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New Shipbuilding Orders

China Rongsheng Report 2012 Revenue Cut by Half

China Rongsheng Heavy Industries release financial results for the twelve months ended 31, December 2012. In 2012, the Group recorded approximately RMB 7.96 billion in revenue, a year-over-year decrease of 50% from RMB 15.9 billion. Losses attributable to equity holders of the Company were RMB 572.6 million, compared to earnings of RMB 1.7 billion in 2011. Mr. Chen Qiang, Chairman of the Board of Directors and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The sluggish global shipping market continued to reduce new shipbuilding prices and deteriorate payment terms, as global new shipbuilding orders plunged to their lowest level in a decade. Under adverse market situation, constructions and deliveries in our core shipbuilding segment have suffered from delays, leading to a decline in our revenue." "Shipbuilding is the Group’s core business and its major revenue contributor. During the Period, revenue from the shipbuilding segment reached RMB 7.56 billion, representing 95% of revenue. According to Clarkson Research, global new shipbuilding orders decreased 44.5% year-on-year measured in deadweight tonnage (“DWT”), and new shipbuilding orders in China fell 45.2% year-on-year for the Period. New shipbuilding prices also suffered a drop of 9.2%. In response to the adverse market environment, we adopted a defensive sales strategy."


S. Korea Keeps Top Spot in Shipbuilding Beating China, Japan in Q3

Image: Hyundai Heavy

 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.  


Nine New Orders for South Korean Shipbuilders

Photo:  Hyundai Heavy Industries

 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.  


Samil PwC Okays Hyundai's Management Improvement Plan

Photo: Hyundai Heavy Industries

 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


Hyundai Unveils Diesel Engine Dual-fuel LNG Package

HHIs FGSS Test Announcement: Photo credit Hyundai Heavy Industries

Hyundai Heavy Industries (HHI) announce a successful demonstration of the world’s first ME-GI gas engine package test in combination with Hi-GAS. 
 HHI’s independent LNG Fuel Gas Supply (FGSS) the 'Hi-GAS' system (Hyundai Integrated Gas Supply System) allows marine engines to use diesel and LNG for fuel. Hi-Gas system can be used in all types of vessel such as LNG carriers, containerships, and oil tankers


MHI Receives Order for Two Cruise Ships

Pier Luigi Foschi, Chairman & CEO of Costa Crociere, (center) and Hisashi Hara, Director, Executive Vice President and General Manager of Shipbuilding & Ocean Development business of MHI (second from right) sign the contract.

Mitsubishi Heavy Industries, Ltd. (MHI) has completed two shipbuilding contracts with Carnival Corporation & plc, for the construction of two large-sized cruise ships for Carnival's AIDA Cruises brand.   Delivery of the two ships is scheduled for spring 2015 and spring 2016 from MHI's shipyard in Nagasaki. The shipbuilding contracts are subject to financing. The two 125,000 gross tonnage (G/T), 3,250 passenger ships will be the largest ever constructed for AIDA Cruises


Weak but Steady Growth in Oil & Gas Tanker Fleet

The world fleet of oil, chemical and gas tankers is predicted to continue to grow over the next five years, although at a much more sluggish rate than the previous five years, according to a Shipbuilding Market Report issued this month by Lloyd’s Register - Fairplay (LR Fairplay). The oil tanker fleet, which currently stands at 7,516 ships, is expected to grow by 1.9 percent per year over the next five years in terms of the number of ships. Deadweight ton (dwt) capacity will rise by 5


Korea Shipbuilders Win Orders Worth $1B

According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year


Yangtze River Delta Shipbuilders Floundering

China's Ministry of Industry and Information Technology  reports that orders in first half 2012 are down by 50.3% year-on-year. The volume of handling orders was a mere 125.87 million DWT by the end of June, down 30.7 percent year-on-year, which can easily lead to the assumption that some shipbuilders will not be able to keep operating in the following months. "We have not received any new orders. If the situation continues


China Ship Building Looks Up

Pic: China Association of the National Shipbuilding Industry

 88 medium-size and large shipbuilding enterprises in China realized an aggregate gross industrial output value of RMB 163.0 billion ($26.3 billion) during the January-May period this year, up 5.5 percent year on year, says China Association of the National Shipbuilding Industry (CANSI).   The aggregate shipbuilding output in China amounted to 15.48 million deadweight tons (dwt), up 18.9 percent year on year.  


California: A Strong Shipbuilding State

General Dynamics NASSCO christened and launched tanker Constitution on Saturday, August 27, 2016 (Photo: General Dynamics NASSCO)

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance of shipyard industry for California while on tour at NASSCO  Shipbuilders Council of America (SCA) member General


Schwarze-Robitec Offers Efficiency in Shipbuilding

Image: Schwarze-Robitec

Cruise ships, freighters or yachts require complex supply systems on board to  be able to travel long distances in the open sea. For the supply of oil and gas, for example, many kilometers of pipelines are installed above and below deck


Austal Dives into Loss

Photo:  Austal

 Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.   However, the result came in line with guidance issued last month over a change in estimate of the cost of completing


Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy.


Singapore's SembMarine to Take Full Control of PPL Shipyard

Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from PPL Holdings Pte Ltd and E-Interface Holdings Ltd.   "This will enable the company to optimally manage the businesses


Will Vessel Prices Continue Relentless Slide?

Graph: Poten & Partners

 Tanker Opinions, published Poten & Partners says that, for a shipowner, there are usually a few twists to the traditional capital budgeting process.   A shipowner that is deciding whether to invest in new capacity has at least three other factors to consider: (1) his


KOGAS to Support Korean Shipyards

Deagu Head Office. Photo: Korea Gas Corp.

 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.  


Samsung Shipyard Mulls Outsourcing

Photo: Samsung Heavy Industries

 Samsung Heavy Industries (SHI) CEO Park Dae-young proposed the outsourcing of shipbuilding to China and Indonesia in an effort to overcome a liquidity crisis, according to Yonhap.   "I feel a doubt over whether we should build ships only in our shipyard


Berth and Billions: Cruise Business Powers European Yards

Graph: Clarkson Research

 In a historically weak contracting environment the cruise sector has seen a strong level of newbuild ordering and investment in the year to date, says a research report by Clarkson.   Cruise lines have continued to expand their fleets, with new markets such as China in their sights


Parker to Supply Three Arctic Vessels

Photo courtesy of Parker Bestobell Marine

Parker Bestobell Marine, a supplier of cryogenic valves and part of Parker, a leader in motion and control technologies, has received a major new order from DSME (Daewoo Shipbuilding & Marine Engineering) in South Korea to supply cryogenic valves for three new vessels.  


Newbuild Volatility to Alter Future Shipping Cycles -MSI

Photo: Robert Kunkel

Independent research and consultancy firm Maritime Strategies International (MSI) has forecast a structural change to future shipping cycles, driven by increased volatility in newbuilding activity.   In an article by Dr. Adam Kent, MSI notes that as a consequence of the current glut of


Ocean Yield’s Final LR2 Tanker Joins Navig8

Courtesy Navig8

Navig8 Product Tankers Inc. today took delivery of one 110,000 DWT LR2 product tanker, the Navig8 Supreme, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”). The Navig8 Supreme is the fourth vessel to be delivered under the sale and leaseback arrangements


Brexit, Britannia And The Waves

Table: Clarksons Research

 Clarksons Research's this week’s Analysis attempts to put the UK and the EU’s role in shipping in context.   This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population’s preference to


Vard Takes Control of Vard Promar, Brazil

Vard Production of hull sections for FINCANTIERI at Vard Tulcea. d Promar in Brazil. Photo Vaard

Vard Holdings Limited (VARD) has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%. Vard Promar, previously held 50.5% by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5% by a local partner, PJMR Empreendimentos Ltda


Damen Bags First Order from US Office

Stan Tug 3711 (Image: Damen)

Damen USA office hits the ground running with an order from Young Brothers for four Stan Tugs 3711    Damen Shipbuilding Group has established a permanent presence in Houston, with the August 1 opening of a new office headed by senior managers Jan van Hogerwou (New






 
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