge for operators and drive up costs. DNV GL has kicked off a joint industry project (JIP) with Hyundai Heavy Industries (HHI)
Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg. The Big Three shipbuilders in South Korea ventured into offshore oil rigs starting around
Navantia and Maritime Transport Ondimar LDA (shipping company Ibaizabal Group) today ratified the contracts signed in late June and the financial structure for the construction of 4 Suezmax tankers, expandable to two. 4 boats will involve 3 million hours of work for Navantia and the
Firm to sell non-core assets, exit from non-essential businesses; Daewoo reported $2.6 bln operating loss in Q2. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd said on Monday it would sell non-core assets, and shut down or exit non-essential units as part of restructuring
South Korea's No. 2 shipbuilder Daewoo Shipbuilding & Marine Engineering Co., will push for restructuring moves, including asset sales and a reduction in the number of executives, as it reels from massive losses, reports Yonhap.
Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai Samho Heavy Industries and the ECO VLGC Cresques from Daewoo Shipbuilding and Marine Engineering ("DSME")
GTT (Gaztransport & Technigaz), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has received a new order for LNG carrier (LNGC) to be built by the Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).
Lee Jin-bok, a lawmaker of the ruling Saenuri Party in Korea says that the government has given an "incentive for mutual growth" to Korea's major shipbuilders while they are accused of an unfair business practice. The three shipbuilders - Hyundai Heavy Industries
South Korea is getting serious about tackling its "zombie company" problem and will set up its first restructuring firm backed by the government and banks in November, spooked by some huge corporate losses and a darkening economic outlook.
Hamburg Süd christened its new containership, Cap San Vincent, at a ceremony at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) shipyard in Okpo, South Korea, Wednesday. The final vessel in a series of three identical new builds