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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.  


Damen Fishery Research Vessel for Angola

Fishery Research Vessel for Angolan Ministry of Fisheries. Photo Damen

The Damen Shipyards Group has received an order for a state-of-the-art, 74 m Fishery Research Vessel from the Angolan Ministry of Fisheries. This special vessel, which has Silent-A/F/R Class notation and features a basic design from Skipsteknisk.


India Govt Subsidy for Ship Building Industry

Nitin Gadkari. Photo: Official FB Page

 Maritime Agenda 2010-20 has inter-alia set a target to increase percentage share of India to 5% in global ship building and 10% share in global ship repair for India by 2020.   The Government of India had earlier extended shipbuilding subsidy scheme to all Indian shipyards on 25th


LNG: Did the Greeks Get it Wrong?

Graph: Alibra

 In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners.  


Vard Reports High Order Intake from Non-offshore Markets

5 Module Carrier Vessels for Topaz Energy and Marine Photo Vard (for illustration only)

New order intake of NOK 6.2 billion from contract wins for 19 vessels. Vard Holdings Limited (“VARD”, and together with its subsidiaries, the “Group”), one of the major global designers and shipbuilders of offshore and specialised vessels


12th Chesapeake Tug for Vane Brothers

Chesapeake Shipbuilding Delivers 12th Tug to Vane Brothers Photo Chesapeake

Chesapeake Shipbuilding Corp. of Salisbury, MD announced it has successfully delivered another ocean going tugboat to Vane Brothers of Baltimore, MD.   The boat, named Fort McHenry, marks the 12th tugboat that Chesapeake Shipbuilding has built for the maritime transportation company


South Korean Yards Face Shrinking Orderbook

Graph: Clarksons

 The global orderbook has continued to decline in the year to date, indicating that there are diminishing levels of activity at many of the world’s shipyards, says Clarksons Research.   In the last six months, South Korean yards have seen the largest decline in their orderbooks


Finland's Wartsila Sticks to 2016 Outlook

File Image: a Wartsila built marine engine (Wartsila)

Finnish ship engine and power plant maker Wartsila reported weaker-than-expected quarterly profit and order intake on Wednesday. Wartsila cited tight competition in the energy markets and overcapacity of ships. However, the company repeated its full-year profitability outlook


Stolt-Nielsen buys Jo Tanker's Chemical Tanker Ops

File image: creddit: Stolt-Nielsen

Stolt-Nielsen buys competitor's chemical tanker operations. Deal includes 13 chemical tankers and 50 pct in 8 newbuilds. Details of the deal include:   Stolt-Nielsen agrees to acquire the chemical tanker operations of Jo Tankers.


South Korea Mulls LNG Bunkering Hub

Image: SSPA Sweden AB

 A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse.  


Slippery Orders in Ship Building

Graph: Poten and Partners

 The situation of the shipyards in the world and in particular the struggles of the Korean shipbuilding industry has received a fair amount of attention in the shipping press, as well as in more general news outlets. Poten and Partners discusses about the outlook for vessel deliveries in the


Shipbuilding’s ‘Fatal Attraction’ – A Dramatic Affair?

Graph: Clarksons Research

 Down the years, shipbuilders have always entered and exited the business as cycles have progressed, but over the past decade developments have been dramatic, says Clarksons Research.   Back in 2007, 220 shipyards secured at least one order for a unit of 20,000 dwt or above in size


Japanese Shipbuilding Sliced

Graph: Alibra Shipping Ltd. Research

 New ship orders placed at Japanese yards fell by 80% during H1 2016 compared to H1 2015, according to data from the Japan Ship Exporters' Association (JSEA).    According to ALIBRA Weekly Market Report , this is the worst decline since the autumn of 2008 in terms of gross tonnage


First ME-GIE Ethane Engine Unveiled at Mitsui

World’s first two-stroke low-speed triple fuel ME-GIE engine completed  at Mitsui’s Tamano Works (MAN Diesel & Turbo)

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) has completed the world’s first ME-GIE ethane-operated two-stroke diesel engine. The engines will be for propulsion of three ethylene carriers, which will also carry ethane as cargo.  


Shipbuilding: Korea Losing Race with China

Photo: Samsung Heavy Industries

 The Korean shipbuilding industry has plunged into a deep crisis as the big three —Daewoo, Hyundai Heavy, and Samsung Heavy—posted record combined losses in 2015, and 2016 looks no better.   Added to the woes, Korean shipbuilders’ orders in the first half of this year


Ex-CEO of Daewoo Shipbuilding Grilled

Photo: Daewoo Shipbuilding & Marine Engineering

 Daewoo Shipbuilding & Marine Engineering (DSME) is being rocked by estimated trillions of won (billions of U.S. dollars) of accounting fraud amid the ongoing restructuring process for Daewoo as well as other two shipbuilders, says a report in Xinhua.  






 
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