South Korean shipbuilding orders drop 58.6 percent through September 2012. South Korean shipbuilding orders dropped 58.6 percent for the first nine months of this year due to the persistent recession in the global shipbuilding industry, a government report reveals. The drop was attributed to the recession in the global shipbuilding industry. Global shipbuilding orders declined 48 percent to 14.34 CGT over the cited period due to an oversupply of ships and the prolonged global eaconomic slowdown, the report adds that demand for container ships and bulk carriers contracted sharply, informs Xinhua. Despite the global slump, South Korea kept its position as the world's No.1 shipbuilding country with the market share of 36.3 percent. It was followed by China with a 4.98-million-CGT of orders, or 34.7 percent of the total, and Japan with a 1.66 CGT of contracts, or 11.6 percent of the total. The ministry noted that South Korea's shipbuilding orders were led by contracts for ships related to development and transportation of natural resources such as drill ships, tankers and ships that carry liquefied natural gas (LNG).
New foreign orders received by South Korean shipbuilders fell 15.7 percent in the first nine months of this year from a year ago, provisional figures from the Korea Shipbuilders' Association show. Orders in the nine-month period totaled 5.8 million gt for 110 ships, compared with 6.9 million gt for 121 ships in the same period a year earlier. New orders received in September alone totaled 1.2 million gt for 16 vessels. It did not give comparable 1998 figures
China's shipyards launched 60-million dwt in 2012 representing a drop of 21% from the previous year. According to Ministry of Industry and Information Technology government statistics reported by CNTV, new orders for shipbuilding also tumbled by about 44 percent. Industry experts consider that the shipbuilding industry would continue to be weak in 2013, and it’s unlikely the market will pick up in the short term.
According to a report from Yonhap, orders won by Chinese shipbuilders dropped more than 6 percent in the first seven months of this year due mainly to prolonged uncertainties in the global economy, the China Association of the National Shipbuilding Industry said. Source: Yonhap
The market for commercial communications satellites is expected to be worth $25.4 billion over the next 10 years, according to Forecast International’s recently completed study "Commercial Communications Satellites: 2005-2014." Also anticipated within the next few years, is the long awaited rebound in the commercial communications market. Fueling this recovery will not only be the growing market for the application of key technologies and services to the commercial consumer but also
2014 Floater Orders – We thought it would be useful to provide a summary of floater orders placed last year. As listed below, 25 units were ordered during the year - 10 FPSOs, one Barge, four FLNGs, seven FSRUs and three FSOs. FPSOs (10) • Kaombo CLM • Kaombo GGC • Deep Producer 1 • Catcher • Armada Ali • Libra EWT • Madura BD • Front Puffin • Tartaruga MV 28 • Petrojarl 1 Production Barge (1)
Last week (ending 22, June 2012) oil bunker prices dropped in key ports across the world IFO380 has made double-digit drops in Singapore, Rotterdam, Fujairah, and Houston, and all four ports once again reached new lows for the month reports 'Ship & Bunker'. (IFO 380 is Intermediate fuel oil with a maximum viscosity of 380 Centistokes (<3.5% sulphur). In Asia, Singapore IF380 prices dropped by $11.00 bringing the price to $563
SembCorp Marine posted a 6.4 percent drop in half-year net profit to S$39.2 million ($21.4 million) from S$41.9 million in the first six months of 2001. The Singapore-based group -- a subsidiary of the SembCorp Industries conglomerate which concentrates on ship repair, offshore conversion and shipbuilding -- said in a statement its performance in 2001 was expected to be comparable with the previous year. It valued its outstanding order book for 2001-2004 at S$1.72 billion.
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:
Larson Electronics Magnalight.com has developed a 7 watt LED work light with factory integrated cord reel, intended for installation within a hazardous workplace. Producing 760 lumens of light, the EHL-LED-7W-50-HR LED drop light with cord reel operates in an approved Class 1 Division 1 & 2 and Class II Division 1 & 2 unit. Designed for ease of use, strong output and long life, this LED drop light can be permanently installed within the work area
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments. The overall index, which factors in average daily earnings of capesize, panamax
Protesters have agreed to open access to Brazil's main poultry exporting port of Itajai in Santa Catarina state, the port said on Wednesday, ending a lingering flashpoint after a two-week truck drivers' protest. A union of autonomous truck drivers agreed to the port's proposal to raise payments
Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June
25 Units Orders in 2014: 10 FPSOs, 1 Barge, 4 FLNGs, 7 FSRUs & 3 FSOs The overall number of orders is similar to the average ordering pace over the past 10 years, during which an average of roughly 25 production and storage floaters were ordered annually.
The top stories this week covered everything from a DP system failure, a facelift for a WWII torpedo boat, and some mysterious tankers off the coast of Philadelphia. The tanker Olympic Flag was carrying 650,000 barrels of Angolan crude when it dropped anchor seven miles off the
Singapore Technologies Engineering Ltd reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.63b as reported for FY2013. Profit before tax (PBT) of $650.7m was $79m or 11% lower year-on-year compared to $729
Port of Los Angeles container volumes decreased by 22.7 percent in January compared to January 2014 volumes, the port announced today. The port's January 2015 cargo volumes totaled 529,427 Twenty-Foot Equivalent Units (TEUs), compared to 685,549 TEUs in January 2104.
Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities. Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018
Transocean Ltd shares are expected to move about 8 percent in either direction following its earnings results on Wednesday, options data showed, but positioning among traders suggests some worry. This would be the biggest post-earnings move for the shares in at least eight quarters.
Trident Alliance has invited representatives from national and European authorities and NGO’s to discuss how effective enforcement of sulphur regulations can be achieved on the high seas. The event will take place on March 3 during the European Shipping Week in Brussels.
Freight shipping prices have plummeted to a historic low, fueled by a long-standing problem of too many ships and lower demand from China, as per a report in AFP. However, the economists say that this is not a serious warning sign on the global economy.
Philippine Ports Authority (PPA) stated that utilization rate at the port of Manila is back to normal after the disruption of operations during the visit of Pope Francis to the country last month. The state-run PPA said in a statement that container yard utilization and vessel
The container segment was one of the big surprises during 2014 with a very high scrapping activity in the year’s first half and a dwindling low one in the second, says the Baltic and International Maritime Council (BIMCO)
Port of Long Beach feels effects as backlog continues Lingering congestion at West Coast seaports drove down container cargo by 18.8 percent in January at Long Beach compared to the same month last year, the port announced.
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 &