According to the Korea Times, the next five years will provide an opportunity for Korean shipbuilders to construct cruise ships with a high-profit margin, the Korea Shipbuilders' Association said. The construction of luxury cruise ships declined steadily after the September 11 terrorist attacks on the United States. But with a recent favorable upturn, the market is expected to expand especially in the large and medium-size category through 2010, with an annual growth rate of about 5 percent, the association said. This prospect of stronger demand for cruise ships will offer local shipbuilders opportunities to venture into the construction of cruise ships with less risk. South Korea is the no.1 shipbuilding country in the world with aggregate exports of $17.6 billion last year. However, Korean shipbuilders haven't seen significant sales in the cruise ship business, which accounts for about 20 percent of the global shipbuilding market. Until recently, Europe had almost completely monopolized the building of cruise ships. According to the Association of European Shipbuilders and Ship Repairers, a quartet of Europe-based shipbuilders that has maintained a combined 84-percent market share since 2002. The average age of cruise ships in service at present is about 42.4 years for 19 ships over 10,000 gross tons, and 37.8 years for those less than 10,000 gross tons. Accordingly, replacement demand is likely to become active in the near term, the association said.
South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to far exceed yearly targets, Korea Times reported. Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates - Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries - won a combined $2.75 billion worth of orders in the first quarter
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
SHANGHAI -- China aims to increase annual sales by domestic shipbuilders to $189.7 billion by 2015, as it works toward its goal of becoming the world's leading shipbuilding country, the Ministry of Industry and Information Technology said. China also plans to raise the value of annual shipbuilding exports to more than $80 billion by 2015, the ministry said, in a five-year plan for the shipbuilding industry. The plan provides new details regarding China's push for significant growth
New business paper describes how technology offers proven collaboration capabilities that benefit all parties in warship procurement projects Aveva today announced its publication of a new business paper, “Taking Command: How Aveva technology can increase capabilities in naval fleet management.” In this paper, Aveva examines six ways that navies can exploit technologies used in other sectors, such as the offshore industry
While South Korean shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, they have clinched new orders to build nine ships in the first four months of the year. Yonhap, quoting industry data, said that the S.Korean shipyards, led by Hyundai Heavy Industries Co., have clinched new orders to build nine ships, accounting for 5 percent of new shipbuilding orders placed around the globe.
Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said
VT Halter Marine Inc (VT Halter Marine), a company of VT Systems Inc (VT Systems), signed a contract with Candies Shipbuilders, LLC (Candies Shipbuilders), on Nov. 5, to construct a 285’ Platform Supply Vessel for approximately $8.9m. (www.vthaltermarine.com)
Lee Jin-bok, a lawmaker of the ruling Saenuri Party in Korea says that the government has given an "incentive for mutual growth" to Korea's major shipbuilders while they are accused of an unfair business practice. The three shipbuilders - Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries - forced their partner companies not correctly to respond to the questionnaire on the 'mutual growth index,' he accused.
South Korean shipbuilders have ranked first in the world outpacing Chinese and Japanese rivals in terms of new orders in the third quarter of the year, reports Yonhap quoting Clarkson Research Services. South Korean shipyards bagged new orders totaling 2.11 million compensated gross tons (CGTs) last month, trailing Chinese shipbuilders at 3.48 million CGTs and Japanese companies with 2.36 million CGTs.
Work is due to start shortly on the first of a new class of Damen utility vessel UV2410. This multi-role platform is the result of extensive consultation with customers active in the aquaculture industry in the U.K. and Norway, the shipbuilder said
South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead creditor Korea Development Bank said on Wednesday. STX Offshore's creditors took control of the company in 2013 after the
Davie Shipbuilding has cut first steel for the Resolve Class Auxiliary Oiler Replenishment vessel. The project consists of converting a containership into an Auxiliary Oiler Replenishment (AOR) ship to support the operations of the Royal Canadian Navy
In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president Brian Carter issued a statement commending the government’s efforts and reinforcing the shipbuilder’s role in
Construction of the first ship is expected to start by early 2017 with handover to the Indian Navy by 2023. The project scope includes 7 P-17A frigates, each equipped with two MAN 12V28/33D STC engines. The building yards are Mazagon Dock Shipbuilders Ltd
Maritime Reporter & Engineering News visited Koichi Fujiwara, the newly installed Chairman and President of ClassNK, in his Tokyo headquarters for his insights on the global maritime market at large as well as the future direction and mandate of class.
Recent changes to Canada’s Federal government’s New Building Canada Fund, announced by Infrastructure Minister Amarjeet Sohi, will enable significant investments in infrastructure systems, including ferry replacement and refits. Ferry operators across Canada will have access to the
RNOV Al Mubshir, the first of two 72-meter High Speed Support Vessels (HSSVs) to be built by Austal Limited for the Royal Navy of Oman under a $124.9 million design, construct and integrated logistics support contract, has been delivered.
On Thursday, May 19, shipbuilders at General Dynamics NASSCO delivered the Magnolia State to longtime customer American Petroleum Tankers (APT). The ECO Class tanker is one of the most fuel-efficient and environmentally friendly tankers in the world and symbolizes the emerging future of green
Russian shipbuilder Krasnye Barrikady has been awarded a near-$1 billion contract by Iran to build five offshore drilling rigs for use on Iran's part of the Gulf shelf, a company official told Reuters. The project, which was under discussion for almost two years
Ingalls Shipbuilding, a division of Huntington Ingalls Industries (HII), christened the amphibious transport dock Portland (LPD 27) on May 21 in front of approximately 1,000 guests. U.S. Marine Corps Maj. Gen. Christopher Owens, director of the U.S
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has revealed an additional self-restructuring plan amid the falling shipbuilding orders. The company’s creditors, led by the state-run Korea Development Bank
State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring among China's State-owned shipbuilders, the Beijing Business Today reported.
Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R. Ford class, Enterprise (CVN 80), named in honor of the U.S. Navy’s first nuclear-powered aircraft carrier, USS Enterprise (CVN 65)
The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium. The shipyard, which has produced civil and naval vessels, will be purchased by Kership, a joint venture between French industrial shipbuilder Piriou and naval manufacturer DCNS.