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COSCO China Shipyards Diminish Group Q1 2013 Profits

The Group achieved $9.7 million net profit on turnover of $733.0 million in Q1 2013, but shipyard & drybulk operations contributions down. In Q1 2013, turnover from shipyard operations decreased by 25.5% to $719.2 million from $965.9 million in Q1 2012, owing to lower revenue contribution from the ship repair and ship building segment. The Group delivered 7 bulk carriers in Q1 2013. Of these, COSCO Zhousan and COSCO Guangdong shipyard delivered 2 bulk carriers each while COSCO Dalian shipyard delivered 3 bulk carriers. Turnover from dry bulk shipping and other businesses increased 7.8% from $12.8 million in Q1 2012 to $13.8 million in Q1 2013. Outlook As the Group continues construction in 2013 on new ship building contracts that were secured in 2010 to 2012 at low contract values due to the slumping bulk carrier shipping market then, the Group expects operating margins on these new shipbuilding projects to continue to be under great pressure notwithstanding improving gains in efficiency and productivity. In offshore marine engineering operations, the Group aims to enhance its offerings. It is currently one of the largest marine engineering groups in the People’s Republic of China. Offshore marine projects in its order book as at 31 March 2013 include 1 deep-water drillship, 1 FPSO, 1 semi-submersible accommodation rig, 1 semi-submersible accommodation vessel, 1 jack-up barge, 1 semi submersible, 1 wind turbine installation vessels, 2 pipelay vessels


Bulk Carrier into Unithai for Fix

The largest ship currently under repair at Thailand’s Unithai Shipyard is the 140,532 dwt bulk carrier Eurydice D, owned by Marmaras. Other ships in the yard include the 35,224 dwt bulk carrier Maris, owned by Trust Shipping Enterprise, Piraeus, the 22,857 dwt part containership Med Lerici, owned by B Navi, World CI’s 3,043 dwt lpg vessel Gas Eurasia, the 22,531 dwt general cargo vessel Everise Glory, owned by Everise Maritime, Kuala Lumpur, and Baba Kaiun’s 10


Diana Shipping Time Charter Contracts

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of $21,000 per day for a period of about 23 to about 25 months. The charter is expected to commence in the middle of February 2010.


Chinese Shipyards Get More Bulk Carrier Contracts

COSCO shipyards in Guandung and Zhoushan obtain bulk carrier orders worth $198M  COSCO (Guangdong) Shipyard has been contracted by a European company to build a 35,000 dwt bulk carrier scheduled for delivery in the first quarter of 2013. Separately, COSCO (Zhoushan) Shipyard has secured two contracts and four option contracts from another European company to build a total of six units of 64,000 dwt bulk carriers with eco-friendly and fuel-efficient designs


Bureau Veritas Issues First EEDI Certificate

Sinopacific's Crown63 class Bulk Carrier, JS Amazon, gains BV's first EEDI rating   Leading international classification society Bureau Veritas has issued its first EEDI (Energy Efficiency Design Index) certificate to the ultramax geared bulk carrier JS Amazon, the lead ship in a new generation of ‘CROWN63’ vessels developed by China’s  Sinopacific Shipbuilding Group with bulk carrier expert Setaf-Saget.  


China COSCO Shipyards Deliver Two More Bulk Carriers

COSCO (Guangdong) and COSCO (Dalian) Shipyards have each recently delivered bulk carriers to European owners. COSCO (Guangdong) Shipyard Co., Ltd has delivered a bulk carrier of 35000 dwt, “CHIOS LUCK”, to its European buyer. The bulk carrier measures 179.99 meters in LOA, 30 meters in breadth and 14.7 meters in depth. COSCO (Dalian) Shipyard Co., Ltd has delivered a bulk carrier of 92500 dwt, “OCEAN TOPAZ”, to its European buyer. The bulk carrier measures 229


Excel Enters Charter Agreement for the M/V First Endeavour

Excel Maritime Carriers Ltd. an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has chartered M/V First Endeavour for a period of 23 to 25 months at $45,000 per day to a first class charterer. The vessel will be delivered into charter on or about August 25, 2007. M/V First Endeavour is a Panamax dry bulk carrier of 69,111 dwt, built in 1994 in Japan


Dunkerque-max M/V Cape Garland Delivered

20090130_ph01.jpg

Mitsui Engineering & Shipbuilding Co., Ltd. completed and delivered the 177,000 dwt type bulk carrier MV Cape Garland (Hull No. 1693) at its Chiba Works on January 30, 2009. This ship is the newly designed Cape-size Bulk Carrier of Dunkerque-max Type. It has a double-side skin to cargo holds construction. A Dunkerque-max type is a common name for Cape-size Bulk Carriers built to the restriction of the port of Dunkirque, France


China's Taizhou Sanfu Yard Launches Bulker

Photo credit: Taizhou Sanfu

Taizhou Sanfu Ship Engineering Co. launch a 92,500 dwt bulk carrier for Indian owners   The builders say that this was the first PSPC compliant vessel ever built in their yard (referring to IMO's 'Performance Standard for Protective Coatings) which applies to dedicated seawater ballast tanks in all types of ships and double-side skin spaces of bulk carriers.   The vessel is 230.0 m LOA, with a molded breadth of 38.0m, and a design draft of 12.50 m. Speed is 14.90 knots


COSCO Zhoushan Shipyard Delivers Another Bulk Carrier

COSCO Corporation announce delivery of a 57,000 dwt bulk carrier to a European buyer COSCO Corporation (Singapore) Limited announces that COSCO (Zhoushan) Shipyard Co., Ltd ("COSCO Zhoushan"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a bulk carrier of 57000DWT, named "SUPERIOR", to its European buyer. The delivery documents were signed by and between COSCO Zhoushan and the buyer recently


Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

File image CCL3

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson Hellas understand that Golden Union have declared options for three further 81


ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to improve welding efficiency and coating quality in commercial vessels. Until now


Stranded Virginia Beach Bulker Salvage Plan Set

Stranded Bulk Carrier: Photo USCG

The Coast Guard advises it is in the final stages of reviewing a salvage plan that is scheduled to begin Friday morning to move the 751-foot bulk carrier, 'Ornak', aground near First Landing State Park in Virginia Beach, Va. “Moving a vessel of this size off the beach is a complicated and


Dry Bulk Carrier Newbuilding Orders Surge

Bulk carrier: File photo

Dry bulk carrier newbuilding orders predominate among the contracts reported in the latest issue of the Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers One order is reported by Clarkson Hellas in the larger dry sizes this week, with Foremost Maritime contracting two firm 180


MES Delivers Bulk Carrier Newbuild

Photo: MES

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 66,000 dwt type bulk carrier M.V. Clipper Excelsior (MES Hull No. 1859) at its Tamano Works on March 25, 2014 to Clio Marine Inc., Liberia. This is the third ship of MES’ wide beam shallow draft vessel called


China Shipyard Delivers Capesize Bulk Carrier

Bulk carrier: File photo

COSCO Corporation (Singapore) informs that its COSCO (Dalian) Shipyard subsidiary has delivered the 82,000 dwt bulk carrier "UNION VOYAGER", to its European buyer. The new ship measures 229 meters in LOA, 32.26 meters in breadth and is 20.25 meters in depth. About COSCO Shipyard


US, Canadian Icebreakers Escort Great Lakes Bulker

U.S. Coast Guard photo courtesy of CSL Laurentien

U.S. and Canadian Coast Guard crews helped to keep commerce moving on the Great Lakes by breaking ice for bulk carrier CSL Laurentien in eastern Lake Eerie on March 27. The crews encountered plate ice as thick as 3 feet and ice ridges as tall as 8 feet.


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before


Recent Vessel Sales: March 2014

Reported – Vessel Name – DWT – Built (Age) - Price Millions USD Bulk Carriers 3/18 - AINO DAKE - 22,201 - 92 (22) - $4.5 3/11 - BAVARIAN TRADER - 23,483 - 95 (19) - $6.2 3/31 - HO XIN - 24,823 - 07 (7) - $13 3/18 - HARRIETT - 25,565 - 02 (12) - $8


NewLead to Acquire Two Panamax Dry Bulk Vessels

NewLead Holdings Ltd announced today that it has previously signed a term sheet with a leading financial institution to provide 75% debt financing for two second-hand Panamax vessels for a total of $35 million. The two vessels are expected to be delivered to NewLead's fleet within the next three


Aegis Logistics commissioned ahead of schedule

Tank Farm of Aegis Logistics

Aegis Group, a Leader in Oil, Gas and Chemical Logistics, announced successful early commissioning of the 70,120 KL Bulk Liquid Terminal at Pipavav port on West coast of India.   The Pipavav - Phase I expansion was initiated in February 2013 to set up Bulk Liquid Terminal of 1


60 MacGregor Cranes Ordered for Chinese-built Bulkers

Range of MacGregor cranes from well-proven electro-hydraulic versions to highly-efficient low-energy new-generation VFD electric cranes.

MacGregor, part of Cargotec, has won a run of orders for bulk versions of its cargo handling cranes from five Chinese shipyards. The cranes are destined for 15 bulk carriers for various owners. The orders were booked in the first quarter 2014 order intake and include:


Quantifying Arctic shipping risk through case studies

 Shipping activities in Arctic areas are certain to increase in the years to come and, as the Arctic is a challenging and    diverse environment, knowing how to manage its risks will be crucial. Through case studies, DNV GL has estimated that the   


OSC Plans Fleet Expansion through 2018

Photo: OSC

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report, the expansion is in line with a ramp-up in hydrocarbon, petrochemical and industrial investment throughout Oman.


China Shipyard Delivers Handymax Size Bulk Carrier

Bulk carrier file photo CCL

COSCO Corporation (Singapore) inform that its Dalian Shipyard in China has delivered a bulk carrier of 57000 dwt, named "GUOTOU 108", to its Asian buyer. The Handymax bulker measures 189.99 meters in LOA, 32.26 meters in breadth and 18 meters in depth. About COSCO Shipyard


 
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