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
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
An estimated 113 people died in four shipwrecks between Libya and Italy at the weekend as the crossing becomes the preferred sea route for migrants to Europe, the International Organization for Migration (IOM) said on Tuesday. With the closing of land routes in the Balkans and a recent deal under which Greece sends migrants back to Turkey, Italian officials have said they expect more people to try to make this longer and much more dangerous crossing from Libya.
While the containershipping market continues to welcome a fleet of modern, mammoth efficient ships to the fold, it will struggle in 2016 with low supply growth that will test its mettle, according to a recent analysis from BIMCO. Overall, container volumes being moved around the world have grown
Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,500dwt supramax bulk carriers with Hempel’s Dynamic antifouling product.
Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has coated four of its eight newbuild 58,500 dwt supramax bulk carriers with Hempel’s Dynamic antifouling product, and based on its performance
In February 2016, Star Bulk has agreed to defer the delivery of five Newcastlemax vessels from 2016 to 2017 and 2018: three vessels were deferred from Q1 2016 to Q1 and Q3 2017, and two vessels were deferred from Q1 and Q2 2016 to Q1 2018. Consequently
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.
There has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia/Pacific and Europe account for 88% of the tonnage sold for recycling, according to the latest review of shipbreaking trend by Clarkson Research.
Alfa Laval reports its scrubber solution PureSOx has been the subject of many repeat orders. One of the major returning customers is the Grimaldi Group, which has now ordered its 10th installation of Alfa Laval’s exhaust gas cleaning system.
Chemical shipping faces another tough year, but prospects are improving thanks to the strength of the product tanker market which is attracting a growing number of swing ships out of chemicals into products, according to the latest edition of the Chemical Forecaster
Crowley Maritime Corp. announced that 65 of its vessels were recently recognized for participation in the Automated Mutual-Assistance Vessel Rescue (AMVER) program, a computer-based voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to
Kinder Morgan Inc is considering more export opportunities from Texas and the U.S. Northeast, including liquid petroleum gas, refined products and potentially crude, a top executive told analysts on Wednesday. "The market is very ripe in Houston right now
Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI), in Guangzhou. It has also taken out an option on a further two vessels
Rolls-Royce's new chief executive aims to strip out costs and complexity, rather than selling off chunks of the business, as he seeks to return the British engine company to growth. After four profit warnings in just over a year, and with an activist shareholder pushing for change
Shell last week confirmed its plans to build a specialized LNG bunker vessel to deliver to LNG-fuelled vessels in northwest Europe. The new vessel will be based at the port of Rotterdam in the Netherlands, and will load from the new LNG break bulk terminal and jetty to be constructed by the Gas
The chemical and product tanker Stena Imperative has been delivered from the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI), in Guangzhou. The naming ceremony will be held in Hong Kong on January 26, 2016.