New Shipbuilding Orders News

Seaspan Corporation has taken delivery of Maersk Cleveland, the second of six new SAVER 15,500 TEU series vessels.The ship was delivered from China's Jiangnan Shipyard on November 15.Seaspan, a wholly owned subsidiary of Atlas Corp., announced contracts to build the six ships in March 2021 as part of a raft of new shipbuilding orders.Upon completion, each vessel will enter long-term charters with global liner customers.The series' first vessel, Maersk Charleston, was delivered earlier this year. The series' remaining ships are scheduled for delivery through mid-2024.

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia. The FPSO part of the project alone is estimated at US$1.5 billion.Earnings were also hurt as Transocean Ltd. (RIG) said in September a pair of its…

Chinese shipbuilders Chinese shipbuilders took the top spot worldwide in terms of new orders in the first quarter of the year 2019.A report in Yonhap quoted data compiled by industry tracker Clarkson Research Institute that said the local shipyards garnered new orders totaling 2.58 million compensated gross tons (CGTs), or 35 vessels.South Korean shipbuilders came in second worldwide in terms of new orders in the first quarter of the year, said the report.Korean shipyards won new orders totaling 1.62 million compensated gross tons (CGTs) in the January-March period, equating to 35 ships.Italian firms came in third with 780,000 CGTs, or 10 ships.In the first quarter…

South Korean shipbuilder Samsung Heavy Industries (SHI) expects to increase orders by almost 24 percent in 2019 compared to last year.According to Yonhap, SHI is aiming to clinch USD7.8 billion worth of new orders this year which marks a 24 percent hike from last year’s tally.The shipyard also aims to post $6.4 billion in sales this year, up 29 percent from last year, it said in a regulatory filing.According to the stock exchange annoucement, SHI secured some $6 billion worth of new orders last year, lower than its initial target of $8.2 billion.Samsung Heavy said demand for commercial vessels will continue to remain firm and orders for offshore facilities will come in as well.Earlier…

China’s Yangzijiang Shipbuilding Holdings reported a 73 percent increase in second-quarter net profit, helped by higher revenue from the construction of larger-size vessels,  Reuters reported. The company, which specialises in dry-bulk carriers,  posted a net profit of 719.92 million yuan (S$146 million) for the second quarter ended June 30, 2017. Revenue increased 27 per cent year on year to 3.79 billion yuan in Q2 due to higher contributions across its different businesses. The revenue derived from its shipbuilding business increased 25 per cent mainly due to higher volume of shipbuilding activities with construction of larger-sized vessels.

China’s Yangzijiang Shipbuilding has won six shipbuilding contracts worth a total of $133m during the second quarter of this year, Business Times reported. Three of these orders for 1,800 TEU (twenty-foot equivalent unit) containerships were exercised from options tied to existing shipbuilding orders. Three others for 82,000-deadweight-tonne bulk carriers were new shipbuilding orders. The new ships are scheduled to be delivered in phases between 2018 to 2020. Yangzijiang Shipbuilding group till this day has  secured a total of 19 effective shipbuilding contracts with an aggregate value of $540m, and there is nine outstanding options including one 6…

South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources. Another report said that Korean yards have clinched the most new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier. The trend appears bullish for ship building in the country. The local shipyards have bagged orders worth a combined 2.56 million compensated gross tons in the January-June period, accounting for 34 percent of the total orders placed around the globe, according to the data compiled by industry tracker Clarkson Research.

South Korean shipyards emerged on top for new orders in April, Business Korea reported quoting industry data. The global total amount of new shipbuilding orders reached 750,000 CGT last month and 340,000 CGT and 260,000 CGT went to South Korean and Chinese shipbuilders, respectively. Japanese shipyard orders came to nil. In terms of numbers, Korean shipyards clinched new orders to build 12 ships. South Korea took the largest portion of very large crude oil carrier (VLCC) orders placed in quantity early last month, said the report. In the January-April period, South Korean shipyards secured 1.23 million CGTs worth of new orders to build 34 ships. China took the top slot with 1.43 million CGTs, or 78 ships, says HongKong Standard.

From 19 till 20 October 2016, top executives from major shipbuilders from Japan, Europe, China, South-Korea and the United States met in Gyeongju (South-Korea) in the context of the 25th JECKU, to discuss the industry’s challenges in supply and demand and in addressing regulatory matters. This year’s meeting took place under extraordinary circumstances, notably against a background of a global shipbuilding industry experiencing very harsh demand contractions. Newbuilding demand has been low in practically all market segments of the shipbuilding industry, with the exception of passenger ships. All delegations expressed deep concerns about the current world economic situation.

Japan's Mitsubishi Heavy Industries is planning to stop taking new orders for large passenger ships, downsizing its shipbuilding operations due to a slump in orders, the Nikkei newspaper reported on Sunday. The plans by Japan's fourth-largest shipbuilder come as new shipbuilding orders have declined 80 percent so far this year, the Nikkei said. Citing unidentified sources, it said the company was considering splitting off its planning and design division and sharing shipyards with other companies. A spokesman for Mitsubishi Heavy, which also builds aircraft and defence equipment, said the report was not based on information provided by the company and declined further comment.

In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap. KOGAS  will advance the schedule of placing orders for two new LNG carriers to the first half of next year and assign sizable maintenance work for its large LNG carriers to local shipyards, said its president Lee Seung-hoon. The construction of a LNG carrier with a capacity of 3,500 tons normally costs a 150 billion won (US$134 million). "At the moment, demand for global LNG is waning, which works to reduce demand for new LNG carriers," he said.

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement plan is good enough for HHI to make operating profits and secure liquidity even in the worst case scenario. The announcement is the result of due diligence that had been conducted by Samil PwC for 10 weeks from May 23 this year at the request of HHI’s main creditor banks including the Export-Import Bank of Korea and KEB-Hana Bank. According to the analysis of Samil PwC, with the faithful execution of the proposed management plan, HHI would be able to make operating profits, secure enough liquidity and cut down considerable amount of debt each year until 2020.

Beleaguered South Korean  shipbuilders's total liabilities as of the end of last year for their 34 overseas affiliated companies have reached 5.3584 trillion won (US$4.65 billion), up 28.7% compared to five years ago, reports BusinessKorea. The debts of those of Daewoo Shipbuilding & Marine Engineering increased by 43.2% to 2.1842 trillion won (US$1.89 billion) during the period while the amount of those of Samsung Heavy Industries soared from 431.2 billion won (US$374.9 million) to 1.2633 trillion won (US$1.09 billion). The amount was 1.9109 trillion won (US$1.66 billion) for Hyundai Heavy Industries’ although they reduced theirs by 13.4% over the five years.

While South Korean shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, they have clinched new orders to build nine ships in the first four months of the year. Yonhap, quoting industry data, said that the S.Korean shipyards, led by Hyundai Heavy Industries Co., have clinched new orders to build nine ships, accounting for 5 percent of new shipbuilding orders placed around the globe. The country's shipbuilders have racked up 200,000 compensated gross tons (CGTs) in shipbuilding orders during the January-April period, while their Chinese and Japanese rivals have won 1.92 million CGTs or 59 ships and 180,000 CGTs or eight vessels, respectively, during the cited period, says global research firm Clarkson Research Services.

Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015. The deep is attributed mainly to the poor shipbuilding and dry bulk shipping businesses.The group booked lower revenues from shipyard operations and dry bulk shipping. Revenue fell by 27% year-on-year to $716.6 million owing to lower contributions from shipbuilding and dry bulk shipping, partially offset by higher revenue from ship repair. Turnover from dry bulk shipping and other businesses decreased 45.2% to $5.7 million in Q1 2016 on decreased charter rates.

The global slump in the shipbuilding industry means that South Korea's ship yards have to look far and wide for new orders. Combined, the three major yards have only received one order in the first quarter of the year. Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) have received zero new shipbuilding orders, according to sources quoted by local media Yonhap. Hyundai Heavy Industries (HHI) is the only one among the three to have landed a KRW150 billion ($130.6 million) order in March to build two petrochemical tankers. But a report in Korea Times says that so far this year affiliate shipbuilders of…

While Cosco’s orderbook of US$8 billion seems hefty, the shipbuilding contracts are of low value, says a report in SBR. The orderbook may do the company more harm than good. As at 31 December 2015, Cosco’s order book stood at USD 8 billion with progressive deliveries up to early 2018. New orders received in 2015 include 7 container vessels, 2 cargo transfer vessels, 2 oil tankers, 1 shuttle tanker, 1 module carrier, 1 tanker assist/emergency response/rescue/field support vessel, 1 research vessel, 1 product oil tanker and 1 FPSO conversion. The shipbuilding contracts in Cosco’s orderbook are of low value, points out a research report from DBS.

South Korean shipbuilders' new orders in November fell to the lowest level in six years amid woes over their growing losses, Yonhap reports. Meanwhile, Chinese rivals scooped up a large slice of contracts, according to the data compiled by global researcher Clarkson Research Services. South Korean shipyards bagged new orders totaling 79,834 compensated gross tons (CGTs) last month, the lowest since September 2009. But, Chinese shipbuilders received 1.46 million CGTs worth of new orders last month, which accounted for some 80 percent of the total orders placed around the globe, the data showed. Japan came in third with 50,000 CGTs worth of new orders last month. The industry’s top three companies by revenue— Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co.

Yangzijiang Shipbuilding (Holdings) Limited “Yangzijiang” or “the Group”  one of PRC’s leading and most enterprising shipbuilder listed on the SGX Main Board, is pleased to announce that the Group has secured new shipbuilding orders from JHW Engineering & Contracting Limited, a subsidiary of JACCAR Holdings, the company that owns EVERGAS, a world leader in ethylene and ethane gas transportation, to build two 27,500CBM LNG (Liquefied Natural Gas) carriers. With downpayments duly received, the two LNG vessels worth US$135 million are now effective orders and included in Group’s order book. The orders are schedulded to be delivered in 2017. Commenting on the new LNG order, Mr.

Singapore shipbuilding group ASL Marine has posted a sharp drop in net profit for its third quarter as revenues from its shipbuilding, shiprepair and chartering segments fell across the board. Net profit for the three months to March 31 plummeted 65.7 per cent from the previous year to S$1.94 million, while revenue dived 56.2 per cent to S$63.42 million in the period. Revenue decreased 56% year-on-year to S$63.4 million due to industry downturn and construction cycle, gross profit increased 20% year-on-year to S$12.1 million for 3QFY2015 despite the fall in revenue, says a company statement. The drop in revenue was mainly because of the industry downturn and the ship construction cycle…

South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve, the data compiled by global researcher Clarkson Research Services showed. The new shipbuilding orders around the globe in the first half of this year amounted to 13.28 million compensated gross tons (CGTs). The figure is about 49.2 percent from 26.99 million CGTs a year ago. In the past year, the global shipbuilding industry saw new orders halve. During the cited period, South Korean shipyards clinched new orders totaling 5.92 CGTs. The figure is about the 96.1 percent level of 6.16 million CGTs tallied a year earlier.

South Korean shipbuilders have ranked first in the world outpacing Chinese and Japanese rivals in terms of new orders in the third quarter of the year, reports Yonhap quoting  Clarkson Research Services. South Korean shipyards bagged new orders totaling 2.11 million compensated gross tons (CGTs) last month, trailing Chinese shipbuilders at 3.48 million CGTs and Japanese companies with 2.36 million CGTs. The country retained its status as the world's leading shipbuilding country in terms of new orders between February and June. It was relegated to second place in July and to third in August. In the first nine months of the year, South Korean shipbuilders secured new shipbuilding orders totaling 8.77 million CGTs, followed by China with 6.33 million CGTs and Japan with 5.99 million CGTs.

Singapore-listed Chinese shipbuilder Yangzijiang Shipbuilding (Holdings) announced that it had entered into 13 new shipbuilding orders in the fourth quarter of last year, comprising nine effective orders with a total contract value worth of US$388 million and four new options with an aggregate value of US$122 million, says a report in Business Times. These include two units of 10,000 twenty-foot equivalent units (TEU) exercised from existing options and seven new shipbuilding contracts consisting of four units of 36,500 deadweight tonnage (dwt) bulk carriers, two units of 2,700 TEU containerships and one unit of 64,000 dwt bulk carrier.