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.
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
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 fishing vessel Pacifica moored safely in Honolulu Harbor Monday after taking on water when insufficient shaft packing in the stern tube allowed water to flood the vessel approximately 144 miles north northeast of Oahu, the U.S. Coast Guard (USCG) reported.
Samson has completed its 15,000-square-foot expansion at its Ferndale Washington facility. The expansion includes a new Innovation and Training Center (ITC) and several enhancements to the manufacturing area. According to Samson, the ITC was designed to create an environment of collaboration
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming a difference from the average of first half of 2014 at $578 for 380 cSt, High Sulphur Fuel Oil (HSFO) in Rotterdam, to a new level of $412
Company Receives New Refrigerated Containers and Places Order for New Genset Equipment Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’ refrigerated containers ordered as part of its equipment replacement plan announced in August 2014
Venezuela and Ecuador are working on a joint proposal to defend oil prices that the two countries will present at the next OPEC meeting, Venezuelan President Nicolas Maduro said on Friday. Venezuela was the first country to request an extraordinary meeting of Organization of the
Angola's Sonangol is hoping to start supplying crude oil to Indonesia's state oil firm early next year in a possible joint venture, company officials said on Monday. Indonesia has struggled to attract sufficient investment to halt declining domestic output
Tanker spot rates rise as oil price drops Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017
Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market. The drilling contractor's shares rose as much as 3 percent in early trading after the
Malaysian energy services firm Dialog Group Bhd said on Friday it would work with Petronas Gas Bhd on a 2.7 billion ringgit ($807 million) project to develop liquefied natural gas (LNG) regasification facilities in the southern state of Johor.
JK Fabrication (Nordic Machine) wins emergency tow reel order from Olympic Tug and Barge Olympic Tug and Barge, a Harley Marine Services Company, has selected four JK Fabrication emergency tow storage reels for new barges being built at Zidell Shipyard in Portland (the first two) and Vigor
Brent crude jumped almost $2 a barrel on Friday for its biggest daily gain in three weeks as support emerged a day after prices crashed to four-year lows below $80, but analysts were skeptical the rebound would continue, citing concerns over oversupply.
Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller
The Coast Guard is assisting the crew of a sinking fishing boat 144 miles north northeast of Oahu, Sunday. Watchstanders at the Coast Guard Sector Honolulu Command Center received a distress call from the commercial fishing vessel Pacifica at 8:58 a.m., Sunday.
Low solar and wind power supply expectations on Monday boosted European prompt power prices with demand supported by a gradual turn towards colder weather. Point Carbon forecasts showed German solar supply on Tuesday likely to come in at 0.9 gigawatt (GW), down from 1.9 GW on Monday
The fishing vessel Pacifica moored safely in Honolulu Harbor Monday after taking on water approximately 144 miles north northeast of Oahu. The cause of the flooding was determined to be insufficient shaft packing in the stern tube, which allowed water to enter the vessel