Carrier Order
Hyundai Heavy $600M Order for LNG Carriers
Hyundai Heavy Industries, the world’s largest shipbuilder, won a $600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd. These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions, increasing demand for LNG as an alternative energy source after Japanese nuclear crisis, and price competitiveness of LNG in comparison with oil prices, Hyundai Heavy expects to see more liquefied natural gas carrier orders in the future. As a part of the Company’s long term strategy for the expected increase in demand for LNG carriers and LNG FPSOs, Hyundai Heavy has been actively developing a special welding system that can work on the thick aluminum plates used for the LNG tanks. Winning this order brings Hyundai Heavy’s total new orders in shipbuilding and offshore & engineering divisions so far this year to 42 ships worth of USD 10.5 billion, or 53% of the new order target of USD 19.8 billion. Source: HHI
Bergesen Makes Preliminary LNG Agreement
Bergesen has entered into a preliminary agreement with the Algerian oil company Sonatrach for employment of one LNG-carrier for minimum 20 years from delivery. Sonatrach has an option to extend the agreement by maximum five years. The vessel is the third vessel in a series of seven large LNG-carriers ordered by Bergesen at Daewoo Shipbuilding & Marine Engineering Co. Ltd, Korea. The vessel shall be delivered in third quarter 2004.
Daewoo's Financials Come Full Circle
A flood of LNG carrier orders and dollar-denominated payments skewed towards delivery have helped South Korea's Daewoo shipyard, (now known as the world's second largest shipbuilder) still under workout, craft one of the country's most dramatic corporate turnarounds. "It is like dreaming a really good dream," said a high level official at Daewoo Shipbuilding. "We are now nearly monopolizing the global market for LNG carriers and benefiting from the recent weak won better than our rivals
OSG To Build Four Tankers
Overseas Shipholding Group, Inc. will build four, 114,000 dwt 44-meterbeam Aframax tankers at the New Times Shipbuilding Co., Ltd. shipyard based in Jinjiang, China. The vessels, scheduled for delivery in 2008 and 2009, will increase OSG's Aframax fleet to 21 tankers serving customers in the Atlantic basin, and will operate in the Aframax International (AI) pool. The tankers will be built using the new Common Structural Rules (CSR) recently established by IACS for all tankers and
EU Monitors Market
No improvement in the market and no change in the behaviour of South Korean yards, says fifth Commission report on world shipbuilding The world shipbuilding market continues to face serious difficulties, while certain South Korean yards are still pricing ships below cost, notes the European Commission's latest (fifth) report on world shipbuilding, adopted today. World ship prices are still being depressed by excess supply, due to past expansion of yards mainly in Korea
MHI : Landmark LNG Carrier Shipbuild Contract
On May 17, 2013, Mitsubishi Heavy Industries Ltd. (MHI) will sign an agreement with Mitsui O.S.K. Lines Ltd. (MOL) to build a Sayaendo series new-generation liquefied natural gas (LNG) carrier. Sayaendo series ships feature a unique structure that integrates the LNG tank cover with the ship hull, resulting in significantly improved fuel consumption and maintainability. From 2020 the new ship will be used mainly for transportation of LNG produced by the Ichthys LNG Project in Australia for
Siba Ships Results Surge
The Siba Ships group, which includes the shipping company Siba Ships Spa based in Brescia (Italy) and its newly established subsidiary company Siba Ships Asia Pte Ltd based in Singapore, has closed its 2006 financial year with a major surge in turnover and a profit of more than 6 million Euros, a result which continues the four positive year trend of the group. Mauro Balzarini, chairman of Siba Ships, says that in the course of 2006 the company, exploiting the favorable trend of shipping
STX Wins $212m Bulk Carrier Order
South Korean shipbuilder STX Shipbuilding won a $211.8m order to build two bulk carriers for an undisclosed European firm. The vessels will be delivered by mid-2010.
New-generation LNG Carrier Order for MHI
Mitsubishi Heavy Industries (MHI) receives order for "Sayaendo" new-generation LNG Carrier from Mitsui O.S.K. Lines The ship offers significantly improved fuel consumption and maintainability through various features including enhanced ship structure efficiency. The ship will be used mainly for transportation of LNG for the Kansai Electric Power Co. The "Sayaendo" features a peapod-shaped continuous cover for the Moss spherical tanks integrated with the ship's hull
China Shipyard Gets QN Group Bulk Carrier Orders
Queensland Nickel Group (QN) subsidiary Asia Pacific Shipping Enterprises (APSE) orders four 64,000 dwt ultramax bulk carriers. The contract has been signed with the Foreign Economic and Technical Cooperation Company of China, Chanjiang National Shipping Group and the China Changjiang National Shipping Group Corporation Jinling Shipyard. “The four vessels, for the use of QN, will be built at the China Changjiang National Shipping Group Corporation Jinling Shipyard
New US Aircraft Carrier Hull Structure Complete
Huntington Ingalls Industries' Newport News Shipbuilding (NNS) division hoisted the last piece of primary structure onto the nuclear-powered aircraft carrier 'Gerald R. Ford'. The lift was the last of 162 superlifts and brings more than three years of structural erection work to a close.
China Shipyards Get B.Delta Design Bulker Orders
The latest batch of orders for Deltamarin's B.Delta design bulk carriers comes from international shipowners, all to be built in China. The B.Delta43 order by the German ship owner HBC Hamburg Bulk Carriers at CSC Qingshan Shipyard and the B
'USS Nimitz' Shows the Flag in Korea
The U.S. nuclear-powered aircraft carrier arrives to participate in joint naval drills as part of routine training according to the Combined Forces Command. The 97,000-ton Nimitz, one of the world's largest warships, made a port call at the southeastern port city of Busan for a three-day stay to
PC Maritime to Install ECDIS in 50-vessel China Shipping Deal
PC Maritime’s Navmaster ECDIS has been chosen by China Shipping Group to be fitted to 50 newbuild bulk carriers. This large ECDIS fleet contract was negotiated by Bogerd Martin NV’s subsidiary company, Bogerd Martin China, based in Shanghai.
China J/V to Buy Six LNG Carriers
China Shipping Development and Sinopec Kantons are to spend HK$11.71 billion to buy six LNG carriers, which will be chartered to Sinopec. The two companies have set up a joint venture China Energy Shipping Investment (CESI) which is 51 percent controlled by China Shipping and 49 percent by
New Bulker Design Introduced by Imabari Shipbuilding
Japan's Imabari Shipbuilding Co., Ltd. introduce a new class of 33,000 dwt bulk carrier designated 'IS' TRI-STAR. The shipbuilders say that its share of the handy-size bulk carrier market is ranked among the highest in the world. Since 2010, over 30 vessels of the "IS" BARI-STAR, 38
Greek Opportunists on Iron-ore Carrier Buying Spree
Greek shipowners order construction of iron-ore carriers in the belief that the 5-year charter-rate slump is coming to an end. The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece
U.K.'s New Aircraft Carriers Get Babcock IWMS
Babcock delivers final Integrated Waste Management System (IWMS) component for UK’s new Queen Elizabeth-class aircraft carriers. The Babcock-designed IWMS handles the various fluid and solid waste streams generated onboard the aircraft carriers and processes these until the products are
Japan Warms to ME-GI Concept
One of MAN Diesel & Turbo’s oldest licensees held a successful demonstration of the ME-GI concept on April 17, 2013 at its Tamano works. A large crowd of guests attended the demonstration and the following reception where, among others, MAN Diesel & Turbo’s Dr
Big Ship Orders Keep Focus on Carrier Supply Pressures
Attempts by carriers to tackle the capacity overhang are being undone as new orders for Ultra Large Container Vessels (ULCVs) continue to make the headlines, according to Drewry’s monthly report Sea & Air Shipper Insight. The news that China Shipping Container Lines will join Maersk
China Shipyards Gain Huge VLOCC Orders
Singapore’s Berge Bulk to sign a LOI for the constructions with CSSC Guangzhou Longxue Shipbuilding & CSIC Bohai Shipbuilding Heavy Industry. Singapore’s Berge Bulk is planning to place an order for up to eight very large ore carriers (VLOC) at China’s two state-owned
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
Container Carrier Rate Wars Intensify
Ocean carriers cannot afford to operate services from Asia to Europe at rates which are between 25% and 30% lower than in January, says Drewry. Although the recent collapse of rates was excessive, it will not be reversed until carriers withdraw at least two more loops to North Europe –
China Aircraft Carrier Group Assembling Quietly
Escort ships for China's first aircraft carrier, the 'Liaoning', are quietly assembling at Qingdao Harbor & are expected to sail soon. Citing the Hong Kong-based Chinese-language newspaper 'Wen Wei Po' Focus Taiwan reports that the carrier battle group might comprise the Liaoning
Today in U.S. Naval History: May 7
Today Day in Naval History - May 7 1942 - Carrier aircraft sink Japanese carrier Shoho during Battle of Coral Sea. The first day of the carrier battle of Coral Sea, May 7 1942, saw the Americans searching for carriers they knew were present and the Japanese looking for ones they feared might