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Orders Drop

South Korean Shipbuilders' Order Book Shrinks

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).  


South Korean Foreign Ship Orders Drop

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


U.S. Satellite Industry Dominates

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


China's Shipbuilders Suffer Fall in New Orders

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    


China Shipbuilding Industry 2012 Profits Sink

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.


Dry Bulk Market Crisis: Opportunity or Threat?

File photo

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved.    The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing


SembCorp First Half Down 6%

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.


Bunker Prices Double-Digit Drop

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


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:


Floating Production: What’s New in January?

Photo: Petrobras

  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)


Asia-Europe Box Rates Down 23 pct

file image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.  


Voyager IP Wins Irish Navy Satellite Contract

Left to right: Rory Fitzpatrick, ceo, National Space Center; Simon Coveney TD, Minister of Defense, Agriculture, Food and the Marine; Commodore Hugh Tully, Flag Officer Commanding Naval Service and John Makarus, operations director, Voyager IP at the launch of the new satellite service (Photo: Voyager IP)

Voyager IP, the Irish marine telecoms solutions specialist, has partnered with the Irish National Space Center to win a €500,000 contract to manage the entire satellite communications service for the Irish Naval Fleet at home and abroad


Gazprom Earmarks RUB 10.8 bln for R&D

Photo Gazprom

  Gazprom Group continues earmarking considerable funds for financing research and development (R&D) activities. In 2014 a record-breaking amount in the whole Company history – RUB 10.82 billion – was devoted to these purposes


Anderson Appointed Chairman of Lerwick Port

Brian Anderson - Chairman

  Brian Anderson has been appointed Chairman of Lerwick Port Authority at the board’s Annual General Meeting in July.  Formerly Deputy Chairman, Brian succeeds the late Harry Jamieson who was Chairman for the past four years until his untimely death in June Ronnie Gair has


Saudis Pump Out Diesel as Price War Looms

New Yanbu refinery powers Saudi fuel exports; Saudi exports more diesel end-July as peak Mideast demand over. The world's top crude oil exporter Saudi Arabia has turned itself into a major power of refined fuels, offering customers millions of barrels of diesel and potentially triggering a


Dividend Changes as Kvaerner Q2 Earnings Beat Street

Norwegian oil services firm Kvaerner posted forecast-beating second-quarter core profit and lifted its 2015 revenue outlook, but also trimmed its dividend policy to reflect the weak oil market's impact on future earnings. The Oslo-listed firm, which builds large structures like platforms


Salvors Remove Debris Left by Environmental Protesters

Photo: GUE Seattle

Dive and salvage teams worked to remove debris used as anchor blocks by environmental activists protesting Shell’s Arctic drilling aboard a barge in Seattle’s Alki Seacrest Park on May 19.   A dive team from Global Diving & Salvage, Inc


Daewoo Shipbuilding Bags LNG Carrier Order

Photo: DSME

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said it has received an order for a new LNG carrier from a ship management specialist Chandris of Greece.  The new deal calls for Daewoo to deliver the LNG vessel, able to carry 173,400 cubic meters of natural gas


Sanction Free Iran to Accrue Strong Investment

After 10 years of diplomatic negotiation, the UN P5+1 countries (the U.S., the U.K., France, China, Russia and Germany) reached an agreement to unwind economic sanctions on Iran in return for significant international control and surveillance over its nuclear activities


Hook-Up Operations Added to QINSy

Image: QPS

Software design company Quality Positioning Services BV (QPS) has upgraded its hydrographic data acquisition, navigation and processing software package QINSy (Quality Integrated Navigation System). The latest version, 8.10.2015.06.29.1


Container Equipment Leasing Rates Hit Record Lows

Development of per diem rental rates and ex-factory prices for newbuild 20ft standard container placed on long-term operating lease (LTL), 2004-16 (Source: Drewry Maritime Research)

Container equipment rental rates came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a 10-year low, while lease rates had fallen to an all-time low, according to the latest edition of the Container Leasing report published by global shipping consultancy Drewry


Ship Crashes into Mansion in the Strait of Istanbul

Ethem Pertev Mansion on the Bosporus (Photo credit: DHA)

 Majed and Randy,  Sierra Leone-registered dry cargo ship collided into a Ethem Pertev's water-front mansion located on the Bosporus in Istanbul's Kanlıca neighborhood. Luckily no one was injured in the incident.   The accident happened due to a malfunction in the steering


Shanghai Rolls out Green Port Plan

Image: Port of Shanghai

 The Port of Shanghai is aiming to reduce energy consumption per handling capacity unit by 7 percent in 2017 compared to 2010, the city’s transport commission said.    It is aiming to cut carbon dioxide emissions by 9 percent compared with 2010


1,500 to be Laid Off from Newport News Shipbuilding

Image: Newport News Shipbuilding (NNS)

 Layoffs at Newport News Shipbuilding could top 1,500 from now through 2016 as the company copes with a temporary drop in work, the company president told employees this week.   In a letter to the workforce, President Matt Mulherin said layoffs will exceed 500 people this year


OOCL’s Revenues Plummet

Photo: Orient Overseas Container Line (OOCL)

 Hong Kong-based container shipping company Orient Overseas Container Line (OOCL) saw a 2.1% dip in total container shipping volumes in the second quarter of 2015 when compared to the same period last year.   Total revenues decreased by 9.3% to USD 1,362.4 million






 
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