Han Jong-chan assembles the massive blocks used to build ships at one of South Korea's huge and successful shipbuilding yards and has never been happier. Han has worked Daewoo Shipbuilding & Marine Engineering's famed shipyard on remote Koje island here for 18 of his 38 years, recently on night shifts as hefty orders force workers to man giant cranes and welding shops around the clock. Despite a troubled past, a looming dispute with the European Union over subsidies and growing competition from China, the future is looking rosy -- particularly with Korean yards eyeing the potentially lucrative market for cruise ships. The port of Okpo is synonymous with the Daewoo Group and the efforts of its now disgraced founder, Kim Woo-choong, in rescuing a state-run shipyard devastated by the global oil shocks of the 1970s. Despite setbacks in the 1980s as the sector fell into a slump, the shipyard, helped by government subsidies, sailed smoothly through much of the 1990s, until exposure to weak Daewoo sister firms again spelled trouble. But unlike siblings such as bankrupt Daewoo Motor, which was rocked by the collapse of the group in 1999, the shipbuilder has struggled back, and workers such as Han are logging the overtime to prove it. "Yes, I feel tired physically," said Han. "But I am happy because the company is not going to lay us off as long as there is lots of work to do."
According to Ariang News, several major Korean shipyards dominate the world shipbuilding market, but it looks like the industry could use more smaller players. Only 14 Korean shipyards made it to the world's top 100 shipbuilders. The list was compiled by the London-based market researcher Clarkson based on orders. The figure compares with 28 Japanese and 27 Chinese shipyards that made the cut. Analysts say this is because Korean shipbuilders have focused mainly on building large-scale
According to a Bloomberg report, Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd., Japan's two largest shipping lines, will join Qatar in ordering $1.8 billion of liquefied natural gas (LNG) tankers to carry the fuel to North America. The ships will be built in as yet-unnamed South Korean yards. Kawasaki Kisen Kaisha Ltd., Japan's third-biggest shipping company, Iino Kaiun Kaisha Ltd. and trading house Mitsui & Co. are also among the investors, according to the report.
Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.
Wärtsilä has been contracted by the Korean yard STX Offshore & Shipbuilding, to supply exhaust gas cleaning systems for four new Container Ro/Ro (ConRo) vessels being built for Ignazio Messina & Co, the Italy based ship owner and operator. This latest order will enable the new vessels to comply with both current and pending environmental legislation relating to exhaust emissions. For ships sailing in European waters, the maximum sulphur content will be limited to 0
Reuters - Yangzijiang Shipbuilding Holdings Ltd, a top Chinese shipbuilder, plans to build more mega container ships for shipowners eager to cut operating costs. Yangzijiang is China's third-largest listed shipbuilder by market capitalisation and has boasted profit margins that dwarf those of domestic and overseas peers. Yangzijiang is ready to hand over its first mega container ship in March, which can move around 10,000 standard twenty-foot (TEU) containers
Through a longstanding blend of organizational discipline and an unerring drive for the highest levels of automation attainable in shipbuilding processes, the industry in Japan demonstrates resilience founded on continuing productivity advances. Untiring efforts to seek new ways of reducing man-hours and lead times is wholly characteristic of Japanese companies, as they rise to the intensified challenge posed by equally resolute South Korean yards.
The world LPG carrier fleet is forecast to expand from 14.5 million cu. m. at the beginning of 2005 to 24.6 million cu. m. by 2015. World seaborne LPG trade (including ammonia and petchems) is forecast to increase from 73 mt to 132 mt over the same period. These are some of the findings in the new detailed report – entitled ‘LPG Carriers: Market Prospects to 2015’ – which analyses the current and historical developments within the LPG carrier sector and examines the prospects for trade
TOP Ships Inc. (NASDAQ: TOPS) announced its financial results for the fourth quarter and the fiscal year ended December 31, 2009. For the fourth quarter of 2009, the company reported: -- A net loss of $35.9 million or $1.20 per share. The results of the fourth quarter of 2009 include an impairment charge of $36.6 million relating to the write-down of the older two of the Company's tanker vessels to their fair market values
Drewry believes that the industry has emerged from the global recession with both carrier profitability and demand figures bearing this out, but still ask whether or not the industry has learnt anything? The fact that no major companies went to the wall still seems to have insulated the industry from the despair of 2009 and there is now the feeling that perhaps the dark days did not happen. In essence, Drewry observes that it is back to normal operating conditions.
Light Structures, a global technology company for fiber optic monitoring and analysis systems, has won the contract to provide the Load & Fatigue Monitoring Solution for the $2.7 billion Ichthys LNG Central Processing Facility (CPF), currently under construction by Samsung Heavy Industries
Hyundai Heavy Industries (HHI) say they have begun building the first of five 19,000 TEU container ships for China Shipping Container Lines (Hong Kong). HHI explain that the shipowner upgraded the original order for five 18,400 TEU containerships to ones capable of delivering 600
Dockwise, a wholly-owned subsidiary of Royal Boskalis Westminster N.V. (Boskalis) inform it has been awarded a contract by Statoil Petroleum AS for the transportation of two very large new jack-up drilling rigs from Korean shipbuilders to the North Sea
MacGregor, part of Cargotec, saidi it won an order for two subsea cranes from South Korean shipyard Hyundai Heavy Industries Co Ltd. The active heave-compensated cranes will have an SWL of 100 and 25 metric tons, respectively. They will be fitted on board a new 160-meter heavy construction vessel
Teekay Tankers orders 4 LR2 product tankships from STX Offshore & Shipbuilding with options for 12 more. The agreement is for STX of South Korea to construct four fuel-efficient 113,000 dwt Long Range 2 (LR2) product tanker newbuildings for a fully built-up cost of approximately
Hyundai Heavy Industries (HHI) to build a US$ 1.9-billion order Floating Production Storage and Offloading unit (FPSO) for Chevron North Sea Ltd. Hyundai Heavy is to carry out engineering, procurement, and construction for the floating offshore facility to be deployed in the Rosebank oil &
On Thursday, 23 May 2013, Hamburg Süd celebrated the double christening of its container ships Cap San Nicolas and Cap San Marco at the Hyundai Heavy Industries yard in Ulsan (South Korea). With a nominal slot capacity of 9,600 TEU
Reported ordering has been focussed primarily on smaller sizes with Handysize and Supramax seeing the majority of orders. According to the recently released Clarkson Hellas S&P Weekly Bulletin, Japanese yards appear to have had their fair share of the orders with JMU Yokohama
The Korean Register – an IACS member class society - signed an MoU with global steel producer Dongkuk Steel. The agreement paves the way for the two organizations to cooperate on the exchange of strategic technology relevant to the construction of seagoing vessels and platforms.
An Atwood Oceanics subsidiary has entered into a turnkey construction contract with Daewoo Shipbuilding & Marine Engineering to construct a fourth ultra-deepwater drillship, to be named 'Atwood Archer'. The Atwood Archer is expected to be delivered by December31, 2015 at a total cost
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels increases, reports the Japan News, citing Bloomberg, Singapore. Hyundai Heavy’s optimism helped drive up shares of South Korean shipbuilders Monday and contrasts
Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry
Daewoo Marine Shipbuilding and Engineering (DMSE) yard in South Korea continues to produce the new Triple-E ships for Maersk Line at a very high rate; the fifth ship of the series 'Maribo Mærsk', is to be officially named later. Despite the ships' record dimensions
Light Structures, a global technology company for fiber optic monitoring and analysis systems, has won the contract to provide the critically important Load & Fatigue Monitoring Solution for the $2.7 billion Ichthys LNG Central Processing Facility (CPF)
Atlas Elektronik GmbH has been commissioned by the Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) with the supply and integration of a bow sonar (ASO) as well as a low-frequency active towed array sonar (ACTAS) for a new frigate of the Royal Thai Navy