South Korean shipbuilders were overtaken by their Chinese rivals in new orders acquired in the first four months of the year, a London-based market researcher said on Wednesday. South Korean shipbuilders such as Hyundai Heavy Industries Co and Samsung Heavy Industries Co received a combined 6.9 million compensated gross tons (CGTs) in new orders in the January-April period, up 6.9% from a year ago, Clarkson Research Studies said. New orders acquired by Chinese shipyards totaled 8.5 million However, South Korea maintained its No 1 ranking in the global shipbuilding industry in terms of backlogs of orders and the volume of vessels built, the market researcher said. South Korean shipbuilders' combined backlogs of orders totaled 46.4 million CGTs as of the end of April, compared with their Chinese rivals' 34.2 million CGTs and Japanese shipbuilders' 29.7 million CGTs. Korean shipyards built 3.2 million CGTs in the first four months of the year, nearly triple the Chinese shipyards' figure of 1.2 million CGTs. South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year because of strong demand for crude-oil carriers and offshore exploration equipment amid high oil prices. Source: Asia Pulse/Yonhap
The Jotun group generated sales of NOK 2,039 million in the first four months of 2003 which is NOK 244 million more than for the same period in 2003. The group generated a profit on operating profit before tax of NOK 228 million compared to NOK 185 million last year. Sales measured in volume have increased and the strong currency fluctuations of recent years have moderated so that sales measured in NOK more closely reflected the group's growth.
Middle East tanker charter rates, up more than 90 percent since the start of the year, appear to have reached a plateau, shippers said. Worldscale rates for chartering a very large crude carrier (VLCC) to transport two million barrels of crude oil from the Middle East to the U.S. Gulf now stand at W82.5-W85, compared with W42.5 at the beginning of January. To Japan rates have risen to W95-W100 from about W52.5. That means the cost of shipping oil to the U.S
A six-ship fleet of state-of-the-art ethylene carriers building for Norway’s I.M. Skaugen at the Hudong-Zhonghua Shipyard in Shanghai, China are being fitted with a comprehensive range of fire-fighting and fire-protection systems from Unitor. All six ships, known as the Super Coolers, have been specially designed for operation within the Norgas fleet of gas tankers. The first four vessels, Norgas Orinda, Norgas Sonoma, Norgas Petaluma and Norgas Alameda have a capacity of 8,556m³
Northrop Grumman Corporation's Newport News sector is teamed with Electric Boat to build the first four ships of the Virginia-class. Texas is the second ship of the class and the first one that will undergo final assembly and delivery at Newport News in 2005. The keel that will be laid for Texas is part of the stern section of the ship. The keynote speaker for the ceremony will be U.S. Sen. John Warner of Virginia. Other ceremony participants will include Northrop Grumman
Lamprell received a new contract award valued at approximately $365 million from National Drilling Company (NDC) for the construction and delivery of two further high specification jackup drilling rigs of a Super 116E (Enhanced) Class. Lamprell was previously awarded contracts by NDC for a series of six identical rigs and is on schedule to complete construction of the final two jackup rigs, having already delivered the first four on time and on budget
The Navy awarded General Dynamics Electric Boat (GDEB) a cost reimbursement modification, valued at $162,359,000 for the conversion of the USS Georgia from an Ohio Class ballistic missile submarine (SSBN 729) to Ohio Class guided missile submarine (SSGN 729). "This contract modification represents the final contractual step in transforming the first four Ohio Class SSBNs into the most capable strike and Special Forces platform in the Navy," said Capt
Edison Chouest Offshore (ECO) announced plans to continue its newbuilding program. Having already designed, built, owned and operated almost 70 new generation offshore vessels servicing the deepwater oil and gas industry over the past decade, the company plans for 11 new vessels, with options for an additional 14. Construction highlights feature three additional 280-ft. deepwater supply vessels, with an option for another 10; four 160-ft
Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the charter period, with the first option exercisable after five years. The Oslo-listed ship-owner Ocean Yield will provide Navig8 Chemical Tankers with a pre-delivery loan matching the remaining
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage, according to international shipping association Baltic and International Maritime Council (BIMCO). The dry bulk market has long suffered from weak freight rates stemming from falling demand and an oversupply of ships. However, despite worsening freight market conditions, the demolition of dry bulk tonnage has not been adapting fully to this trend as could be expected
More than 700 migrants are feared to have drowned 'like rats in cages' on a smuggler boat because they were locked in the hold when it capsized off the Libyan and sank in the Mediterranean sea. The African migrants, who are thought to have included women and children
Ships carrying rescued migrants arrive in Italian ports; Eight more suspected of human trafficking detained in Sicily. As many as 5,000 migrants a week could arrive in Italy by sea from North African ports in the next five months unless something is done about the issue
It is at times like this that bumper sticker humor comes in handy. One of my favorites has to be the infamous “God, please let me have another oil boom – I promise not to mess this one up” version that graced the bumpers of pickup trucks on the Gulf Coast in the late 1980’s
Strongest April for Port of Long Beach since 2006 Container cargo flow through the Port of Long Beach increased 7.9 percent in April compared to the same month last year, leading to the busiest April in nine years, the port announced today.
COSCO Shipyard Group has announced that it has been awarded options by the Singapore-based Chellsea Group for the construction of four platform supply vessels designed by Rolls-Royce. With this contract, COSCO has ordered integrated design and equipment packages for a total of eight Rolls-Royce UT
Lemissoler Navigation Co. Ltd., the Cyprus-based owner and operator, has selected the MAN Alpha Kappel propeller design for a new series of 8 × 58,500 DWT bulk carriers planned for delivery during 2015 and 2016. The 6.8-meter, slow-running
Port Manatee reported a dynamic increase in trade activity, and said exports are poised to get a further boost when Air Products begins exporting liquefied natural gas heat exchangers from the port next year.
Statoil shut its oil platform at the Oseberg East field offshore Norway after a collision with a supply vessel but production was expected to restart later the same day, a spokesman said. The collision took place at 0140 CET (1140 GMT on Wednesday)
In FY14, total cargo handled at Indian ports increased by 4.3% to 976 million tonnes from 935 million tonnes during FY13. The growth was pegged down by sluggish cargo performance at the major ports which registered a meagre 1.8% growth in cargo volumes to 556 million tonnes in FY14.
The Switch, a specialist of megawatt-class permanent magnet (PM) machines and frequency converter packages for advanced wind and marine drive trains, has successfully tested its PM shaft generator in a rigorous bench test in Vaasa. The first pair in an order of four PM shaft generators is part
Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division has officially started fabrication on the U.S. Coast Guard's seventh National Security Cutter (NSC), Kimball (WMSL 756). "We continue to increase our learning on this shipbuilding program
Huntington Ingalls Industries (HII) was awarded a $224 million modification to an existing contract for advanced planning of the refueling and complex overhaul (RCOH) of the aircraft carrier USS George Washington (CVN 73). The work will be performed at the company's Newport News Shipbuilding
The next phase of transportation technology, which could eventually replace the entire shipping industry, is under development, Forbes reported today. In a 3,500 word feature that will appear in the March 2nd issue, Forbes staff writer Bruce Upbin examines two companies that are racing to design
Crowley Accord Management Pvt. Ltd., the international ship management venture managed globally by Crowley Maritime Corp.’s ship management group, was awarded full technical management contracts for five new tankers. These tankers will be joined in the coming weeks by three more
Italian police arrested 15 African men suspected of throwing about a dozen Christians from a migrant boat in the Mediterranean on Thursday, as the crisis off southern Italy intensified. Forty-one more deaths were reported in a separate incident.