Samsung Heavy Industries Co., South Korea's third-largest shipbuilder, said it has won orders worth a combined $630m for five oil tankers and an offshore. Under the deal with a Norwegian customer, Samsung Heavy will deliver the oil tankers by 2013. Another deal with a U.S. customer calls for the shipbuilder to deliver the offshore facility by 2013. With the deals, Samsung Heavy has won deals valued at $6.1b in 2010. For the year, Samsung Heavy aims at winning $8b worth of orders.
Shipbuilding orders trend upward at Samsung Heavy Industries Easing of the Eurozone sovereign debt problems, increased issue of drilling permits in the Gulf of Mexico and growing demand for drillships in Latin America and West Africa have combined to give Samsung Heavy Industries the best order growth visibility among the “Big Three” – Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering.
According to a report from the Korean Herald, the competition in the market for drillships is heating up with Hyundai Heavy Industries Co. threatening Samsung Heavy Industries Co.’s dominance. Hyundai Heavy has turned its eyes to the market in recent years. The company’s first drillship was delivered late last year and Samsung Heavy has lost its place at the top of the drillship market to Hyundai Heavy. Source: The Korean Herald
According to reports, Samsung Heavy Industries Co., has received orders for 14 container ships worth $1.5 billion from three companies including Panama's Naviera Daniela SA and Greece's Danaos Shipping Co. Samsung Heavy will deliver the ships by November 2009, the said in a regulatory filing to the Korea stock exchange today. The orders today raise Samsung Heavy's total for the year to date to $6.9 billion, 90 percent of its 2006 target.
Photo Credit: SHI It has been reported that South Korea’s Samsung Heavy Industries (SHI) has signed a comprehensive cooperation agreement with the Japanese company, Tsuneishi Shipbuilding Co. The deal is said to be the first of its kind, initiating a strategic collaboration between Japanese and South Korean shipbuilders. The cooperation would entail the construction and repair of cargo vessels and special purpose ships.
Samsung Heavy Industries (SHI) apparently found no troubles in Greece this year, as the company reports inking a deal for five ships at Posidonia 2010, meaning its contracting amount has reach $3.3 billion in 2010, more than double the annual contracting amount of the previous year. SHI won orders for five 158,000 t SUEZMAX-class oil tankers during Posidonia 2010. Samsung Heavy Industries focused on attracting shippers and winning contracts at Posidonia 2010
The nation’s major shipbuilders are expected to undergo a mild recovery on the back of a pickup in demand for commercial vessels and liquefied natural gas (LNG) carriers, reports 'The Korea Times' as informed by experts and analysts. The analysts forecasted that the nation’s leading builders such as Hyundai Heavy Industries (HHI), Samsung Heavy and Daewoo Shipbuilding and Marine Engineering (DSME) are well positioned to win more premium vessels ahead of their Chinese and Japanese
Cochin Shipyard Limited (CSL) has signed a memorandum of understanding (MoU) with South Koreas second-largest shipbuilder, Samsung Heavy Industries (SHI) to team up to bid for the GAIL (India) Ltd tender to build liquefied natural gas (LNG) ships. GAIL needs nine LNG carriers to haul natural gas from the US to India beginning December 2017. With this, Cochin Shipyard becomes the second local yard to secure a technology tie-up for LNG ships from one of the three
South Korean shipbuilder Samsung Heavy Industries plans to build three Arctic tankers for Russian oil company Gazprom Neft, which has been targeted by Western sanctions, sources familiar with the deal said. The sanctions imposed on Moscow over its role in the crisis in Ukraine have complicated Russian companies' oil exploration and production in deep water, Arctic offshore or shale projects, as they use Western technology.
After raking in almost 40 percent of global orders in 2000, South Korean shipyards plan to focus on boosting profit margins this year by being more selective in picking up orders, company officials and analysts say. The country's major shipbuilders are under no pressure to accept new orders as their backlogged orders are sufficient to keep their dockyards busy for the next two-and-a-half years. But officials at Hyundai Heavy, the world's largest shipbuilding firm
The restructuring issue of Samsung Heavy Industries (SHI) will spread to the entire Samsung Group as its main creditor Korea Development Bank(KDB) and the financial authorities are putting pressure on the group, reports Business Korea.
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO), reports the Pulse.
Beleaguered South Korean shipbuilders's total liabilities as of the end of last year for their 34 overseas affiliated companies have reached 5.3584 trillion won (US$4.65 billion), up 28.7% compared to five years ago, reports BusinessKorea.
ABS Spearheads Offshore Standardization JIP Classification society ABS convened industry partners at the Offshore Technology Conference on Wednesday, May 4, to sign a memorandum of understanding (MOU) establishing a unified joint industry project (JIP) for standardization
Korean shipbuilders, who once dominated the global market, received zero orders in April, says Clarksons Research Services. A report in Korea JoongAng Daily says that out of the 31 orders placed in April worldwide, 18, or 48 percent of the total, went to Chinese shipyards
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder by revenue, will slash more jobs and sell non-core assets as part of efforts to cope with shrinking orders, it said on Monday. The South Korean government has urged ailing industries to speed up restructuring efforts
The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) are unlikely
Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources. Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects. First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1
South Korea’s shipbuilder Samsung Heavy Industries (SHI), the world’s third-largest shipbuilder, has received a contract termination for three floating liquefied natural gas (FLNG) units from oil and gas giant Royal Dutch Shell Plc.
Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.
As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald.
MacGregor, part of Cargotec, will supply loose lashings equipment for twelve 19,200 TEU container vessels under construction in South Korea for a European owner. The equipment is planned for delivery during 2016. The order was booked into first quarter 2016 order intake.
The global slump in the shipbuilding industry means that South Korea's ship yards have to look far and wide for new orders. Combined, the three major yards have only received one order in the first quarter of the year.
GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174