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
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
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
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'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.
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.
Norwegian industrial holding group Aker RGI recorded a 42 percent drop in first half operating profits, mainly pressured by weaker results for its offshore supply unit Aker Maritime. The group posted operating profits for the first six months of the year at 276 million crowns ($36 million), down from $61.4 million in the same year-ago period.
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
COSCO Shipping warns of 99.5% interim profit drop Shanghai-listed COSCO Shipping, the vessel service provision arm of China Ocean Shipping (Group) Co, says that profit attributable to shareholders for the first half will drop 99.5% from a year earlier to about RMB700,000 ($109,000). SinoShip News adds that other listed firms are feeling the pinch too. Shanghai-listed China Shipping Haisheng, a bulk carrier subsidiary of China Shipping Group
GE continues to expand its technology portfolio to address the challenges of offshore drilling & production and the rigors of deepwater drilling. Several GE business units showcased their latest products and services for the offshore sector in at the 2013 Offshore Technology Conference (OTC)
Two new Rule-sets approved at the first Offshore Technical Committee (OTC) held at LR's Global Technology Centre in Singapore. Lloyd's Register say that these two new rule-sets will be made public later this month (May 2013). The Floating Offshore Installations at a Fixed Location 2013 Rules and
U.S. Coast Guard releases 2012 Recreational Boating Statistics Report showing the lowest number of fatalities on record, overall drop in accidents & injuries. From 2011 to 2012, deaths in boating-related accidents decreased from 758 to 651, a 14
The Port of Los Angeles released its April 2013 cargo volumes, showing a 9.45% decrease in overall volumes compared to April 2012. The decrease was due in large part to a vessel service that shifted out of the Port of Los Angeles. Imports dropped 10
Hyundai Heavy Industries (HHI) announced it has developed a high performance Hyundai Membrane LNG Cargo Containment System. The shipbuilding giant’s new membrane type containment system for liquefied natural gas received Design Approval from classification societies including ABS
Comark Corporation completed full environmental testing of its latest version of the MDU19PC ruggedized COTS computer including MIL-901D grade-A lightweight shock test. The MDU19PC is an all-in-one display and computer designed and tested to meet military requirements for shipboard applications
The Port of Los Angeles released its March 2013 cargo volumes. After a 17% surge in February cargo volumes, overall volumes in March decreased 22.6% compared to March 2012. The decrease was due in large part to the timing of the Chinese New Year
Calgon Carbon Corporation announced that its Hyde Guardian Ballast Water Treatment System (BWTS), developed and manufactured by its wholly owned subsidiary, Hyde Marine, Inc., became one of the first BWTS to earn Alternate Management System (AMS) approval from the United States Coast Guard (USCG)
Several rudders recently were coated with Ecospeed in China and Latvia. In China the rudder of a 294-meter container vessel was treated in Shangai and a 125-meter LPG tanker had its rudder coated in Guangzhou. Around the same time Ecospeed was applied on both rudders of a 186-meter roro vessel in
BioProcess Algae LLC awarded $6.4-Million U.S. Department of Energy grant to develop advanced drop-in biofuels for military jets & ships. BioProcess Algae LLC has been selected to receive a grant of up to $6.4 million from the U.S. Department of Energy (DOE)
Exxon Mobil Corp. booked two tankers to haul oil to the U.S. Gulf Coast via the Suez Canal in May at what may be this year’s lowest rates, a shipbroker told Bloomberg.com. “The very large crude carriers, each able to haul 2 million barrels of oil
Yangzijiang Shipbuilding (YZJ) reported a 22% YoY fall in revenue to RMB2.9b and a 30% drop in net profit to RMB717.2m in 1Q13, accounting for 24% and 26% of our full year estimates, respectively, according to OCBC Investment Research. YZJ delivered only nine vessels in 1Q13
Swire Oilfield Services, LLC, introduced two new products to the Gulf of Mexico region at the Offshore Technology Conference (OTC), May 6 - 9. Swire’s Modular Systems division and SAFE (Swire Advanced Fluid Engineering) Tanks address the industry’s need for offshore workspace
Today Day in Naval History - May 7 1942 - Carrier aircraft sink Japanese carrier Shoho during Battle of Coral Sea. The first day of the carrier battle of Coral Sea, May 7 1942, saw the Americans searching for carriers they knew were present and the Japanese looking for ones they feared might
Somalia wins extra cash, military aid, at the recent London donor summit. Britain will help boost radio communications on the Somali coast to combat piracy that the World Bank has estimated costs the world economy $18 billion despite the dramatic drop in incidents so far this year