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Korean Shipbuilders Place in Top 10 for June Orders

Korean shipbuilders occupied seven out of the top 10 positions in the world last month in terms of orders. Hyundai Heavy Industries was the world’s largest shipyard in terms of order backlog as of late June with 11.74 million compensated gross tons (CGT), British shipbuilding market researcher Clarkson reported. Samsung Heavy Industries came second with an order backlog of 8.27 million CGTs, followed by Daewoo Shipbuilding & Marine Engineering (DSME) with 7.41 million CGTs and Hyundai Mipo Dockyard Co., one of two Hyundai Heavy Industries subsidiaries, with 4.11 million CGTs. Created after a merger of two shipyards in Dalian, China’s Dalian Shipbuilding Industry Corp. made a huge leap up the list to take fifth place with 2.84 million CGTs, beating Korean rivals Hyundai Samho Heavy Industries Co., the other Hyundai Heavy subsidiary, STX Shipbuilding Co. and Hanjin Heavy Industries & Construction Co. Another Chinese shipyard, Shanghai Waigaoqiao Shipbuilding Co. ranked 10th with 1.84 CGTs. The combined order backlogs of seven Korean shipyards were 39.15 million CGTs as of late June, accounting for a 34.5 percent share of the global total worth 113.64 million CGTs. (Source: Chosun Ilbo)


Orders at Korea's 3 Big Shipyards to Break $30B

Korea's three major shipbuilders are expected to draw in orders worth $30 billion this year, according to a report on http://english.chosun.com. Reports put orders for Hyundai Heavy Industries at $13 billion, Samsung Heavy Industries at $10-11 billion, and Daewoo Shipbuilding and Marine Engineering at $10 billion. Samsung Heavy Industries won the most number of orders as of March with four liquid natural gas tankers, one floating production storage, one offloading vessel


Kawasaki Heavy Industry, Chinese Co. To Set Up Shipyard

As Beijing looks to boost ship exports, Japan's Kawasaki Heavy Industry Ltd is likely to join state-run China Ocean Shipping Group to set up a $96.8 million shipyard in east China. The shipyard, a 50-50 joint venture, will design and build vessels of at least 160,000 dwt. There are also reports that South Korea's Samsung Heavy Industries Ltd is expected to set up a wholly-owned shipyard in China.


China Shipyard Denies Stories on Vale's VLOC Orders

China Rongsheng Heavy Industries denies a report distributed by Jinji Cankao Bao on its VLOC newbuildings for Vale S.A. China Rongsheng Heavy Industries Group Holdings Limited offically denies the false report of “Vale declined to receive three VLOCs built by Rongsheng Heavy Industries” distributed by Jinji Cankao Bao. In order to benefit shareholders, ship-owners and ourselves, the Group always takes swift and necessary actions on clarifying unfounded rumors in the market


Hercules of Korean Shipbuilding

Photo courtesy of Samsung Heavy Industries

Samsung Heavy Industries use 'Megablock' techniques to create ever larger blocks & minimize shipbuilding assembly works Samsung Heavy Industries recently achieved a new milestone, successfully carrying a block that weighed as much as 9,283 tons – quivalent to the combined weight of 133,000 adults of average weight, this is the heaviest block ever built in the global shipbuilding industry.
 Building gigantic structures of the size of apartment buildings or bigger


Korea's Top 3 Shipbuilders' Shaky Performance

File Photo: Samsung Heavy Industries

 The value of contracts signed by Korea's big-three shipbuilders— Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries — fell far behind the amount they projected for this year, reports The Korea Herald.   Meanwhile, Arirang reported that the third quarter earnings of Korea's top 3 are likely to be in the black.   Samsung Heavy Industries did not sell a single vessel during the first eight months of this year


Australian Company Mulls DHI Stake

South Korea's Daewoo Heavy Industries has received a letter of intent from Australia's New Castle Heavy Industry expressing interest in taking a stake in its shipbuilding unit. While exact terms of the potential deal are not yet available, it is believed that DHI would be willing to sell up to a 30 percent stake. The world's second largest shipbuilder is one of 12 debt-laden Daewoo Group firms that creditors hope to reform and sell off


Hyundai Heavy Leads Gains Among Korean Yards

According to a June 21 report from Bloomberg, Hyundai Heavy Industries Co., the world’s largest shipbuilder, led advances among shipyards in Seoul trading on expectations that a stronger yuan will help improve their price competitiveness against rivals in China. Hyundai Heavy climbed 4.9%t to close at 236,000 won, the highest price since May 12. Samsung Heavy Industries Co., the world’s biggest maker of drill ships, gained five percent to 24,200 won.


Hyundai, Samsung Clash in Drillship Market

According to a report from the Korean Herald, the competition in the market for drillships is heating up with Hyundai Heavy Industries Co. threatening Samsung Heavy Industries Co.’s dominance. Hyundai Heavy has turned its eyes to the market in recent years. The company’s first drillship was delivered late last year and Samsung Heavy has lost its place at the top of the drillship market to Hyundai Heavy.   Source: The Korean Herald


HHI Orders Refrigeration, Cold Stores for FPSO

Photo courtesy of ALMACO

Goliat, the first cylindrical floating production, storage and offloading (FPSO) vessel on the Norwegian Continental Shelf built for Eni Norge and partner Statoil at Hyundai Heavy Industries (HHI), will feature ALMACO’s cold stores and refrigeration machinery.   Hyundai Heavy Industries awarded the contract to ALMACO Group in July of 2011, and ALMACO finalized the commissioning work at the end of 2014. ALMACO said its scope of supply includes the supply and installation of cold


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered


Construction of King Salman Global Maritime Industries Complex Gains Steam

 Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that Royal Inauguration Ceremony of King Salman Global Maritime Industries Complex was held at Ras Al-Khair, Saudi Arabia with the attendance of His Majesty King Salman bin Abdulaziz Al Saud on November 29


Seanergy Maritime Adds a Bulker

Courtesy Seanergy Maritime Holdings Corp.

Athens, Greece - Seanergy Maritime Holdings Corp. announced today that it has taken delivery of a 178,838 dwt Capesize dry bulk vessel, renamed to M/V Lordship and built in 2010 by Hyundai Heavy Industries in South Korea. The M/V Lordship is the first of two Capesize vessels that the Company


Samsung Heavy Cancels $776.8 mln LNG FPSO Order

Image: Samsung Heavy Industries

 South Korean shipbuilder Samsung Heavy Industries (SHI) has terminated a contract worth a 907.6 billion won ($776.8 million) for the construction of a liquefied natural gas (LNG) floating production and storage (FPSO) unit the shipbuilder signed with an unnamed European buyer back in January


LR Grants AIP for S-CO2 Power Generation System

The world’s largest shipbuilder Hyundai Heavy Industries (HHI) and a utility firm Korea Electric Power Corporation (KEPCO) have received an Approval in Principle (AIP) from Lloyd’s Register for a 2MW Supercritical CO2 (S-CO2) Power Generation System recovering waste heat of a


Nakilat Transitions LNG Mekaines to In-house Management

Mekaines  (Photo: Nakilat)

Nakilat has assumed full ship management and operations of Q-Max LNG carrier Mekaines from STASCo (Shell Trading and Shipping Company Ltd.) with effect from November 7, 2016, as part of the planned and phased transition announced on October 19, 2016.


Eagle Bulk Snaps 6-year Order Drought

U.S. based ship owner and operator Eagle Bulk Shipping Inc. has bought its first vessel in more than six years, acquiring a 2016-built dry bulk vessel constructed in China at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. (NACKS), the shipper said in a statement.


Eagle Bulk Reports 3Q Loss

Photo: Eagle Bulk Shipping Inc.

 Connecticut-based Eagle Bulk Shipping Inc reported a loss of $19.4 million in its third quarter ended September 30, 2016. It had net loss of $20.4 million last year Q3.   It has a loss of 52 cents per share compared to  $10.83 net loss per share, for the comparable quarter in 2015


MHI Seeks to Integrate Marine Diesel Engine Businesses

Mitsubishi Heavy Industries, Ltd. (MHI), its wholly owned subsidiary Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), and Kobe Diesel Co., Ltd. have concluded a basic agreement to pursue integration of the marine diesel engine operations of MHI-MME and Kobe Diesel.


World’s Largest Ethane Carrier Delivered

Ethane Crystal is the world’s first very large ethane carrier (VLEC) (Photo: SHI)

The world's first very large ethane carrier (VLEC), Ethane Crystal, has been delivered to India’s Reliance Industries Ltd. by South Korean shipbuilder Samsung Heavy Industries (SHI), representing a significant milestone for the gas shipping industry.


Nordic American Tankers Expands Fleet to 33 Vessels

Photo: Nordic American Tankers

 Armed with $120m from the placement, Nordic American Tankers  (NAT) has contracted to increase its fleet from 30 to 33 vessels, enhancing its potential for both higher earnings and dividends.   The Company will have a fleet of 30 trading vessels in early 2017


Hyundai Heavy to be Split into 4 Firms

Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness


FORAN Expands User Base in Korea

Hansung Ship Eng. Power station (Photo: FORAN)

These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn


Nakilat Transfers LNG Umm Slal to in-house Management

(Photo: Nakilat)

  cut Umm Slal_edited (greg d:)     Nakilat has assumed full ship management and operations of Q-Max LNG carrier Umm Slal from STASCo (Shell Trading and Shipping Company Ltd.) effective November 23, 2016, as part of the planned transition announced last month.


S.Arabia Costructs Huge Shibuilding Complex

Khalid Al-Falih Photo: MIT News Office, part of the Office of Communications

 A Reuters report quoting  Saudi Arabia's energy minister Khalid al-Falih said that the country expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5






 
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