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Report: Shipbuilders Need to Target Cruise Market

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.

Many 1Q Orders for South Korean Shipbuilders

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

China Targets Shipbuilding Sales of $189 Billion By 2015

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

Aveva: Navies Can Reduce Project Cost, Risk and Timescales

Photo: Aveva

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

Law Maker Attacks Korean Shipbuilders

Image: Hyundai Heavy Industries

 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.  

S. Korea Keeps Top Spot in Shipbuilding Beating China, Japan in Q3

Image: Hyundai Heavy

 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.  

South Korean Foreign Ship Orders Drop

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

South Korean Ship Orders Up 127% In 1999

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

STX Shipbuilding wins $373m Order from India

The STX Shipbuilding Co., South Korea's seventh-largest shipbuilder, has won a $373m order to build six petrochemical goods carriers for a shipping company in India. The order, which accounts for 30.7 per cent of STX Shipbuilding's sales last year, calls for the Korean shipbuilder to deliver the six vessels to India's Shipping Corp. by July 2010, the company said in a statement. Source: ANTARA

VT Halter Marine - New Platform Supply Vessel

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. (

Custom Boat Delivered to Port of South Louisiana

Photo: Metal Shark Boats

A custom built 75-foot multipurpose port security vessel built by Louisiana-based shipbuilder Metal Shark has been delivered for the Port of South Louisiana.   Based on Metal Shark’s Endurance-class catamaran design, the welded aluminum vessel is designed to support fire rescue

Sanmar to Build 6 Terminal Tugs for Svitzer

Svitzer has signed a contract with Turkish shipbuilder Sanmar Shipyard for the construction of six newbuild terminal tug vessels, the first of which is scheduled for delivery in Q4 2016.   The new fleet will be 70-metric-ton bollard pull RAstar 2800-E Class ASD tugs with escort capability

SAAM SMIT Towage Orders Damen ASD Tug

Photo: Daman

SAAM SMIT Towage, a joint venture between SAAM S.A. of Chile and Dutch company Royal Boskalis Westminster N.V., has signed a contract for the purchase of a Damen Tug 2913 for delivery in early 2016, the shipbuilder announced today. This order

HII’s Petters Honored by Coast Guard Foundation

Mike Petters was recognized at the 35th annual Salute to the U.S. Coast Guard for his support of the Coast Guard Foundation and its mission. (Photo: Coast Guard Foundation)

HII president and CEO Mike Petters honored at the Coast Guard Foundation’s Salute to the United States Coast Guard in New York   Mike Petters, president and CEO of Huntington Ingalls Industries (HII), was honored by the Coast Guard Foundation at the 35th annual Salute to the United

Mitsui Shipbuilding Acquires TGE Marine

Photo: TGE Marine Gas Engineering GmbH

 Japanese shipbuilder Mitsui Engineering and Shipbuilding (MES) has bought 99.36% of the outstanding ordinary shares in German designer and manufacturer of gas tanks and gas handling systems TGE Marine AG to expand its foothold within the market for medium sized multi-gas carriers.  

Japan's Chase for Australian Subs Deal

Japans Soryu Class Advanced diesel-electric submarine. Photo: Japanese Navy

 Japan has confirmed it is ready to build Australia’s submarines entirely at local shipyards, after stumbling in its effort to win the A$50 billion ($34.76 billion) contract, reports Reuters.   According to Masaaki Ishikawa

Hapag-Lloyd Secures Financing for Five Newbuilds

The new ships are being built by the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI). (Photo Hapag-Lloyd)

Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.  

Ulstein Systems Ordered for New Rock Installers

(Image: Ulstein)

Ulstein Power & Control announced it has been contracted by Chinese shipbuilder AVIC Weihai Shipyard Co. Ltd. to deliver power and control for two subsea rock installation vessels for offshore dredging and construction specialist Jan De Nul Group.  

Gondon Shipyard Expansion Underway

Photo: Gondan Shipyard

Spanish shipbuilder continues expansion and improvement process at several of its facilities targeting increased productivity Gondan Shipyard announced it has completed a new stage of improvement and expansion at its facilities in Figueras

Japan’s First ME-GI Engine Passes Factory Tests

FAT attendees pictured in front of the ME-GI engine at MES’s Tamano Works (Photo: MAN Diesel & Turbo)

The factory acceptance test (FAT) of the first ME-GI engine in Japan recently took place at the Tamano Works of Mitsui Engineering & Shipbuilding Co., Ltd. (MES), overseen by classification society DNV GL.   The engine, developed by MAN Diesel & Turbo

IHC Services Secures Dredger Repair Contract

HUTA 14 self-propelled cutter suction dredger at work (Photo: Royal IHC)

IHC Services, a subsidiary of Dutch shipbuilder and repairer Royal IHC, informs it has secured an order for a renovation project for a dredging vessel owned by Huta Marine Works Ltd in Saudi Arabia.   The contract calls for work on the HUTA 14 self-propelled cutter suction dredger (SPCSD)

Korean Shipbuilders in Red

Photo: Samsung Heavy Industries

 South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships.   The shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016

Royal Thai Navy Orders Harbor Tug

Photo: Robert Allan Ltd.

The Royal Thai Navy has ordered a new 32-meter tug from shipbuilder Italthai Marine Limited of Thailand, announced the vessel’s designer, Robert Allan Ltd.   Italthai Marine, whose Managing Director Wirat Chanasit inked the construction deal with Navy Commander Admiral Krisorn

French President Inaugurates CMA CGM’s New Mega Ship

François Hollande with Jacques Saadé at the inauguration ceremony for CMA CGM Bougainville (Photo: CMA CGM)

The CMA CGM Bougainville, the largest containership sailing under French flag, was inaugurated Tuesday by French President François Hollande in Le Havre.   Other key figures present for the inauguration include Jacques R. Saadé

New Insulation Range for Marine and Offshore


ROCKWOOL Technical Insulation has introduced a range of lightweight stone wool fire boards suitable for maritime and offshore applications. This product range, new generation SeaRox FB 6000, has been tested and approved for main A-class rated steel constructions especially targeting passenger ships

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