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
At least 10 Haitian migrants are reported dead and approximately 100 are being rescued by Coast Guard and Royal Bahamian Defense Force rescue crews 15 nautical miles southwest of Staniel Cay, Bahamas, Tuesday. More than 100 Haitian migrants fell into the water Monday night when their overloaded
Fleet management solutions are designed to help cut costs associated with maintaining vessels by streamlining workflow, and FleetPlan clains their use can reduce up to 20 % cost by efficient fleet planning. The goal of HMC’s FleetPlan is to generate an optimised Fleet schedule on a daily
The Dutch Foreign Ministry has finalised a bank guarantee of 3.6 million euros in compliance with a binding ruling by the International Tribunal for the Law of the Sea (ITLOS) ordering Russia to release the Greenpeace ship Arctic Sunrise and the Arctic 30 protesters.
Using Computational Fluid Dynamics (CFD), new insights can be obtained into the working principles of Energy Saving Devices (ESDs), which all serve to increase the fuel efficiency of a ship. The advantages of using ReFRESCO to study ESDs are explored in this article
The call came in two days ago: an aircraft with 40 passengers aboard had gone down in a remote area somewhere along the Alaskan-Canadian border. The Federal Aviation Administration, which had been monitoring the flight, received the distress call before losing contact with the aircraft.
Reduced volumes of high and heavy cargo and seasonally lower demand for maritime services negatively affected Wilh. Wilhelmsen Holding ASA (WWH) total income and result in the third quarter of 2013. Current activity level for group entities is expected to continue.
Just a few weeks after the Operation Commander of the EU Naval Force, Rear Admiral Bob Tarrant, issued another warning about the on-going piracy threat, there have been two more piracy related incidents off the Somali coast. The first incident involved EU Naval Force German frigate
Following on from the second quarter, Hapag-Lloyd once again generated a profit in the third quarter of the current financial year, primarily as a result of substantial cost reductions. Between July and September 2013, the group recorded a profit of €16
The Port of Los Angeles released its October 2013 cargo volumes. October overall volumes totaled 684,207 Twenty-Foot Equivalent (TEU) containers, indicating a volume drop of 4.76% compared to October 2013. Imports declined by 5.14%, from 364,881 TEUs in October 2012 to 346,137 TEUs this October
Garmin International's update is described as a significant addition to an already extensive database of detailed lake cartography, new features have been added to provide unparalleled detail to the most accurate mapping on the market. “Cartography is such a crucial part of the fishing
A global conference for shipbuilding corporate management gathered 74 top executives of the major shipyards from Japan, Europe, China, Korea and the U.S. (JECKU) to exchange views on global economic development, supply and demand prospects as well as important technological and regulatory
Drewry’s Carrier Performance Insight report, just published, revealed a disappointing drop in performance for both ship-level and container-level reliability Key Performance Indicators (KPIs) in the third quarter. Containership reliability dipped below 70% for the first time since the
Specialist seabed mapping company Osiris Projects has this week launched the fifth vessel in their fleet, the 14m GRP catamaran MV Proteus. Designed to provide an excellent working platform for coastal survey operations, MV Proteus can work up to 60 miles from a safe haven under MCA Category 2 and
Royal Dutch Shell plc is donating US$2.5 million, in response to the catastrophic typhoon Haiyan that struck the Philippines. The donation from the Shell Group will be used for rebuilding and rehabilitation efforts in the areas badly hit by typhoon Haiyan
Developer RWE Innogy is pulling the plug on the 240-turbine Atlantic Array project, report BBC News citing a Department of Energy and Climate Change (DECC) source. The 222m (721ft) tall turbines, planned to be situated in an area 200 sq km, (77 sq miles) about 16