THE BIG THREE
Samsung Heavy Industries, South Korea's major shipyard, build a floating production unit for British oil multinational BP that will be used in offshore drilling in the Gulf of Mexico, says a report in Yonhap. The 1.5 trillion won ($1.26 billion) contract is the first for a floating oil production platform to be received by any of South Korea's big three shipbuilders in 18 months, according to Samsung Heavy. Under the deal with BP Plc, Samsung Heavy will build a floating production unit (FPU) by August 2020. The semi-submersible platform will be used for BP’s field development project, called ‘Mad Dog II,” in the U.S. Gulf of Mexico. Production began in the Mad Dog oil field in 2005. Last month, BP sanctioned the US$9 billion Mad Dog Phase 2 project, with first production set to start in late-2021. The facility will be able to produce 110,000 barrels of crude oil, according to Samsung Heavy. This is the first mega deal of the year 2017 for South Korean shipbuilders who are struggling to bring in new orders. The big three of Samsung Heavy, Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering are restructuring, urged on by the government of South Korea to improve their bottom lines.
While China has aggressively built its shipbuilding infrastructure in the past 10 years, the most important number, top winner in contract value, still remains the domain of South Korea, which has reportedly logged $37.8b in orders thus far in 2011 vs. China's $10.3 billion, according to a report today on www.businessweek.com. The evolution of the Chinese shipbuilding industry is actually akin to the development of a shipbuilding nation, with a focus on cheap labor and lower-technology
Shipbuilding orders trend upward at Samsung Heavy Industries Easing of the Eurozone sovereign debt problems, increased issue of drilling permits in the Gulf of Mexico and growing demand for drillships in Latin America and West Africa have combined to give Samsung Heavy Industries the best order growth visibility among the “Big Three” – Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering.
According to UK-based Clarkson Research Services, Shanghai Waigaoqiao Shipbuilding (SWS) had an order backlog in November of just over three million compensated gross tons (CGTs), an indicator of the level of shipbuilding ouput. That puts the Chinese shipbuilder in fifth place by order backlog in November, posing a threat to South Korean shipyards which had been dominating the top five list for years.
Three unique pollution control vessels have been launched in Dorset – with a fourth under construction. The vessels – three with Doosan engines and Westerbeke generators from engine and generator specialist WaterMota – are to be used for oil spill recovery in South America and West Africa. Build by Manor Marine for Desmi Ro-Clean, the steel Pollution Catamarans (Pollcats) – 19m, 15.5m and 12m - are designed to absorb oil or pollution working at a speed of up to
TotalFina's European energy merger with Elf has tied up the rejuvenated oil sector's last obvious pairing but more marriages may still be on the cards. The revival of oil prices from historic lows that spurred furious company consolidation has not fixed the energy sector's underlying problems and other firms will have to seek strength through size, analysts said. U.S. Texaco and Chevron need acquisitions to avoid being left as Big Oil's poor relations while in Europe Italy's ENI
Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo, ship brokers said. "We are reaching a floor, particularly in the Pacific. It's got to the point where owners just won't fix their ships," a Singapore-based capesize broker said on Thursday
The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver. Even when the most recently ordered ships are delivered in 2016, Europe and the U.S. are still likely to be climbing out of recession, which means that capacity in the east-west trades will continue to outstrip demand.
Japan’s three largest shipping companies - Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K Lines (MOL), and Kawasaki Kisen Kaisha (“K” Line) - and three other carriers worldwide will form the world's third-largest container shipping alliance, reports Nikkei. South Korea's Hanjin Shipping, Germany's Hapag-Lloyd and Taiwan's Yang Ming Marine Transport, on Friday agreed to join forces.
According to a Feb. 7 report from Chinese news agency, Xinhua, China State Shipbuilding Co. (CSSC), the nation's biggest shipyard, launched three self-developed models of liquefied natural gas (LNG) ships. The three LNG vessels, with a capacity of 160,000 cubic meters, 175,000 cubic meters, and 220,000 cubic meters, are built to meet the increasing shipping demand as the world's economy is on the track of recovery, said the CSSC. (Source: Xinhua)
Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017. Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion
At SMM 2016 in Hamburg Maritime Reporter & Engineering News had the opportunity to sit with Remi Eriksen, the CEO of DNV GL. After his first year on the job in the top spot, Eriksen shares with MR his blunt assessment of the maritime and offshore O&G markets in the near-term
Port is world's biggest iron ore export terminal; iron ore prices soared 80 pct in 2016. December iron ore shipments to China from Australia's Port Hedland terminal hit a record 37.4 million tonnes in December, boosted as users such as BHP Billiton and Fortescue Metals Group ramped up
Twenty three people were killed and dozens injured on Sunday after a fire ripped through a boat carrying nearly 250 people to islands north of the Indonesian capital Jakarta, the city's search and rescue agency said. The Zahro Express caught fire shortly after leaving Muara Angke port in
Bankrupt South Korean shipping company Hanjin will sell its operations of the Port of Seattle’s Terminal 46 to Switzerland-based Mediterranean Shipping COmpany (MSC) subsidiary Terminal Investment Limited (TIL), reports AP.
The chairman of South Korea's Financial Services Commission, Yim Jong-Yong, reiterated that Daewoo Shipbuilding and Marine Engineering (DSME) would not be merged with Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI), according to a report in Korea Times.
A new entry to the EAL lubricant race emerges from RSC Bio Solutions. Deep roots, new technologies and familiar names create the basis for a different way of approaching marine lubricants. It isn’t surprising that RSC Bio Solutions
The Port of Long Beach’s Harbor Commission on Wednesday approved an agreement to replace the bankrupt operator of its largest cargo terminal. The Long Beach Board of Harbor Commissioners greenlighted the move by a subsidiary of Mediterranean Shipping Co
South Korean ocean carrier Hanjin Shipping Co. signed a deal to sell its stake in the U.S. port operator that runs Long Beach, Calif.’s, biggest container terminal to Mediterranean Shipping Co. (MSC), reports WSJ. Hanjin, which for bankruptcy protection in August
Novatek, Russia's second biggest gas producer, said on Friday it had signed agreements with Japan's Mitsui & Co, Mitsubishi Corp and Marubeni Corp to cooperate in liquefied natural gas and other energy sectors. Japan, lacking fuel resources
The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete
On December 13, 2016, Knut Ørbeck-Nilssen, CEO Maritime, DNV GL, conducted an interview with Maritime Reporter TV's Greg Trauthwein at DNV GL's Washington, DC office. Ørbeck-Nilssen provided candid commentary on the pace and direction of the offshore and maritime market recoveries
A suicide truck bomb hit the entrance of Somalia's biggest port on Sunday, killing at least 29 people, police said, an attack claimed by Islamist al Shabaab militants. The fighters said they were trying to disrupt protracted parliamentary elections - part of efforts to rebuild the fractured
In 2017, the Danish Maritime Authority will contribute to a pilot project on the development and testing of a system that collects real-time data from various components on board ships. The Aalborg-based company GateHouse is behind the pilot project
Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea. South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively